Forex Strategy Trading Tips: 7 Tips to Help You Get going in the Markets

Here are some tips to get you started. Entire books have been written about these subjects, no joke. Hopefully this post will get you thinking in the right direction. I'll try to get into more detail on each subject in the coming weeks. Make sure that you check back frequently - we are adding more information and new Forex strategy trading tips on a regular basis.

Become a Knowledgeable Trader

I can’t overstate the necessity of educating yourself about the markets. There are literally several thousand different books on markets, methods, basically everything you will have to know to start in the Forex market. Not sure how to begin? I recommend Trading for a Living by Dr. Alexander Elder, and / or The Disciplined Trader by Mark Douglas. We'll also do our best to keep up to date and relevant information available here, at your fingertips, ready for you to use.

Become a Student, Always

Just like you wouldn't commit to buy a car without having a test drive - doesn’t start putting your money out there without taking some time to study the ins and outs of the markets. Take time to study the markets, different strategies, and study the intricacies of trading before risking real capital. Trust me, if you don't - you are going to have a really, really bad day.

Pretty much all brokers offer some sort of demo account that will allow you to practice exactly like it was a real account. Practice, practice, and practice more. Not only will you obtain a feel for the markets, but you will also get a feel for the trading platform of that broker, and how to quickly and accurately navigate it. Use these demo accounts as long as you need in an effort to gain confidence before you decide to put your hard earned money at risk.

Get to know your limits

Like the saying goes - you cannot have champagne on a beer budget. It's essential to develop a risk to reward ratio that will fit your money situation. Know your limits, and how much you are willing to risk on each trade. Never risk more than you can afford to lose. And never, ever go "all in". You will lose a few of the battles, but you'll live to fight another day.

Plan your trade and trade your plan

How can you get to your destination if you veer away from your path? Make a plan to guide your trading. It should incorporate your profit goals, risk-tolerance level, methodology, and evaluation criteria. Once you have a plan in place, make sure that each trade you consider falls within your plan’s parameters because you’re most rational before you place your trade and most irrational once your trade is live.

And remember, although consistency is critical; don’t be afraid to re-evaluate your forex strategy trading plan if it’s not working for you. As your experience grows, the needs you have may change. Your plan should be a reflection of your goals. If your goals or financial circumstances changes, so should your plan.I'll be back soon with the more trading tips.