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Secret To Trading Success

Saturday, April 4, 2009 Posted by Seduce


While everyone is virtually welcome to join the Forex market, profiting from it cannot be accomplished by all traders. There are a number of ingredients that contribute to the success of a trader in the Forex industry. Effort and time must be devoted to Forex trading - and strategies must be employed.

Below is some opinion to be a success Trader on Forex Market.

1) Forex trader’s understanding of support and resistance, two of the most common concepts in the Forex market.

2) Choose currency pairs involving U.S. dollar (has volume to produce the price fluctuations necessary for big profits and the liquidity to enter/exit positions at will).

3) Find currency pair through backtesting that has most profit potential (pip movement) and least volatility through use of technical analysis.

4) After determining trends, set stops and exit points for both protection and maximum profitability.

 

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