As in any case, in the interbank foreign exchange market, most traders try to learn from trade professionals the secrets of successful forex trading in order to join the caste of successful people. What does it consist of?
- Experienced Russian trader Alexander Gerchiktells at his training seminars that the amount of profit on Forex depends on the time of execution of the transaction. That is, the shorter the trading time, the less the trader can earn. Therefore, if a trader is engaged in short-term trading, he immediately limits himself to the potential for growth of his capital. The level of possible loss can be set even at the conclusion of the transaction, so that the position is closed automatically when the loss reaches a specified value.
- Also, professional traders, telling their secrets of trading in the forex market, talk about the importance of choosing the right currency pair and working with it correctly.
- Of course, in trading it is important to be able to combine excitement, the ability to take risks and sober calculation. Traders, trading for more than one year, include in the secrets of trading in the forex market is the ability to manage risks. For example, if you do not exceed the barrier of 1% riskin trade transactions , then it is quite possible to work without interruption. In this case, you can try different options for trading and not be afraid to take risks.
- Important for working on forex is the knowledge of the fundamentals of probability theory, the laws of the functioning of the forex market and in general economic theory.
Of course, no matter how much a novice player is not copied his notes on other people’s secrets Trade forex and profit it can bring only the daily practical experience and personal knowledge. After all, there are no rules on forex. Well, of course, luck will not hurt.