Advices for an intermediate trader.

Centrirdana

Private
Messages
25
I try to give advice traders regardless their experience, because they're common as a rule. The main advice for an intermediate trader is just never stop doing anything. The main mistake of traders is that they always give up the idea to continue forex trading or trading activity at all, because they face lose streak. To my mind, it's the most serious mistake which can be ever made by traders. Trading activity always get rid of such traders, who leave it after the first loe streak. Traders should always learn, explore, edit and create in order to become successful. Lose streak is just a black line in their activity. AFter the black line there is always a white one. Remember it and always keep this information in your head.
 

Gazel

Private
Messages
24
I feel that every intermediate trader should pay attention to the charges that he pays for trading.
In most of the cases traders don't even notice that their charges are enormous and they could earn muh more if they changed the broker with better trading conditions. Browse the broker market and look for the brokers with the best conditions and compare them with those which you are in. This may give you lots of insights and improve your trading results dramatically.
 

MoveEpic

Private, 1st Class
Messages
30
I feel that every intermediate trader should pay attention to the charges that he pays for trading.
In most of the cases traders don't even notice that their charges are enormous and they could earn muh more if they changed the broker with better trading conditions. Browse the broker market and look for the brokers with the best conditions and compare them with those which you are in. This may give you lots of insights and improve your trading results dramatically.
I agree with you, broker choice is very important to excel in the forex market.
 

SOLID ECN LLC

Solid ECN Representative
Messages
62
Unfortunately, most beginners don't calculate the trading fees, swap, and commissions. For instance, I see my friends were trading on exotic currency pairs and paying expensive rollover.

It is not math, before placing an order the trader should check the specifications of the market watch.

I suggest beginners trading on the major currency pairs to avoid heavy swaps or check with your broker if they offer swap-free accounts.​
 

Vo32ss

Private, 1st Class
Messages
78
My piece of advice will be quite trivial, but effective, I hope. As you are an intermediate trader I wasnt to remind you to follow risk and money management. Most of traders forget about these things quite easily for some reasons, but I believe that it is one of the biggest mistakes. These tools help traders secure their risks and make their trading results more predictable and consistent. Surely, they will not let your budget skyrocket within a minute, but they will save it from total destruction which is more important than some accidential profits. If you happen to forget to calculate the lot sizes and risk/reward ratio, you run risks of losing all your money which was invested in your trading.
 

Mazshura

Recruit
Messages
84
There are plenty of advice which I can offer you. For example, you should never rushing. Always weigh all the risks and you would better dedicate much more time to learning, practicing and analyzing the graphic rather than rush and lose everything. In my opinion, the best option is to dedicate 60% to all of these things and only the rest time to trading. It would be better for you to dedicate 3 hours to all of these things and only 1-1.5 hour to trading. It's okay if you will make only 2-3 trades per day, because sometimes the market is so mad that it's better to stay away the idea of trading on such a market. Moreover, I would advice you not to hurry with money. The matter for you should be the experience and knowledge.
 

pezz55

Sergeant
Messages
175
I can't say I am experienced enough to offer any new bit of advice. However, I think this thread is a very helpful read especially to anyone starting out.
 

HeavenLeighRob

Sergeant
Messages
173
It's hard to pick just one...but I'd say be mindful of the broker you choose and their costs. If you open an account with an untrustworthy company, you may never withdraw your money at all and we've all heard of scams where they request more and more money in order to process a withdrawal. Meanwhile, there are companies out there that are legitimate, but you wind up paying extra fees for funding, high spreads, high commissions, and possibly even hidden account maintenance or inactivity charges. All of this can really eat into your profit, so it's important to be aware of all of the costs you'll be paying.
 
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