According to our previous analysis, EUR/USD hit its target 1.1170, So Happy Trade to all those Forex Traders who were trading in EUR/USD.
Now our experts of trend analyzing forecasted that EUR/USD trend will continue to the downside to 1.1080, 1.1030, or 1.1000, So traders of this currency pair should continue selling this pair until the above given take profit points hit. After that, we will post our next signal, during selling this pair keep in mind that the selling range of EUR/USD can be a bit changed.
But if you find the price of EUR/USD at 1.1230 or 1.1240 you can sell at that point, but use small lots, or according to your capital amount.
Having $100 of account traders should use 0.01 lot size in the standard account, and traders with $1000 should use 0.05 cents lot size in the standard account, as it is enough to trade.
Here are some trading
rules for Forex Traders.
1. An appropriate Capital size
A standard Forex account balance for trading should be at least $100 and Maximum size is suggested $1000. Less than 100 USD is risky due to a lack of amount for management of the account. And more than 1000 USD is risky due to over confidence in trading, that if a trader has an account of 1000 USD and also he is over confident that now he can achieve a big profit in trading with big lots, I would say he is in misunderstanding, why? Because he does not know what is going to be with him. As he will open big lots, maybe the Forex market moves to a big price or a big range of trading prices. Then he will come to know that his big capital is going to end.
So in above case, if you have small capital you will use small lots for trading. You may call this formula, Small deposit, Small lot size, Small profit, and Small tension.
Yes, and big deposit, big lot sizes, big losses, and big tensions. Many traders lose their senses when they have big loss in trading. So avoid big deposits and big lots.
2. Patience in Trading
Patience is the most important thing for a trader, during trade if any trader lose patience and gets emotional, he surely has a loss in trading, so keep calm and have patience when trading in Forex Market.
3. Discipline
In Forex Market 3rd rule is the discipline of trading to achieve success. For example if you see the market is going up and you open BUY trade, and after a few seconds you want to open 2nd trade, in the market then keep in mind that your second trade also should be a Buying trade, Some traders when open buying trade and get puzzles due to running that trade in minus, then they open second trade in selling, its called Hedging.
Hedging is too risky in the Forex market and most traders get loss due to Hedging. So avoid hedging and trade with a sequence.
4. Trading in News time
If you are a beginner or starter in the Forex market then never trade during news time. Always trade when news time got finished. Because at the news time market moves suddenly to one side and if you are not a good analyst you may have a loss. So trade always after passing news time.
5. Think before any action
Always think twice or thrice before any kind of action in Forex Market, like as if you are going to open a lot, then think 2/3 times that, Am I going to open the right trade at right time? or not? Or if you are going to close any open trade, then always think am I closing this trade at the right time or not.
We are sure that if a trader keeps in mind, above given 5 points he/she will achieve success definitely.
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