As the new year started, you are feeling the vibes and energy of getting your personal goals all set and determination to achieve them in the year 2020, traders and investors are hoping for a happy profitable new year that will bring lots of return.
With that in mind, Trade Magnates team has put together some of the top trading tips to remind you of for your trading journey this year.
1. Know the Markets
The number one rule that we keep focusing on when we communicate with our readers and trading community is being educated and knowing the market. Investing comes with a high risk, and if you are unaware of what affect the market and cause the prices to rise or fall, then your risk is way higher than when you familiarize yourself with the market movers.
2. The Trend is Your Friend
Trading communities and websites are filled with dozens of new strategies, robot and algorithms, but the old school tip stands firm, the trend is still your friend. Stick with trend and don’t go against it, you will be the sole loser out of the crowed.
3. Practice on Demo Account
Demo accounts are very useful to all investors alike, whether you are new or an expert. Put your strategy to the test with a risk-free account and strengthen your trading skill before applying on your own lifelong saving funds.
4. Manage Your Risk and Know Your Limits
Avoid risky trading environments and early blow up of your trading account and journey. Know when to enter and exit a trade and don’t be greedy. Move steady and firm and returns will be coming along your way.
5. Control Your Emotions – Trade as You Do on Your Demo
Emotions are the key for a successful trading. Most traders wonder why they make a lot of money on demo account and lost on live trading; they end up thinking that their broker is trading against them. Well, guess what? This is not any longer the case, it’s all on your shoulders. Stop finding excuses and use the fund that you are willing to lose completely. Trading with money that you cannot afford to lose, will keep your emotions high and you will end up taking wrong trading decisions as a result. Trade emotion free and make your right informed trading decisions.
Trading is lifestyle of many individuals, the list of tips varies from one to another, but we all agree on the common ones amongst us. We choose to keep this peice short to focus on the main tips in helping you on your trading journey.
Finally, our recommendation for you will be knowing your forex broker better and choose wisely. You must trust the company you put your money with and ensure free access to your money in time without limitations.
Get in touch with our team for any help or recommendation on how to choose your forex broker, we will be happy to help. Happy New Trading Year Everyone.
