Forex Strategy Trading Tips: The Forex Trading Every Trader Should Use

As I was making plans to to trade the FX market today I carried out my usual pre-trading routine. I follow precisely the same routine each day and it assists me to become more prepared and productive as a trader and as a businessman.

As part of my Forex strategy trading tips I would like to share with you a checklist that every FX trader should use in order to be more prosperous, more organized, and enhance your return on investment.


Check your open trades and track their performance: This should be the first step you take once you get to your computer. Check all of your open positions and
track their performance.

In quite a few occasions stop losses need to be moved to break even or you want to take profit early because of an incoming event (such as non- farm payroll). One of my mentors once told me that everything that matters should be assessed, this without question applies to spot trading.


Research the market before you place any brand new trades: I cannot accentuate enough that you must to analyze the market before you open any trades. When you are in a trade you are not the same. You are thinking about the trade all the time and you are more likely to make non-sense decisions.

In addition, you will be hitting your head if you see a problem in the market that creates a conflict with a trade you already took.

Read the news or read a news calendar: I am most of a technical currency trader than a fundamental currency trader; nevertheless, I still try to stay up to date in what is going on across the world.

One of the things that I utilize to analyze the fundamentals of the currency market is the news calendar. A news calendar provides you with an overview of all the important events that are happening in the internacional economy. A lot of them also tell you the expected influence that each specific news event will have on the Foreign exchange market.



Check your risk, stop loss, and tale profit details: minor things can make a enormous difference in foreign exchange trading and very small mistakes can result on giant losses. This is the reason why I always check my risk, take profit levels, and stop loss levels. Thats the best way for me to be certain that everything is working properly and that I am going to meet my trading desires.


Never let a small mistake become a large loss: I made a decision to include this one as part of the Forex trading checklist because I have seen a number of traders lose money this way. We are all human and we will commit mistakes from time to time.

One of the most typical errors traders make is taking a trade by mistake. I have done it and all expert foreign currency exchange traders have. This is not that big of a mistake unless you let run and become a larger loss. My advice to you is that if you ever take a trade mistakenly close it immediately, never let a small mistake turn into a big and unnecessary loss!


I Hope you enjoyed my Forex strategy trading helpful hints please check back regularly as we post many times per week.

Best regards,
Jay Molina
Professional Forex Trader & adviser