Your initial steps in the financial markets may be really scary, so we've compiled the best advice we can give you about trading to help you with this tough start to successful trading. You can see in these tips the well-established principles underlying not only classic trading but also social circulation
Choose a style / any style
Not all deals are valid for all traders. In other words, your trading activity must match your account size, how much time you spend trading, and other individual factors. If your account size is relatively small, you should reduce your activity so that you do not risk much in a particular transaction. You have plenty of time to keep track of your transactions, so do not open short-term high-risk positions that require you to intervene quickly. If you do not know much about the JPY - for example - do not trade until you know.
Watch and learn
The purpose of OpenBook's social trading network is to connect you with other traders that you learn from and share your thoughts and opinions. Choose traders with the same style of trading and follow them until you learn their strategies and their means of trading. Other traders can also alert you to lucrative trading opportunities.
Do not forget to stop loss
One of the main reasons why many stop trading is heavy losses, which in turn is due to one main reason: failure to use a stop loss order. The use of stop loss orders prevents your loss from coming out of control when the market moves against you. Use it wisely and you will see your losses diminish.
Do not rush to reap profits
The main mistake that most new traders tend to fall into is to close their winning trades early. Strict adherence to the trading plan that you draw for yourself avoids the hasty exit that is making your profits worse.
Winning trades do not turn into losers
When the market is in your favor and your positions showed a close profit, move the stop loss from the point of entry to ensure your investments, and keep them in the same direction of the price direction to ensure profits and prevent trading from becoming a loss.
Plan ahead
Trading does not start for anything but because the price rises or falls suddenly, but plans are always trading in advance. Know the desired entry point and take profit and stop loss before trading, and then wait for the opportunity to execute.
Do not waste your time in a losing deal
If you find a position lost, remember that it is best to save the effort and stop the bleeding losses and move to the next transaction. Financial markets are full of lucrative opportunities waiting for those who are exposed and exploited; do not waste your time on a non-profitable trading deal!
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Awesome blog , good tips good information.
Thank you for sharing @kokito
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