Chisina.Com

Every trader can benefit from wisdom gained through various tricks and tips. The volatility of the Forex market makes these especially important. Below, you will find 5 tips to make you a winning Forex trader.
1. Watch the market very carefully - stay focused. Enter and exit your trades contingent on market data. Make sure you do not get caught up in the mindset of waiting on a price you believe the currency should hit after the market has switched the direction on you.
2. Do not trade without a reason or purpose. Simply put, there are occasions in which due to a shortage of liquidity or extreme volatility, you are best not trading at all. A small bit of wisdom, never get in the market when you are ill. You need all the savvy and alertness you can muster and trading sick will be a strike against you already.
3. Stay flexible. There are Forex trading methods that will run just fine in a rising market but will not work in a bearish market. It is best to have a trading method for each type of market.
4. The trend is your friend. This is especially true in the currency marker. You will always find market patterns but it is best to look for the truly dominant trends. Never fight the trend but be sure to move in the direction of the trend.
5. During the exhaustion phase in the market, whether down or up, the risk managers often give a margin call position liquidation orders. The problem is that they usually will not look at the screen to check on that which is oversold or overbought; usually they persist in giving out liquidation orders. At all costs - keep out of their way.