As with all financial markets, there is always an element of risk involved. To help minimise your risk, Knowledge to Action has created the below checklist for your reference:
Six tips to help minimise your Forex trading risk
- Quality not quantity counts. Control your trade sizes and don’t buy too many currency pairs at a time.
- Always be informed. You need to follow and understand the market, know about fundamental and technical analysis and be up-to-date with the latest relevant news events.
- Limit your losses. Always use a stop-loss order, no exceptions. Don’t be too proud to call it quits when a trade becomes questionable.
- Don’t get too greedy. If you have a particular profit amount in mind then stick to it. Don’t wait for more as it may not come.
- Maintain your calm and focus. As with all financial markets, the pace is sometimes fast and pressure-filled, but you must remain calm and clear.
- Discipline is key. Make a plan and follow it but also be flexible enough to learn from your mistakes.
Want to learn more about the unlimited wealth potential that is the world of Forex? Register for our free workshop today.