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South Koreas Trade Minister: There will be no further market opening in the agricultural sector.Futures News, September 15th: London spot gold prices fluctuated higher on September 15th, reaching a new all-time high, up 1.59% on a weekly basis to $3,643.06 per ounce. Gold prices fluctuated at high levels during the week. While inflation data prompted a rate cut, the cut was already largely priced in. Meanwhile, US inflation remained contained, with no reflationary expectations. With the Federal Reserves interest rate cut expected next week, the market may react with caution, with increased short-term volatility and a degree of uncertainty surrounding the market. However, the macroeconomic logic for golds upward trend remains intact, and with renewed geopolitical uncertainty, buying on dips may remain the primary strategy. US Treasury Secretary Bensont stated that the US economy inherited by Trump is in worse shape than reported, and that the Federal Reserve should recalibrate interest rates. Fed Chairman Powell has again become a target of criticism from the Trump administration, with Trump again calling for a swift rate cut. The US August CPI was in line with expectations, while the PPI unexpectedly fell sharply. Combined with the dismal employment data, market expectations of a renewed US recession are swirling, making a 25 basis point interest rate cut by the Federal Reserve almost certain. Market focus is on whether the combination of low inflationary pressures and poor employment conditions will lead to more rate cuts, and the market is awaiting comments from Fed officials. Geopolitically, Israel attacked Hamas targets in Qatar this week. Russian government spokesman Dmitry Peskov stated on the 12th that peace talks between Russia and Ukraine have been suspended, but negotiators from both sides remain open to communication through existing channels.A Yomiuri Shimbun poll in Japan showed that in the Liberal Democratic Party election, Sanae Takaichi led with 29% support, while Shinjiro Koizumi had 25% support.1. The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average down 0.59%, the S&P 500 down 0.05%, and the Nasdaq up 0.44%, reaching new all-time highs. Merck and Sherwin-Williams fell over 2%, leading the Dow lower. The Wind US Tech 7 Index rose 1.14%, with Tesla up over 7% and Apple up over 1%. Chinese concept stocks were mixed, with JinkoSolar up over 6% and Douyu down over 4%. 2. U.S. Treasury yields rose across the board, with the 2-year Treasury yield up 0.99 basis points to 3.549%, the 3-year Treasury yield up 1.94 basis points to 3.527%, the 5-year Treasury yield up 3.81 basis points to 3.633%, the 10-year Treasury yield up 4.57 basis points to 4.070%, and the 30-year Treasury yield up 2.69 basis points to 4.681%. 3. International precious metal futures generally closed higher. COMEX gold futures rose 0.19% to $3,680.70 per ounce, a weekly gain of 0.75%. COMEX silver futures rose 1.26% to $42.68 per ounce, a weekly gain of 2.71%. 4. International oil prices rose slightly. The main contract for US crude oil closed up 0.37% at $62.60 per barrel, a weekly gain of 1.18%. The main contract for Brent crude oil rose 0.77% to $66.88 per barrel, a weekly gain of 2.11%. 5. London base metals rose across the board, with LME zinc futures up 1.93% at $2,956.00/ton, up 3.32% for the week; LME nickel futures up 1.52% at $15,380.00/ton, up 0.95% for the week; LME lead futures up 1.13% at $2,019.00/ton, up 1.71% for the week; LME aluminum futures up 1.03% at $2,701.00/ton, up 3.86% for the week; LME tin futures up 0.74% at $34,955.00/ton, up 1.87% for the week; and LME copper futures up 0.13% at $10,064.50/ton, up 1.69% for the week.Market News: South Koreas trade minister will visit the United States on Monday for tariff negotiations.

Top 16 Forex Trading Tips You Should Know

LEO

Oct 25, 2021 13:27

This article will breakdown the top 16 trading tips you should consider , ranging from how you should trade, the risks you need to be aware of, how learning about trading can improve your trading performance, and much more!

1. Create Your Own Strategy

No list of currency trading tips is complete if it doesn't mention strategies. One of the most common mistakes beginner traders make is not creating an action plan. Figure out what you want to get out of trading. Having a clear end goal in mind will help with your trading discipline.

2. Learn Step-by-Step

As with every new practical learning activity, trading requires you to start with the basics, and move slowly until you understand the playing field. Start by investing small sums of money, and keep in mind the old adage 'slow but steady wins the race'.

