9 Tricks of the Successful Forex Trader

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9 Tricks of the Successful Forex Trader

• The best traders hone their skills through
  practice and discipline.
• They perform self analysis to see what drives
  their trades and learn how to keep fear and greed
  out of the equation.

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1. Define your goals and choose a compatible
trading style

• Before you set out on any journey, it is
  imperative that you have some idea of where your
  destination is and how you will get there.
• Consequently, it is imperative that you have
  clear goals in mind as to what you would like to
  achieve you then have to be sure that your
  trading method is capable of achieving these
  goals.
• Each type of trading style requires a different
  approach and each style has a different risk
  profile, which requires a different attitude and
  approach to trade successfully. 

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2. Choose a broker who offers an appropriate
trading platform

• It is important to choose a broker who offers a
  trading platform that will allow you to do the
  analysis you require.
• Choosing a reputable broker is of paramount
  importance and spending time researching the
  differences between brokers will be very helpful.
  
• You must know each broker's policies and how he
  or she goes about making a market. 

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3. Choose a methodology and be consistent in its
application

• Before you enter any market as a trader, you need
  to have some idea of how you will make decisions
  to execute your trades.
• You must know what information you will need in
  order to make the appropriate decision about
  whether to enter or exit a trade. 

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4. Choose your entry and exit time frame
carefully

• Many traders get confused because of conflicting
  information that occurs when looking at charts in
  different time frames.
• What shows up as a buying opportunity on a weekly
  chart could, in fact, show up as a sell signal on
  an intraday chart.
• Therefore, if you are taking your basic trading
  direction from a weekly chart and using a daily
  chart to time entry, be sure to synchronize the
  two.

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