How Do You Not Lose Money in Forex?

How do I become a profitable trader consistently!

Forex trading can be simple. From a very volatile market, the highest trading volume, leverage, and low cost to an easy-to-use trading platform, it attracts beginners and professionals. However, it is surprising to find out that less than 10% of these traders generate large profits from the forex trading market. That is, it is very easy to lose money on Forex. It is a surprising statistic that most Forex traders really lose money.

Take Your Time to learn Forex

New traders without expertise, knowledge or experience need to take the time to understand forex trading. They say that no one stops learning and change cannot be avoided. Taking the time to learn first is a great way to prepare for the trading day. As a greenhorn in forex trading, you will understand what it is all about. This gives you a clear picture of what is expected and what is expected of you. For professional traders, studying the market is very important for success in trading. Factors such as geopolitical and economic shifts affect the market and must be studied on an ongoing basis.

The strategy used by Legendary Traders

Trade for 1 year with a Demo account

Experience is the best teacher. Demo accounts give traders the opportunity to open trades using hypothetical money. This is an advantage because traders learn to strategize and experience different market trends. By using virtual money, traders will not be exposed to losses caused by not having experience with the market. The main limitation here is that profits cannot be liquidated. However, this is more important than the interesting experience of the wrong task because of the amateur approach.

Find the right Forex Broker

Forex brokers are companies that give you access to trading platforms. You cannot open or close trades without them. The number of forex brokers jumps every day. The fastest way to lose money in trading is to use a scam Forex Broker. This is why you need to find a reputable broker. Ever imagined depositing your money on a broker account and you immediately stopped hearing it? Leading foreign exchange brokers have strong customer service. In addition, you are given a user-friendly responsive platform. The security of your money must be guaranteed. The best way to find a reputable forex broker is to check with your country's forex regulator. Most legitimate brokers can be found registered in the body. Here are our top Forex brokers that we currently use.

Use leverage reasonably

There is no trading market that offers better leverage than forex trading. Leverage is money you borrow to use it to make investments. In forex trading, Forex Brokers offer large leverage to traders ... some even offer leverage as high as 1: 1000 which is crazy in any industry. If used properly, traders can realize the full benefits of forex trading. However, most traders join the market with minimal capital and hope to use leverage to open larger trading positions. What many have never noticed is that larger trading positions have a greater risk than smaller trading positions.

Proper record keeping

Every businessperson will tell you that recording is very important for any investment. Forex trading is no exception. With well-kept records, traders can easily identify where things have never worked well or where they worked perfectly. Such an example is important because you will know what to imitate in your future trade and what will fall.

Forex trading is investment, not gambling

The psychological state of a trader is very important. How you see it has an impact on the strategy you will use and how to do it. Traders need to see the forex market as an investment and not a gambling platform. The mentality associated with gambling is the get rich quick scheme. This has never happened to the forex market. Need calm and patience, for example, to see trends. In gambling games like soccer, it only takes 90 minutes to find out your destiny. The time frame also varies in forex, every day, every hour every five minutes and others. Sometimes a trend requires long-term injections to make a profit. Opening and closing trades in the short term will prove to be unprofitable in such cases. 

How Do You Not Lose Money in Forex?

Protect your money

Most traders will usually focus on making money. In fact, the first thing that really must come to mind is how not to lose money. It's like in Football, if no one can score against you, then how can you lose the game. In trading it's the same, your first priority is not to make money but to protect and minimize your losses. And for that, you need to learn how to cut your losses quickly by having an effective stop loss strategy.

The point

It takes a lot of discipline to succeed in forex trading. The best thing to do when you start is to trade the same strategy on a demo account for 1 full year. Do at least 1000 trades so that you understand and can see what you have done well and what you have done is wrong. This is the best way to learn how to trade. Choose a strategy and start practicing. Forget making money first. Study well first.

How to Choose a Forex Broker?
TopAsiaFx.com helps you compare and choose your preferred Forex Broker. We suggest keeping the following checklist in mind when making your decision:

• Is the Forex Broker regulated?
• Account Details: Ideally, your broker should offer either a selection of account types or some element of customizability. Competitive spreads and easy deposits/withdrawals are good indicators too.
• Number of Currency Pairs offered: The variety of currency pairs on offer, as well as the quantity, should be considered (the more of both, the better).
• Availability of Customer Service.
• Quality of the Trading Platform: look for a platform that is easy to use, straightforward and offers a collection of technical and analytical tools to enhance your trading experience.

Rank	Broker Name	Special Offer	Minimum Deposit	Spread	User Score	Maximum Leverage	Regulation	Start Trading
1	NordFX	55% Deposit Bonus	$10	0.0 Pips	96	1:1000	VFSC	Open Account
2	SGT Markets	Refer a friend $10	$500	0.0	95	1:400	IFSC	Open Account
3	OctaFX	50% Deposit Bonus	$100	0.4	94	1:500	IBC	Open Account
4	Exness	No	$1	0.1	93	1:2000	FCA,CySEC,IBC	Open Account
5	IC Markets	No	$200	0.0	92	1:500	ASIC	Open Account
6	Tickmill	$30 Welcome  Account	$100	0.0	91	1:500	FSA,FCA	Open Account
7	Axiory	$50 Deposit Bonus	$200	0.0	90	1:400	IFSC	Open Account
8	Justforex	100% Deposit Bonus	$1	0.0	89	1:3000	IFSC	Open Account
9	ThinkMarkets	No	$250	0.4	88	1:400	ASIC,FCA	Open Account
10	XM	$30 Welcome Account	$5	0.0	87	1:888	ASIC,FCA,IFSC	Open Account
11	FBS	$50 Welcome Account	$1	0.0	86	1:3000	IFSC	Open Account
12	HotForex	No	$5	0.0	85	1:1000	INC	Open Account