One of the key factors of becoming a successful trader is the ability to making informed decisions. Assuming you have opened an account with MT4 trading terminal, the next step should be the learning more about how to enter into the Forex trading world. Below guide should help you feeling confident about choosing your right instruments to place trades on.

1:- Selecting a right opportunity

The biggest decision of any trader is to getting maximum knowledge of when to do and what to do? As you know, plenty of trading strategies are available online and sometimes they just confuse so much and you get dozens of ideas in your mind at the same time, that may lead to error of judgement. You may have several difficulties to reach to the right decision but take special care that you are not complicating your decision.

Sometimes, you can get confused because of a variety of the available instruments to trade on. So it might be difficult to choose any one at that particular time when you are about to place a trading order. However, you must focus on below two points:

  • It is not necessary that you have to trade anytime you login to your MT4 trading terminal because sometimes, staying away from the market is also a profitable decision.
  • When you read chart of any instrument, complications during any specific time period does not mean that success is ahead.

2:- When to trade

Being a newcomer, you generally overlook the fact that what is the right time to trade on any instrument and what instrument is favorable to trade at any particular time. So take time, and get enough knowledge of learning this technique.

You must consider the below mentioned things whenever you are about to place your trade and avoid straight away jumping into the market:

  • Just be 100% sure about what trade are you about to place, whether it is correct or not? If you do not do that it may put you in a confusing situation and you probably will be looking for some expert opinion and will be dialing our Customer Service staff to know more about how deal with this wrong trade. Pay special attention on position size, order type and instrument before you place any trading order.
  • Re-quotes may happen and you should be able to accept this fact because this situation is not unique to any broker. You must understand one thing that the movement in instrument prices is very quick in Forex market and therefore, the price may move from the price you want to trade on and it is part of trading.

3:- Pay attention on Risk management

If you ask what is very important thing to remember in Forex trading, the answer would be risk management. Search any book, any article on Forex trading and you will see a specific chapter or paragraph on risk management. The "stop loss" and "take profit" tools can decide whether your account may survive for a few hours or a few years.

This is a fact that your trading journey may bring you losses at any point of your trading journey and you can not escape it. Putting a "stop loss" the part of your trading order always ensures that you are not losing all the money you have in your account.

Following points should be focused:

  • Accept the fact that you can be wrong in judgement when placing a trading order. Therefore, "stop loss" ensures that you do not waste all of your money within your trading account because of one wrong decision. "Take profit" also ensures your minimum profit from that trading order if your judgement was right.
  • Sometimes you may face slippage on your stops. If you are aware of the re-quotes, then you must have some idea about slippage. This is something that may happen with anyone at any time. Please be sure that you may get slipped particularly when the stop of your trade is about to be filled. Being a trader, we can not help you in this situation.

Start Trading Guide

Start Trading Guide

Click the link below to get to know about how to start trading forex in just 3 very simple steps.

Start Trading Guide

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Fund Your Account

Do you want to deposit funds in to your trading account? Please click the link below to proceed.

Fund Your Account

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Trading Forex and CFDs is risky

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