TIPS FOR FOREX TRADING

There is no doubt that trading requires more than a few quick tips for success. You need experience, capital and, most importantly, a solid trading system. However, for the average beginner and those who perhaps are losing their focus because of significant draw-downs, keeping things simple can help to introduce much needed focus into your trading. Here are some tips that you can use for trading that can help you in your efforts:
1. Never add money when you are losing. 2. Always determine a stop and a profit objective before you start entering a trade. Place stops that are based on market information, and not your account balance.
3. Remember the power of a position. You should never make a market judgment when you have a position.
4. Your decision to exit a trade means that you are able to perceive changing circumstances.
5. In a Bull market, you never want to sell a dull market, in Bear market, you should certainly never buy a dull market.
6. There are times, due to a lack of liquidity, or excessive volatility, when you should not trade at all. 7. Trading systems that work in an up market may not work in a down market.
8. There are at least three types of markets like up trending, range bound, and down trading, and you should have a different trading strategy for each.
9. Up market and down market patterns are always there, and it is only that one is always more dominant. Select trades that move along with the trend.