Starting your business at the forex market, you always risk. The risk of losing your first investments in the forex market is a little higher than in any other business. To minimize the risk, you can use these 20 simple pieces of advice.
1. Choose the reliable broker
It is vitally important to choose a reliable broker to earn some money and withdraw the profit without a problem. Analyze the market, select several brokers, compare the terms of trading, and check the information about the company. If you have no time for such research, address to Asset Gates broker.
2. Consider the terms of trading
Don’t forget the broker take its fees and commissions from your transactions, and often the additional payments. Investigate the rules of trading in the selected broker, for example, broker Assetgates, and check the additional payments.
3. Develop your trading strategy
Set the financial target. The clients, who want to earn a million in three days, often finish claiming that Asset Gates scam because they lost the deposit. So set the real targets, for example, to double the deposit.
4. Never open transaction of the size of the deposit
Never break this rule: don’t open the transaction of the size of your deposit. One wrong step and you lose.
5. Keep calm
Don’t lose your head when you lose money or when you get a profit. There is no trade without a loss. Your main task is to minimize losses.
6. Don’t open position under the lead of your emotions
This advice pairs with the previous one. When you feel at the peak of emotions – the excitement from the profit or the anger from the loss – stop trading. Don’t trade on the peak of emotions. Irrational decisions can result in great losses.
7. Continue training
You cannot play a musical instrument or write the programming code without the regular practice, according to broker Asset Gates. Reviews of the traders prove the fact that only the experience and regular training allow you to react quickly on the market challenges, get the profits, or prevent the loss.
8. Study the psychology of trading
We recommend you to practice in basic psychology. When you understand the psychology of the market, you will better understand its dynamics. Any market trend is just the result of the common efforts of many traders. Besides, you will better understand your motivation and emotions and will improve control.
9 Don’t wait for guarantees
Even the best broker cannot guarantee your 100% success. Imagine you work with the broker Assetgates, and you lost your deposit. Don’t start blaming the broker; you were not promised the profit. It is called groundless expectations. Remember, a good result does not come at a moment, and the chaotic and unplanned actions result in money loss.
10. Be patient
There is no big round button “money”, which you can press once and get rich forever. Whatever you do, you should be persistent and consistent. Keep calm, be patient, set your targets, write down the journal, and then proceed.
11. Keep studying
The balance of theory and practice is important in every profession. Every trading day will bring the new lesson to you. If you combine the practical experience and theoretical studies in Forex Assetgates, you will better understand the market dynamics. You can vary your actions due to your ability to predict the results.
12. Have a rest
Even if you use the tools for machine trading by Forex Assetgates, you should regularly check it to keep the situation under control. However, there is no sense to spend your nights sitting with the laptop and looking to the indicators. You need the new head to trade successfully.
13. Define the trend
Before you start trading against the trend, as the professionals of the forex Asset Gates, you should learn how to trade along with the trend. You can use the graphs and built-in indicators on your trading platform.
14. Play like an adult
Try to play trading like the strategy game. What step should you do to go ahead? How can your competitors react? What if they react another way? How will you counteract? Do you have plan B? This approach will help you to reduce the stress level during trading.
15. Don’t skip the analysis
You don’t need starting your morning from the long reads with the diagrams. Just investigate the inbound tools on the trading platform. The graphs with different time intervals can show the most current trends on the market.
16. Schedule your transactions
Define the most appropriate number of deals for you and never continue trading after you reach it, advises the Asset Gates broker. Reviews prove every new transaction increases your chance both for the profit and loss. Even if you win for several transactions ahead, the trend can change any moment
17. Don’t be in a rush
Despite your willing to make fast money after a few successful transactions, it is almost unreal. Set the target profit level and the affordable amount of loss. After the level is reached, stop trading.
18. Set the stop-loss
Stop-loss is a useful tool to minimize your risks if the trend turns the opposite. Imagine you open a transaction along with the trend, but it turns another way. You can keep the positions open waiting for the new turn, but this strategy can result in the deposit loss. To avoid your conflicts with the broker Assetgates you’d better set the stop-loss level, and the trading software will close your positions automatically.
19. Experience on your own mistakes
Start the journal of your transactions, paper, or electronic. Write down all your transactions. Add the field for the commentaries. In this way, you can see which frequently successful transactions and in which situations you do the repetitive mistakes.
20. Don’t afraid of the experiments
Even the best strategy can fail. Be flexible. Track the market dynamic, try new approaches, change. Otherwise, says forex Asset Gates experts, you will not survive in this volatile market. Compare the forex market with the stormy ocean: as soon as you stop swimming, you drown.