InstaForex Nigeria, Basic technical skills on how to constantly make money from the Forex Market is displayed here..
1. Plan ahead – Make your work plan in advance; Know the position size, the StopLoss Points and the TakeProfit Points (SL and TP) before you start to trade.
2. One or two pair at a time; It is better to focus on one pair than try to “conquer” many pairs.
3. The trend is your friend; Trade in correlation with the trend: Do not buy in a downward trend . and do not sell in an upward trend.
4. Cut your losses – While they are still small; Once you lose, do not keep on buying in the same direction, and hope the market will get your investment back.
5. Stop Loss Strategy; Never enter a position without giving a Stop Loss order. It is your last line of defence
6. Two indicators or more; Do not enter a position based on only one indicator. Look for other indicators like Relative Stregnth Index (RSI) that supports your
7. Always know that the market breaks the Resistance Level when the candlestick’s closing rate is above the resistance level.
8. Exit rule startegy is get out of a long position just as it takes off like a rocket and get out of a short just before the price drops like a stone
9. To be a successful trader is just to find the major support and resistance lines and trade from there with small stop losses
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