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5 pieces of advice for Forex traders

We are very glad to publish advice given by one of our best traders. His trading system is called Utusk and is showing pretty good results at the moment. He has increased his deposit to 170% in only 30 weeks, which is amazing result. Now the Forex signals provider Utusk is giving 5 main advices for all Forex traders:

  1. Never invest the money, you can't afford to lose
    The statistics says, that 90-95% of traders lose their first deposit. That may also happen to you. So, it's silly to think that it gonna happen a miracle and you won't lose your first money.
  2. Don’t use more than 5% of your deposit for trading simultaneously
    I think that using 5% of the deposit is the right sum for trading at one moment. Even if the market will move against your predictions, you won’t lose your funds. After some unprofitable trades you will have enough money to continue Forex trading and moving forward.
  3. Never do scalping
    Scalping is unacceptable at the Forex market. Even if you do good for some time, once you’ll lose much money. Scalping may be used only with one term: stop-loss must be the same as take-profit.
  4. Set right stop-loss and take-profit
    The level of stop-loss and take-profit must be clearly determined by your Forex trading system. In my trading system SL and TP are the same. The main thing is: SET STOP-LOSS. There are some situations when a trader can’t fix the losses. So, stop-loss is the only way to save your deposit.
  5. Keep self-control
    That’s the main advice for all traders at all markets, not only at Forex. Emotions bore mistakes. Follow your trading strategy and never deviate from it. After an unprofitable trade don’t try to play back immediately, that will only make the situation worse.

That article can be discussed on our Trading Strategies Blog. There you can also ask questions to the trader and he’ll certainly answer them. In the blog you can find a big deal of interesting and useful information on the topic of Forex trading and everything connected with that. You’re also able to ask questions to our traders with the use of tickets on our site. Just write a ticket to us with your question. The question will be transferred to the trader and after the trader’s answering we’ll send the answer to you.

August 18, 2009

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