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Professional traders are full of tips and guidelines that can greatly increase profitability during your online trading Forex sessions.

Here are 3 advice notes I’ve picked up which greatly reduce the number of my losing trades and increase the number and size of profitable trades:

Mistake #1

Setting the stop at round numbers.

Solution: When setting your stop, avoid numbers that end in zero.

This is not due to superstition! It’s just that round numbers, especially with certain currency pairs like EUR/USD and GBP/USD, represent key psychological levels in the minds of traders and institutions.

Price will often pull back to a number that ends in zero and go no further. If your stop is set at that level you run the risk of getting stopped out of your trade only to see price resume the direction you had anticipated anyway. How frustrating!

So always make sure your stop is set at a number other than one that ends in a zero, and reduce the number of times you get taken out.

Mistake #2

Setting stops according to a pre-determined amount.

Solution: Calculate your stop according to strategic levels, not an arbitrary amount.

Many traders set stops somewhere between 20-30 pips as that is about as much as their equity will allow.

Some new traders tend to do simple arithmetic to establish their stop level: entry price plus/minus 25 pips.

However, it makes much more sense to look at a previous support/resistance level, trendline, or yesterday’s high or low, and see if a 20-30 pip stop puts you near one of those levels.

If it does, then calculate more precisely. It makes no sense to set a 20 pip stop if a major support/resistance line is 25 pips away from your entry level. Price is likely to go right back to that level to test it, and stop out your trade, before bouncing.

Keep your eyes open for such key levels and set well-thought out stops which help you avoid getting taken out unnecessarily on trades where your appraisal of price direction was right all along.

Mistake #3

Setting target limits right on key levels.

Solution: Trim your target by 2 or 3 pips.

Equally frustrating is to see price ALMOST reach your target, fall short by just 2 or 3 pips, and then within seconds retrace by 10 to 15 pips.

One moment you see a nice profit of 25 pips on your trading platform, the next moment it is showing 15. Now you are left in a quandary. Anxiety sets in as you wonder whether price will go back to retest the previous level. Do you stay in and hope or just take the 10 or 15 pips left on the table?

How much better to just trim 2 or 3 pips off your target. Price then has a much higher chance of getting there.

What a nice feeling to see price spike to your target limit, take out your trade with a 20-30 pip profit, and then pull back. No anxiety, no recriminations, no “if only I had . . .” scenarios.

Noting these 3 mistakes and their solutions will make your online trading Forex sessions much less exhausting mentally, and much more profitable.

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i plan to open a mini account with USD 800. i plan to gain 15 pips in a day but i don’t want to use a very high leverage due to its high risk. what is the lowest leverage offered in mini account? from which broker?

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If broker made a mistake in my favor, do I need to let them know about it ?

Basically I had a pair with take profit set for 200 pips, and broker closed it at my set take profit, while the actual price was 150 pips above it. Shall it be my concern or deal is a deal ?

I bet they would not allow me to correct my error if I enter at wrong price… Should I ?

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i have been doing a practice acount for a while and know how to read the charts

i am interested in starting with a few hundred dollers and adding a little bit each check

what i dont understand is the leverage 1:10 all the way to like 1:200

what is better why is it better does it effect the pips??

what is recomended for a beginer using small amounts of money??

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For the forex traders out there – how do you cope with a missed trade? Earlier this evening my system fired off a signal which I was not able to act on because I had emotional doubts about it (it just didn’t “feel” right). The price shot a hundred pips in the direction which the signal said it would.

I’m kicking myself in the b***s right now.

How do you cope with this? As a trader, what are some of the things you do when a painful thing like this happens? I know a lost opportunity is a lesser evil compared to lost capital, but it still hurts like hell.

For the seasoned traders out there, any tips or advice? Lost opportunities like this happen all the time, right?

Thanks.

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Im with GCI from past year, and since i had major losses i changed my trading pattern to have small profits (2-5 pips) and small losses of upto 10pips. Recently under good volatile market condition i started making good money. I achieved my daily target but still i kept on making. After three days later i have experienced that my account got short by 3910$. I spoke to GCI guys and come to know that i have been found of doing scalping and hence they have reversed my those both days transaction. and make my account less by 3910$ as i was scalping with there feed ad not trading.

My question is why they havent done before as i am doing this trading pattern what they call scalping from past 6 months. So why now????

Why they havent done when i went in losses, and they could have reveresed my transaction and compensated me?

Does this reversing the trade is actually possible ?????? That you can turn your three days back trades????

Somebody pls advise and help me that why they have

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Here are 4 fail-proof ways to solve the Pip Auction Game problem, and to guarantee that you’re not going to play it again. You have heard this before, and it’s true, but until now you still have not lived by this rule. You should never risk more for pips than they are worth. You should cut your losses short.

If your trade does not produce a profit for you, then you should close it. Practically, here is what you do. These are not hard and fast rules, but you will be able to mold them to your use easily enough.

1. If your trade does not work out within X minutes, then close the trade. X minutes is the number of minutes during which your trade just sits and does not move very much. You’re at a loss, but not a large loss.

2. If your trade immediately starts to move against you, ask yourself: did you make the right decision? If you did, then stay in until your stop loss is hit. If not, exit NOW, regardless of your stop loss being further away. More on this later — but a few words now:

How do you know that you did not enter the trade for the right reason? If you traded on emotion, if you entered the trade within 5 minutes of sitting down at your computer, if you did not follow your trading plan (later chapter), if you have a feeling deep inside that you made a mistake — all of these are good signs that you have made a trade for the wrong reasons.

