Remember about leverage and reasonable lot sizes to prevent major trading disasters from happening

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Remember about leverage and reasonable lot sizes to prevent major trading disasters from happening. Treat your trading experience like a business and always stick to the plan. Don't go all in on a trade just because you want more! It is unlikely you'll become successful overnight. Set realistic goals and stay organised, and remember to learn from both successes and failures. 3. Wise trading setup Once you have an insight into Forex trading and a strategy in place, it’s important to focus on aspects such as leverage, timeframes, economic calendar, etc.


Even the smallest detail can impact your trade if you’re not careful. Make sure that you know the specifications for each trading instrument. Hence, leverage requirements and contract size may differ. Know kenya business email list what you’re up against before you enter the market. Do not use volatile charts. Longer timeframes provide more clarity as to your trading plans. Also, trading on short-term charts increases the possibility of slippage.


Remember to check the economic calendar. Hardly a day goes by without some financial announcement or other. The biggest ones should always be treated with caution. High impact events and surprise announcements can send markets into a tailspin. If you do not have the necessary expertise, you should avoid trading big economic news, as news trading involves higher risks. Keep your charts clean. Do not overuse indicators of the same kind, as they might give you false signals.