3. Take Control of Your Emotions

Don't let your emotions carry you away. It can be very difficult at times, especially after you've experienced a losing streak. But keeping a level head will help you stay rational, so you can make competent choices. Whenever you let your emotions get the better of you, you expose yourself to unnecessary risks. Exercising risk management within your trading will help you to minimise the risks.

4. Stress Less

This is one Forex tip that sounds really obvious – because it really is. But guess what? Trading under stress generally leads to irrational decisions, and in live trading, that will cost you money. Therefore, identify the source of your stress and try to eliminate it, or at least limit its influence on you. Take a deep breath and focus on something else. Every person has their own way of overcoming stress – some listen to classical music, while others exercise. Listen to your mental health and learn what works best for you.

5. Practice Makes Perfect

Of all the Forex tricks and tips for beginners, this is the most important. You are unlikely to succeed at anything on your first try. Only constant trading practice can yield consistently top results. But you probably don't want to lose money while learning the basics, right?

6. Psychology is Key

Every trader is a psychologist at heart. When you're planning your next move, you have to analyse market movements and review your own psychology. You need to ask yourself questions such as:


  • Did I show signs of confirmation bias?

  • Did I make a trade out of frustration?

  • What made me choose that particular currency pair?

Mastering your psychology will protect you from many losses along the trading development path.

7. No Risk, No Success

Not even Forex trading tips and tricks can guarantee you success. When you decide to become a trader, you should have already accepted the possibility of failure. In case you didn't – here's a reality check. You won't make profitable trades 100% of the time. Don't let false advertisements get in your head, either. Instead, be realistic about your Forex trading methods and goals.

8. Patience is a Virtue

When it comes to trading, this old saying is not just a cliché. True success is never instantaneous. It's the result of consistent work and planning. Many beginner traders look for an easy, fast path to profit. Don't bother – it doesn't exist!

9. Continuous Education

Each day you trade, there's a new lesson to be learned. Look closely at the Forex market and keep all the tips you have learnt in mind. Start analysing news, trends, and financial processes, and don't neglect the Forex basics. Most importantly, study, then practise and then study some more. Repeat this process often, and you will be well on your way to fully understanding the markets.

Studying will require a lot of time and effort, but it will pay off in the long run. For starters, Admiral Markets offers the opportunity for traders to benefit from a free education centre that offers Forex tips, as well as, a range of articles and tutorials offering tips, tricks, strategies, and more, for all kinds of trading.

10. Trends are Good for You

One particularly important Forex market tip to follow is to learn about trends. The ability to spot trends is a valuable one. While we don't recommend jumping on the trend bandwagon every time, but outright ignoring the trend is a recipe for disaster. Trends can show you what is coming, so you can pro-actively adjust your trading, rather than reacting when it's too late.

11. Seek Competitive Conditions

It's important to choose top-notch service conditions and get favourable spreads. If you're considering trading with Admiral Markets, there are a range of different options available. Why not read more about them in our account types section?

12. Plan in Advance

Forex trading is not a gamble – it's a strategic game. Carefully calculate your next move before you act. You can begin formulating a plan by asking yourself some challenging questions such as:

  • Have I accounted for the possibility that I may lose?

  • What's my plan B for the different types of scenarios that may arise?

To be successful at Forex trading, you have to expect the unexpected.

13. Know the Charts

You will be trading on many different markets and will need to quickly understand the information you analyse for each trade. There are numerous tools available to traders that make trading easier, but nothing is more time-efficient than charts. Charts provide you with fast access to numerically-heavy data in the form of a simple visual, so you don't have to scroll through it. 

14. Don't Run out of Chances

Eagerness is good, but there is a limit to everything. If you trade too much, you are probably harming your chances of achieving success. Why? Because overtrading usually leads to weakened focus and careless trades. As you develop your trading plan, indicate the maximum amount of trades you will make per day or week.

15. Greediness Leads to Risks

Greediness can make you take unnecessary risks as well. Set the maximum loss and desired profit within your trading plan. When you hit this level, stop and don't go for another trade. When it comes to fund management, this is one of the most important Forex tips and tricks to follow.

16. Use Stop-Losses

Our Forex daily tips don't just focus on general recommendations. We also want to mention valuable tools, such as the highly rated stop-loss. Not setting a stop-loss is basically giving you an excuse to keep a bad position open (because you're hoping that the situation improves). But bad situations rarely improve, and neither will your capital if you don't wise up fast.

A correctly placed stop-loss eliminates the risk of losing all of your money on a single bad trade. The stop-loss is especially beneficial when you don't have the ability to close positions manually. To fin