As a financial market where you can earn money by evaluating your savings, we are trying to talk to you frequently and in detail on the forex market. We focus on how the investment is made, what the investment instruments are and how they are traded, the features of the market that you need to be aware of, and pieces of training. With this article, we also want to talk about the rules that will help you win in the forex market.
When it comes to getting money in Forex, the issues we talked about when searching for answers are usually based on gaining knowledge and experience. With the 10 golden rules of earning with Forex, we will point to a small point where you can evaluate yourself as a little bit of a psychological preparation.
But you should not forget; As fxearn.com, we provide information on behalf of your market definition, not investment advice.
Let’s talk about 10 golden rules;
In order to be able to invest in a financial market or to succeed in any matter in life, you need to first define yourself. Examine what kind of structure you have, what you are capable of, and what you can succeed. You should know and discuss your personality well. Are you able to deal with risks or adverse situations? Are you giving up easy, are you a willing person, do you believe what you hear right away, or are you actually searching for this?
All the questions we have listed above and more are the questions you need to ask yourself to win with forex. If you are a fast-paced, disciplined worker who can not cope with stress, you are an obsessive and concentrating person, you should first evaluate these issues objectively.
If you are committed to trading on the Forex market, you have the features you need to earn. You have to be calm, not hasty, and patience. You must be able to cope with stress, prepare to work in a planned and disciplined way. You have to be good at adapting to the market, you have to overcome your concentration problem and move away from situations that will disperse your concentration. When you open your trading platform and sit down, you only have to think about the operations you need to do, and you must progress depending on your plan. You must set goals yourself, and you should not suddenly change your mind when you reach those goals.
Prepare Your Psychology for the Market
If you define yourself well, it is of great importance for you to prepare psychologically for the market. As a result, you are trading on a major financial market and you can win – you can lose. In all these cases you should prepare your psychology. If you are at a loss when you are faced with the slightest failure or problem, then you have a poor quality for the forex market. But you have to know that you will face more problems and losses if you do not go over the problems and are afraid to lose.
First of all, do not forget that you are not a hobby and that you are making money. When you encounter failures, do not go to the market immediately and investigate what points or points the problem originated from. Never forget that you may suffer harm and do not get angry.
Determine the line between trusting yourself and trusting yourself. Be confident in your actions, your knowledge, and your experience. But never do ego. Do not go into the “I win” atmosphere and go ahead with your plans. Remember that the Forex market will be addictive. You are an overly ambitious person, and you will act again as you lose. But this will cause you to lose more. With quiet psychology, taking into account every situation, analyze and act, and take a break if necessary. In this process, animate your brain and yourself.
Fully Know the Market
In the world’s largest trading volume, you will trade with investors from all over the world. For this reason, you should be able to evaluate even the finer details of this market. There should not be any concept that you are a foreigner.
Learn how the market works, where your money goes and where money comes from. Investigate which factors are responsible for fluctuations in the market or prices of investment instruments, how these factors are influential, and how investment instruments relate to each other.
Be absolutely involved in Forex training, but do not settle for it. Accept this information as an initial basic education and try to learn more. Learn the market features of the market well and learn how to use it effectively in practice. The forex demo account in this regard is the most useful tool for your business.
It is a great benefit for you to determine your own transaction characteristics and to act on behalf of your name in the name of the market as well as the market. At the same time, trading on the market thanks to demo accounts will meet your expectations and will also provide you with suitable learning.
Improve Your Analysis and Interpretation Skills
As you know, you are acquiring a lot of information such as prices, transaction volumes, buying and selling prices. There are two types of analysis as technical and basic analysis. Basic analyses include topics such as country economics, macroeconomic data, events in the world, and monetary policy. Learn precisely these issues that make up the basic analysis, learn what issues are connected, know how market psychology and investment tools have impacted the prices. Improve your ability to interpret after you have received complete information about these topics.
Technical analysis topics are the tools to read price graphs. There are many methods of analysis, some of which are heavily used. In general, analysis methods such as Bollinger Bands, Dow Theory, Fibonacci indexes, which facilitate trending, are frequently used. But you should be able to identify exactly the support – resistance points, pivot points, trends and determine the most appropriate analysis method for you.
Also, pay attention to the interpretation of the information from the technical and basic analysis. The results obtained from basic analyses or technical analyses alone will not give you accurate information. For this reason, be informed about the two types of analysis and how they are done.
