Orion Trading Group’s 13 Quick Tips for #Forex Trading Success

HIGHLIGHTS:

#12: Look at similar pairs e.g. no less than 4 US Dollar pairs to “determine if the pair will be moving based mostly on the US Dollar or the opposing currency.”

#10: Longer-term charts (ie. monthly, weekly, daily) are more imporant than shorter-term charts (ie. 1-min, 5-mins, 15-mins).

#9: Educating yourself is better than using trading robots, etc…

#7: Focus on getting a low bid/ask spread.

#6: “Have a backup power supply and internet access available at all times when trading… Bottom line: be sure to have some redundancy incorporated into your trading plan; treat this like a true business and it will reward you like one.”

#5: “Break your trade order into 2 or 3 smaller orders” instead of one large order. That is, don’t go all in at once, allowing more control.

#4: Success is 1/3 psychology, 1/3 money management, and 1/3 trading strategy.

#3: Check world news release and country-specific before opening new positions.

#2: Don’t move your stop loss for any reason and use tighter stop during volatile market condition. Sounds simple on paper but often difficult to follow in the thick of battle.

To read the full article go here: http://www.facebook.com/notes/orion-trading-group/13-quick-tips-for-forex-trading-success-powered-by-orion-trading-group-otgfx-fff/265723570106879

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