Tips And Tricks To Succeed On The Forex Market
Posted On Tuesday, March 4, 2008 at at Tuesday, March 04, 2008 by chisina.com
Looking for tips and tricks to succeed on the Forex market? They say that knowledge and wisdom come from experience and I have to generally agree wit this statement. As such, I have gleaned a great deal of this wisdom from those that have gone before me in the Forex market. As a result of gleaning this Forex trading wisdom I have compiled a list of tips and tricks to succeed on the Forex market.
In the Forex market there will always be bullish and bearish market patterns. It is vital that you find the dominant trends. Never fight the trend. Remember the old adage, "The trend is your friend."
- Buy the rumor and sell the news. This is how to beat the Big money which counts on the small trader to be naïve and impulsive.
- If a currency is overbought it is time to get out immediately. Do not fight this as it is almost always a losing position.
- If you find yourself wishing, you will eventually find yourself losing. If you do not have a reason to be in a move then get out.
- If you are having intense relationship stress or are physically sick wait until a better time to trade as emotionally taxing issues WILL have an impact on your trading.
- If you feel the need to get in a move because it is a "golden opportunity that rarely comes along" you are better off not rushing into it. The truth is that there are always going to be great opportunities available. Be patient.
These are just a few but tried and true tips and tricks for gaining an advantage on the Forex market and after all, we can all use an advantage.