What beginner’s need to know about Forex – Trading in 2024. | by Voorhees | May,

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START BROAD AND FINISH NARROW

Always begin your analysis from the higher timeframes. Looking at the weekly and daily chart will give you the big picture and long-term trends. From there you can drill down to the 4-hour, 1-hour, or shorter time frames.

Once you know the long-term trend you can use the short-term charts to find short-term opportunities in the same direction as the broader market trends.

There’s truth to the old saying that “The trend is your friend.”

ALWAYS HAVE A TRADING PLAN

There’s a saying that goes “Fail to plan, plan to fail” and it is appropriate for forex traders to keep it in mind.

Your trading plan is what will tell you when to enter and exit your position, the profit target, how much risk you’ll be willing to accept, and everything else regarding your trade. It will keep you from getting too fearful or greedy, and should prevent emotional decision making.

In all honesty having a trading plan is one of the most important tips, and it should probably be at the top of this list. And the key is not just to have a plan, but to follow it religiously, and to take the time to analyse how well it performs so you know when changes might be needed.

PROTECT YOUR CAPITAL BY MANAGING YOUR RISK

Protecting your capital is what will keep you in the trading game when others have been thrown out by their own careless risk taking behaviour. Remember that the market will always be there for another day and another trade, and you want to be sure you have capital to take advantage of that in your forex trading account.



This article was originally published by a medium.com

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