Don't be too greedy

Don't be too greedy, but don't play it too safe either. On the one hand, you shouldn't be overly ambitious with your profit objectives. You must always stay realistic if you don't want to lose it all. But on the other hand, you can't be too cautious otherwise your profits won't be worthwhile. Give your position a good chance to make a fair profit by using sensible stop-loss and take-profit levels. Learning how to strike a balance between those two opposite tendencies will help boost your profit.

Know when to trade forex

Know when to trade forex. This is one of those forex trading tips that are really worthwhile. Knowing a little bit more about forex trading hours -what times of the day and week provide the best forex trading opportunities - will definitely save you some insignificant trades. Although forex trading is available 'round the clock, this doesn't mean that each hour provides equal opportunities. Sometimes, it's better to abstain from trading than to trade and lose. With Finotec, you will learn when are the best times to trade and when it is best to open a position - neither too early nor too late.

Follow the trend.

Follow the trend. Does "the trend is your friend" sound familiar? This is one of the most popular and useful forex tips. And it seems to be working! Unless you expect a trend reversal, go with the trend. You can use long-term moving averages to determine such trend reversals. So follow the trend, but not blindly!

Abide by your strategy

Abide by your strategy. This forex trading tip implied another one: you must have a strategy! Before you start trading forex, you should know exactly what your trading plan is. Set yourself a limit amount and eventually a limit date, and an exit strategy. You must know what to do if the market moves in your favor, but you must also know what to do if it moves against you. Do not leave anything to chance. You should analyze every possible scenario to minimize your risk and not be caught by surprise. Be consistent with your strategy, you have all the tools you can think of to carefully plan your forex trading strategies.

Know when to exit a trade

Know when to exit a trade. If you had to choose which forex trading tips you should remember, this one would probably be at the top of the list. Indeed, whether you are winning or losing, you must know when to let go. Don't maintain a losing position in the hope of a trend reversal. This kind of hope-based strategy may lead to greater losses. As for winning trades, although you should let profits grow, you should also know when to close your position to avoid trend reversals.