Start simple

Finally, know when it’s time to exit your trading platform and call it a day. Trading can be emotional, and emotions will cloud your judgement: even positive ones. So, after a string of successful or losing trades, make sure to take a step back and evaluate whether it’s time to log off. It may also be time…

Making a plan is an excellent start, but to truly trade like an expert you’ll want to keep meticulous records about your progress – noting down the outcome from every position and keeping track of the factors that made it a success or a failure. Luckily, you don’t have to do this all manually. Your…

Risk management might be the most important factor in dictating your long-term forex trading success – and the basic building block of any risk management strategy is the stop-loss order. Stop losses are instructions to your trading provider to close your open position if it moves a certain number of points against you. They are useful…

While you’re still setting out, you don’t want to risk blowing your entire account on a single bad trade. You can avoid this eventuality easily enough by limiting the capital you allocate to your positions. The standard FX trade size is one lot, which will give you a large exposure and can see losses mount up quickly….

Leverage is fundamental to forex trading – without it, you’d have to commit huge amounts of capital to earn a return. However, it is important to understand the effect that leverage has on your profits and losses. When you trade using leverage, your provider is in effect lending you the additional funds needed to cover the…

There are four main styles of forex trading, categorised by how long you keep your positions open: Finally, position traders keep their trades open for weeks or months at a time, looking to take advantage of major trends In general, shorter-term styles are more favoured by FX traders, but all are valid if you have the right conditions….