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5 Tips For Veteran Forex Traders

veteran forex traders


Experience is an invaluable asset for a forex trader. It allows you to calmly assess the ebb and flow of the market, without the nerves that often afflict beginners. It means you can feel confident about your decisions – knowing you have made the right calls plenty of times in the past. However, the forex market is constantly in flux, nothing is certain and no one is exempt from losses. A veteran trader can quite easily fall into the same traps as the beginner.


Here are five things you should remember every time you use an online Forex trading platform.

online forex trading platform



1. Make a trading plan – and stick to it

 

For the more experienced trader, it’s tempting to bypass the trading plan. You know the market and how it works, so you feel like you can adjust as you trade. However, any trader can get caught up in the process, or can miscalculate in the heat of the moment, which is why trading plans are so important. If you are really eager to save time, you can work from quite a basic trading plan, just as long as you are aware of how much risk you can safely take on.


2. Keep in touch with the market

 

Veteran traders can get absorbed in their own trading world, to the exclusion of observing broader patterns in the market. This can lead to a skewed view of various trends. All regular traders should track the market news every day in newspapers or online, as well as watching online videos to keep in touch with the top players in the industry.

trading technology


3. Keep up with trading technology
 

The internet, along with smart phone technology, has made UK trading platforms more widely accessible than ever, and has streamlined the trading process in many ways. However, for older traders who learned to trade using more traditional methods, it can be difficult to keep abreast of new developments. Read up on what technological advances are being made in trading, and consider trying out demo accounts on new online forex trading platforms. Though it may seem challenging at first, it will probably improve your trading experience overall. And these days you don’t even need a PC to trade - many vendors offer live or demo forex trading accounts on Mac or iPad.


4. Use your weekends 


When the market is open, traders are usually driven to stay active and make money. However, when the markets close at the weekend consider taking some time to review your trading over the course of the week, plan for the week ahead. It could also be a time to develop a longer-term trading strategy, so that rather than simply trying to make money day-by-day, you start to work towards some broader trading goals.


5. Monitor the time you spend trading

 

As with any other form of investment or gambling, trading on the forex market can become addictive, particularly for veteran traders for whom forex has long been an important part of their lives. The best way to avoid problems is to ensure that you’re always trading for a reason, not just for the thrill.

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