Here’s the next way to avoid the Pip Auction Game:

You can’t lose what you don’t risk. Of course, if you have any desire to be rich at all, you’re thinking that this is the dumbest advice you’ve ever received.

1. If you have lost more than 9% of your account value, within ANY period of time, stop trading live NOW. No exceptions.

2. Trade on a demo account for 1 week for every 2% of your account that was lost (and maybe even more). If this seems like too much of a burden, ask yourself: “How much of a burden would it be to lose my entire account?”

This can be really hard to do. For instance, if you are trying to pay your bills and live off your trading account, and you are asked to stop trading live, you are going to wonder where you’re going to get the money to live from. The simple answer is that you have started trading live too early, and it is better to have $2,000 (or any amount) that you cannot trade live, than it is to have nothing left at all.

I once worked with a trader that refused to stop trading live and move to a demo account because “demo trading will take away the excitement. I’m not sure I could stay interested in trading if I’m only trading a demo account.” He lost everything. Twice.

1. Every week, print your account history from your trading platform, and spend 2 hours away from your computer (preferably outside your house, in the library, or a restaurant, or someplace that you can think away from your trading area) looking over the report.

2. Look for your mistakes. They should be easy to identify. They are the trades that were losers.

3. Realize that every losing trade is a mistake. If you believe otherwise (the old, “Well, it’s good because I’ve learned my lesson”), then you are going to at least enjoy losing your entire account. Get with the program, man! Would you be happy to have set your hair on fire, because now you can say, “Well, I’ll never do that again!”?

4. Get someone you trust to look over your statement for you. Ask them to be brutally honest with you. If this person says, “You are going to lose everything,” believe them. Just go ahead and believe them. So many times, traders who have lost 50% of their account feel that “I’ve finally turned the corner, and this is it. I’m not going to lose anymore.” They don’t switch to demo trading, and they lose everything. Don’t do this. It feels awful.

The last point here. I recently worked with a wise trader in Fiji, who realized that he wasn’t following a system with proven results — that although he had intermittent (large) wins, he also was having occasional losses that left him feeling uneasy about trading. So you know what he did? He stopped trading.

Wisely, he kept his account balance intact while he worked out the details. How long did it take him? It does not matter. My friend was willing to trade on a demo for as long as it took him to get back to trading a proven system that he could trade with confidence.

You could learn from our friend from Fiji. When in doubt, don’t take more live trades. Take NONE.

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I am here to see if someone can loan me $1,000 to start a business. I have been trading forex on demo account and I make average of 100 pips per day. I needed some money to open a live account. I will pay back the person after one month.

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Oftentimes false impressions and misapprehensions could lead you to unfavorable outcome. Just because you have dealt so much with what others tell you or with what you hear about, you provided a quick judgment until such time you found out that all these are just delusions and misinterpretations. This is how the forex market is perceived until the advent of forex mini trading surfaces.

From the name itself, you will most likely generate a single inkling that this is something that requires not so much from you and from your investment. A lot of people thought that forex trading comes with hefty and bigger assets, well if you think this is really true, you definitely are leading a wrong path. Big capitals and outlays is not the requisite of the forex market and the forex mini trading is the idyllic case in point.

Forex mini trading only requires lower capital, it never go beyond thousands of dollars since you only need to have cash at hand amounting to $300 dollars. Yes, this is the amount that you need to start of with your trade and most traders have come out of the market bearing greater profits with a small investment given a shorter duration of time. The next factor that provides advantages in getting into the mini trading is the concept that you can have greater leverage given a small fund as capital. This means to say that when you own a stock amounting to $2000 then your leverage can be in between $1500 to $1750 leverage. Therefore, if you give just a small scope or margin to your mini account then there are greater tendencies that your forex mini trading account can acquire a money-spinning and profitable one.

Pips are also another facet of the mini trading and a lot of traders choose to trade in pips. As the denomination they provided is small there will be greater probabilities where traders can open up opportunities and discover other lucrative facets in the world of trade. The trade of pips also provides assurance for traders that if the dealings become tougher, their losses will not be that big. Since 1 pip is equivalent to $1 dollar the possibilities of a floating loss will not be that difficult to bear.

Another advantage of going by forex mini trading is the concept of trading for small units. When you venture in a mini trading, the only required units are 10,000 weigh against the standard ones which will provide you with almost hundreds of thousands of units. This small trading size gives you lesser risk particularly for those beginner traders. Once you become accustomed with all the dealings it wouldn’t be hard for you to move towards 20,000 to 30,000 units and so on.

Forex mini trading is absolutely a good way for novice traders and others who have little investment and capital. There is also software available in creating your mini account that is comparable with the regular one. Mini trading only proves that no matter how small your assets are, when it comes to forex trading all these are profitable and productive.

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I’ve read up (or have been trying to) on trading in the FOREX, and would like to start trading. I know many brokers offer “mini accounts”, which is the type of account I would like to start with. I tried a couple of the practice accounts, and did pretty well, so I think I’m ready to start using real money. The problem is there are so many brokers, and I don’t know anyone who already trades to get some opinions about them. I’d like an honest broker (if one actually exists), offering “mini accounts”, tight spreads (1-3 pips), and decent leverage. I’ll mostly start out trading EUR/USD, and probably venture out once I get comfortable trading. Thanks for any help.

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