Specify Your Coverage
You can start trading on the forex market with 100 bucks as we have said many times before. $ 100 might come as a small number in the ear. But when you reasonably appreciate this guarantee, it is certainly a good enough amount to trade with a bigger currency in a short time in a market like forex market.
Process with small amounts, ie small process sizes. In this way , you will not lose much and you will have the chance to do it again. In general, the EUR / USD is preferred by those who start to invest in the gold and oil forex market with $ 100. At the same time, the lowest values belong to these investment instruments. Your ability to trade with currencies may not yet evolve. Because currencies are highly volatile due to high transaction volume. Commodities like gold and oil will be safer investment vehicles. With oil, you can build mini positions for $ 10 and buy and sell too quickly raise your $ 100 margin to $ 200,300.
Continue to open mini positions until you get a good experience. Even if your $ 100 is $ 400, keep doing things low until you’re sure you’ve gained experience. Take care not to lose your money as much as possible. Do not try to run uninhibited! Go with little steps. If you are trading with a high trading volume, do not forget that the declines will be harsh.
Be on Screen
Be on the screen when you are trading on the forex market or when you decide to trade. Do not position immediately as soon as you open your screen. Do a good research first. Observe price graphs, trading volumes, 1-hour charts, trends. Do not proceed without confirmation.
Do not take action when you are not at the screen and do not blindly observe the stop loss feature. Create your positions when you are on the screen and when you are well aware of the market. Do not leave the screen for a long time by specifying the stop loss feature, saying there is an advantage. Keep in mind that you earn money from instantaneous changes, and remember that these instantaneous changes will also cause you to lose.
Do not forget to close your open positions at times when you are not at night or on the screen. Do not forget that there are so many people who reset their earnings in this way. Keep in mind that while you are creating your position, you are only in your process and that you make a move and that millions of investors are making moves as well.
Do not move with sensations
Generally, the senses that open up big trouble on the stock exchange also apply to the forex market. You invest according to what you hear from any friend or investor. Act with your own observations, analyses, information, strategies, and experiences. In the same way, do not trade only according to what analysts and analysts say.
As we mentioned earlier, set goals and goals and strategies and plans in line with your goals. According to the information you receive from the market news, do not make a sudden decision. Do not say what you win and lose. You have not affected others in this way.
Bear in mind that the best earning will be the best strategy. If you need to get a job by relying on others, do not open positions according to your feelings. The way in which each person looks at the world is different, and the perspective of each investor is different.
Be Sure of the Position You Receive
Take a look at the 1-hour price chart before creating a new position. Observe market data, news. Set the trend and always consider the possibility that it may be the opposite of the trend. Do not reverse trending and turn off your trading with small profits if you do. If you are making a purchase and the price chart has started to fall, do not think that it will no longer fall. Observe the support and resistance points while opening the position.
Creating a position with small volumes will be a good deal against the possibility of reversing your process. Once you are sure of it, then close the position with little snow instead of changing your mind according to the movements in the price graph.
Once you have identified your investment tools, decide to open positions. Do not observe all investment instruments and be specific. Keep in mind that each investment vehicle has different characteristics. Set yourself some paratels and commodities. Observe their price movements constantly. Prepare a day’s fiction about these investment tools. Prepare the data to be disclosed, price movements, hourly, daily, weekly and monthly fluctuations, the data of support – resistance points before you open your position. Just focus on your mind when opening the position. You will not fill your mind with unnecessary numbers to find this data without opening the position.
When creating your position, set a stop loss. If you interrupt the power supply, disconnect, or have a sudden job, you will be protected from harm. Update your stop loss rate as you go down the road and be at a point where you will be a card. Set the trend well and try to catch the lowest point on the 1-minute chart as the entry point. Do not position positions at the top and bottom of the price charts. At the same time, do not be stubborn as not to close your position at hand. This stubbornness will make you big trouble.
Use Leverage Feature Correctly
One of the most attractive features of the Forex market is undoubtedly the leverage ratios. Do not choose the greatest leverage ratio, considering the big profits you will make. Do not keep leverage ratios too high and do not lift your whole process. Do not forget that it is an attractive feature and is a feature that can cause you to experience great loss. Stay away from leverage without your experience. As your experience increases, you can use 1 to 5 leverage.
Pay particular attention to not converting leverage rates into casino rationale.
Make a note of all the actions you make, all the decisions you make, and every step you take on the market. Then collect these notes in a large file and make a past review. Make the mistakes you make and look good. It will be a great helper guide to you to consider what you have lived in the past before setting goals, without making plans for how you will follow in the future. Many analysts argue that they think the past is repeating.