Accept the probability of losing money as an inevitable fact. Every novice trader should be well aware that absolutely no one is immune to forex trading losses. The main rule to keep in mind in currency trading is to do everything so that profits outweigh losses. Enter trading only when you have a clearly defined plan. When you start shopping and selling, you should be aware of how much money you are willing to risk and what profit you are counting on. This will be your balance between risk and rate of return. Successful traders never get into trading without a clear understanding of their trading purpose. For the Giga FX Trading you need the right options.
Do not be afraid of the forex market
Many novice traders are afraid of the uncertainty and risks of the foreign exchange market, but this is an integral part of trading.
Responsibility for decisions
Successful traders never shirk personal responsibility. We may advise, but taking responsibility for both profitable and loss-making transactions will depend only on the trader’s conscience.
Do not allow greed to overwhelm you
When multiple transactions in a row turn out to be profitable, traders often forget what the goals were initially set and, hoping for continued success, do not leave positions when they were supposed to. However, the market is very volatile and trends change rapidly. Once your target price is reached, immediately cash out your profit or raise the stop price to avoid losses.
The influence of news on transactions
The increase in trading volume caused by any major event leads to significant price movement. At this point, all tips from Forex traders advise you to use these quick and short-lived changes to your advantage. Inexperienced traders often try to venture into just one transaction per day that promises them a significant profit.
Do not be led by false illusions
If your open position is hurting you, don’t stay in it just for the hope (and stubbornness) that the trend will reverse in the right direction for you. Exit the market immediately.
Forget the emotions
The cause of loss is often excessive emotionality and reluctance to listen to advice. Forex requires a complete alienation of emotions during transactions. Strictly follow the outlined plan and be sure to place Stop orders.