Many people know that the most important question you need to ask yourself when you are going to trade forex is what is the best time to trade forex? The answer is all to do with stats. If there is a trend then follow the trend and listen to the advice of the experts. If you are waiting for something to increase then you are in the wrong mindset. You need to find the best movers and trade. In terms of what’s the best time to trade in the week there are many different opinions but the majority of people and experts say the best time is mid week, Tuesday, Wednesday and Thursday. This is because the majority of currency pairs reach their highest in the middle of the week.
No one is asking you to spy, but friendly conversation goes a long way with friends and foes alike. It’s all in your attitude and your approach. Don’t be afraid to say “Hello!” and ask how the show is going. You want to be seen as warm and friendly, and not as a medieval fortress with the drawbridge closed. Obviously the same rules apply as the “Party and Socialize” section — namely, you need to be smart about what you share (and don’t share).
There are many trading styles out there which are normally distinguished by the time frame you are working from. Some traders like to watch their screens all day and trade in very short time frames of minutes. They will normally trade a tick (shows every change in the price) chart, a 1 minute chart or a 5 minute chart.
This one is tough. Too often, you never know until you participate. It’s kinda like “Mystery Date” where you don’t know if the person on the other side of the door is “dreamy” or a “dude.” The best advice is to ask your suppliers or strategic partners who may participate in the same show. What’s their take on the trade show and has it been beneficial? If possible, ask for specifics such as lead numbers, sales from the show, and promotional ideas. What works and what doesn’t work.
When learning to trade Forex there is no need to rush. The majority of how to day trade for a living do not make money in their trading careers and you don’t want to be one of these! When learning to trade the daily charts take your time and perfect your method. Before going live you want to be completely confident in your trading method. You can build this confidence by trading on a demo account. There is no set time frame a trader should be profitable on a demo account before going live, however I would definitely recommend being profitable for at least three months before putting any skin in the game and risking money.
The trades that you make contain invaluable information. Whether the trade made you money or not, you can still learn a lot. Make it a regular practice to go over your trades and analyze them. When looking at your trades ask on what basis did I choose to enter this trade. If you were using technical trading, what were the indicators that told you to enter the trade? Did the position size justify the risk and reward of the trade? Could you have entered the trade at a more favorable price? By asking yourself questions such as these you will be able to continually improve your trading performance.
The most important aspect of trading must be to protect your capital, keep the risk of wiping your account out to a minimum so as to make it as hard as possible to lose over the long run. The aim is to take the stress away and to help you sleep at night no matter what happens. Trading should be fun as well remember.