Before setting a position, confirm both top and bottom indicators are set. Though this is still a very risky position, your odds will improve if you are patient and confirm top and bottom prior to trading.
Develop a trading plan, in writing, before you start trading for the day. Without a plan in place, you are set up for failure. If you do have a strategy and follow it, you will not be tempted to make trades based on how you feel, which can lead to poor results.
When dealing with Forex trading, it is important to understand that no one can see the future, so there is not a fool proof way of predicting how currencies will trend in the next few hours, let along the next few weeks. It is important to understand that no matter how solid your predictions, it is always possible to get a different outcome. Once you become more comfortable with Forex and have a personalized trading technique, find a platform that allows you to create a customized interface and workspace. This way, you can build yourself the perfect trading tool. Get rid of the information you do not need and have access to what you need more easily.
When you are trading currencies, one thing to remember is that the market’s overall trend will be either positive or negative. If you’re going for sell signals, wait for an up market. When deciding on which trades to be involved in, you should base your decision on current trends.