How to make a steady profit without losing money when speculating in foreign exchange

Forget the golden rule, it doesn't exist. Don't waste money on things that don't exist. Simply put, everything you have to do will be risky.

A common mistake made by traders is to absorb too much useless information.

02. In most cases, it is best not to trade on the same day.

An interesting set of data shows that the result is shocking, that is, the hourly profit rate of many day traders is even much lower than McDonald's.

So, don't waste time trying to find hidden opportunities in the 1 minute or 5-minute chart, because most good opportunities for profit need to follow the long-term trend. This also means that besides trading, you can spend time enjoying your social life and spending time with your family instead of forcing yourself to stay in front of the computer all the time.

03. Many brokers want you to over-trade.

I'm sure you've got a call from the personal account manager. He "sincerely" suggested to you that during the release of non-farm payrolls data in the United States, the market had fluctuated by 120, and you should enter the market to trade. He is right, but there is no evidence to prove it.

The logic is simple. The more you trade, the more your broker will earn, but you will probably lose everything.

04. Make things easier.

To make a profit, everything you need is actually in front of you. As mentioned above, you don't need a bunch of gorgeous indicators to make a profit.

We strongly recommend analyzing the market within the trading time frame of daily, weekly or even monthly. Analysis can focus on the trend line, support level and resistance level, as well as the average value of fluctuations, which can help you capture the direction of the market.

This is the case. A serious mistake made by many people is to use some complicated indicators. These indicators are actually very complicated, and even the analysis is just an illusion.

05. News? They are "out of date" in the foreign exchange market

There is another place that always confuses novice traders. They got a message recently, but the market didn't buy it. This is the meaning of the famous financial saying: "Buy when rumors happen, and sell when facts happen."

06. Deal what you see.

The truth is, the market doesn't really care what you think about the trend or the whole market.

You may think that the bear market of the euro against the dollar is over now, and you may be right, but if the price continues to fluctuate in parallel, then what you think becomes irrelevant. Of course, the market doesn't care what the "marketing experts" sitting on Bloomberg or the American consumer news and business channel and wearing ties say. Only the trend is your best friend!

07. Major currency pairs do not necessarily mean profitable currency pairs.

The entry signals of many minor or rarely traded currency pairs are simpler and easier to understand. Recently, many traders have made a lot of profits on Norwegian krona, Turkish lira, Swedish krona and even German stock exchange indexes.

08. No deal is the best position.

Traders are often trapped in the excitement of trading and feel that they are going to open positions. However, sometimes you have no choice but to enter the market, but this may be the time for you to establish the best position.

09. Exit is as important as admission.

Admission may be the simplest behavior of traders, just click the mouse, and so is exit. However, traders will find it much more difficult to exit than to enter, because they always expect miracles.

10. Expectation+prayer = exit

Once you start expecting something to happen, or you pray that the market trend will change direction, it's time to quit trading.