If you are just want to make your forex trading more profitable, then if your a newcomer or seasoned pro the tips enclosed can help you - let's take a look at our Forex trading tips for bigger profits...The first tip is I am going to give you will avoid you losing all your money and it's this:
Don't Use Forex Robots
If you really think that for a hundred dollars or so and no effort you can get a lifelong income - you need to think again; If these cheap software packages worked, 95% of traders wouldn't lose. You need to learn skills and that's a fact, so get some decent education. Now the next point is one all new traders should learn ..
Trade Less and Make Bigger Profits
Most new traders think they need to trade all the time to make big gains and they day trade and try scalping a few pips - but this means they work hard but take lots of low odds trades and lose. Instead, focus on the big trends which can be followed for big profits - you will make less effort and make more money and that's a great combination.
Simplify Your Strategy
Get a simple strategy and stick with it. Many traders are constantly tweaking their strategies and adding in new indicators - but the best strategies are simple and robust and work better than complex ones, as they have fewer elements to break. Get a strategy, thats simple and robust and stick with it, there is no perfect Forex trading strategy, so don't waste your time trying to find one.
Pay Attention to Stops in Terms of Volatility
A common error made by many traders is to place stops to close when they enter trades and then trail them to quickly. All this does is put your stop in the daily noise and see you stopped out early.
To win at Forex trading, you must understand how to place stops correctly in terms of standard deviation of price and if you don't know about this area of Forex trading make it part of your essential Forex education.
Don't Predict - Trade the Reality of Price Change
One of the commonest errors in Forex trading is trying to predict when lows and highs might hold but prediction is hoping and guessing and will see you lose. Instead of trying to catch the exact turn of the market wait for it to be confirmed before trading; if you do this, you will increase your odds of success.
If you want a timeless way to make money, look up breakout trading it's simple to understand, makes huge gains and you don't have to predict anything.