[ad_1]
More and more traders and even newbie wanted to get their hands on forex trading.
Forex trading is a great way to add that extra income you might need at the comfort of your home.
All trading come with rewards and risks, if you follow the following 3 excellent tips, you will triple your forex trading income in no time.

Tip 1: You must not let a Winner Turn Into A Loser
All novice traders sometime even very experience one; make this deadly and costly mistake. There is nothing worse than to watch your trade from profit of 40 pips turn reverse and hit you stop loss of 30 pips lower. So remember, protect your profit even if it meant to take profit of 10 pips. When days it did not go according to your prediction or forecast, you are better off with lower profit than loss.

Tip 2: Impulse Kills
Have you heard stories of traders that win consecutively lose everything in one single trade due to impulsion? I am sure you do and its quite common for novice trader. It has proven trading logically is much more precise and profitable than impulse trading. For example, if a pair of currency trade sharply higher than it supposes to be, an impulsive trader might ‘feel’ that it has gone too high and decided to short the pair down. The pair trade higher and he convinced that ‘now it’s the time’ so he took the short. The price of the pair stalk a bit and did not retrace as expected by him instead it start to rally again. His account gotten a margin call and he has no choice but to liquidate the position. Later only to see this pair started to retrace and trade lower than his short position.

Tip 3: Never Risk More than 2% Per Trade
There is a saying by a great economist and investor, John Maynard Keynes, “the market can stay irrational far longer than you can stay solvent.” That is the reason why this tip or rule must be follow closely. Most novice trader first started their trading with a vision to win ‘big ones’ so they can retire and be a millionaire. Many experience traders know that if you have an account with $1000 and you lose $500, it has been 50% reduced. But to go back to $1000, it need to have a gain of 100%. Let’s say you set 2% loss per trade, even you lose 10 trades in a row, you only risk 20% of your capital. So art of trading forex is to know how to control your losses preserving your capital.

Summary
The above are very straightforward and simple tips that probably many have already heard of.
But honestly, not many traders do follow it tightly but if you do, you will double your forex trading income in no time.
[ad_2]

Ihab Salloum