There are many things to consider when trading forex. These choices become even more important for many individual traders because they
aren’t trading forex for a living, but are rather part-time traders, with other jobs and commitments. This can make things extremely difficult in
a fast-moving market like the currency markets, but there are some tips you can follow to help you have a better chance at success when
trading forex, even if you’re a part-time trader.
Choose a time frame to trade and focus on the most active currency pairs during that time frame. If you’re trading full time it makes sense to
trade during the U.S. session, because most USD currency pairs will be most active during this time. Many traders won’t have this luxury
however, so they need to make a plan that takes into account what currencies are most active during the times that they are trading.
Those in the U.S. who trade in the evenings may want to focus on AUD pairs. If you’re trading later in the night (after 9pm EST or 2am GMT) you can
also look at other Asian currency pairs such as the Japanese Yen, Hong Kong dollar and Singapore dollar. If you’re a morning person and
want to trade at say 4am or 5am EST your best bet is to look into the Euro and Great Britain’s Pound. The point is, no matter when you choose
to trade, your best tip is to focus on the most active currencies during that time frame.
Consider trading longer time frames. Some forex traders focus exclusively on daily and weekly charts and place trades that can last for days
and weeks as well. They claim that the market is more predictable when trading these longer time frames. If you’re a part-time trader this may
be a good tip for you to use since you can’t always have your eye on the markets. Even if you’re trading full-time you may want to use this tip
as it gives you the chance to analyze the markets more completely before making a trade. It may not sound as exciting as the fast-paced
world of day trading, but it can be just as successful in the long run.
Always have a plan when trading. This is a tip that applies to everyone. It doesn’t matter if you’re a new or experienced trader, if you’re trading
short or long time frames, or if you’re trading based on technical or fundamental analysis. You will always need a plan that includes an entry
and exit point, what direction you’ll trade, why you believe the market will move in the direction you choose, and a stop loss level that will take
you out of the trade if it doesn’t go as planned. This single tip should be the backbone of your trading throughout your career.
By using tips that increase the chance of success and decrease the chance of failure you can survive in the market long enough to gain
the experience necessary to become a successful full-time trader. Even when following these tips you’ll find that the forex markets are risky
however, so always be prepared for losses, and have a tip to deal with those as well as the hope for successful trades.
Risk Warning: Trading in financial instruments using financial facilities, such as forward rate agreements, contracts for difference or virtual currencies involves a high level of risk, including the risk of losing all of the trading capital, and trading may not be suitable for all persons. Financial facilities, stock price volatility, and other financial instruments can work in your favour, but they can also work against you. Before you decide to start trading, you should carefully consider your investment objectives, the level of experience you have, and the degree of risk you can accept. We will not take into account your personal circumstances, nor make any recommendation for you to undertake any trading. In the event of uncertainty, you should consult and receive advice from specialist experts outside the Platform, including legal, tax and financial advisors.
Trading with us is subject to our Terms and Conditions and Privacy Policy, including modifications made from time to time. When you open an account on our platform, you accept the said documents and acknowledge that it is a legally binding contract for you duly.
Worldtradecenter is a global brand committed to providing an environment in which you can trade stocks and other financial instruments. If you have any questions, you can always contact our support team via email: support@world-trade-center.io.
Risk Disclaimer
CFDs are complex instruments and involve a high risk of losing money quickly due to the financial facilities.
You should consider whether you understand how CFDs work and whether you can take the high risk of losing your money. The Company is the counter party in your transactions and therefore is the seller when you are buying and the buyer when you are selling.
We highly recommend not investing more money than you can afford to lose to avoid major financial problems in case of losses.
Please be sure to determine the maximum acceptable risk for yourself.
Please be aware that Worldtradecenter is not responsible for the results of your forex/CFD trading. You are solely responsible for your profits or losses. No market information or any educational or analytical material should be considered as trading advice setting out your trading actions, it is only non-binding market information.
Please be aware that Worldtradecenter will not be liable for any errors in quotes and software errors of the trading platform.
We apologize for not accepting traders based in the United States, Cuba, Democratic People’s Republic of Korea (North Korea), Iran and Syria on our platform, and may refuse to accept traders from any other countries at our sole discretion.
