How do you sort the fact from fiction when trading forex? Discover the truths, the lies and the middle ground, with expert tips on how to trade FX like a pro.
Truth or Lie: A profitable trader wins most tradesTruth or Lie: A solid stop loss trumps a ‘mental stop loss’
EXPERT TIP: Your account size will depend on your goals and your prior success. Naturally, experienced traders will have a larger account but to begin with, concentrate on that rate of return percentage. If a trader makes five trades using this method, loses three of them and wins two of them, the trader is still $500 in profit . Don’t be afraid of taking a few hits: if your process is sound, one big winning trade can reverse your fortunes.EXPERT TIP: Many successful traders will be losing more trades than they win, but oftentimes it won’t bother them. Focus on getting the right setups rather than worrying about the ones that got away.
“Correctly capturing a broader theme can be far more fruitful than ‘trading the news’ per se” - Paul Robinsonleads to the biggest opportunities. For a start, the volatility of important news events often makes spreads wider, in turn increasing trading costs and hitting your bottom line. Slippage, or when you get filled at a different price than you intended, can also hit your profitability in volatile markets.
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