Four great tips every trader should know
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Be a smart trader
Do your research. Netflix facing increasing competition from Disney? Google looking outside of advertising for new revenue channels? These are things you need to know if you’re trading those stocks. On forex, you need to keep informed about the US-China trade war and other geopolitical events that will impact currency markets.
Don’t chase your losses
Stay committed to your initial strategy. Why you ask? Because as soon as you start reacting irrationally, you’ll make mistakes.
Removing your stop loss, increasing your order sizes or trading in unfamiliar territory is the worst way to react to a few bad trades. Get a plan, stick with it for a while: win, lose or break-even.
Diversify your investments
Some brokers (like us) give you access to a wide variety of markets and instruments.
Don’t put all your money into Amazon stocks just because they’re having a good quarter.
Instead, make sure you’re not fully exposed to a slump in Amazon’s stock price by putting some of your investment in gold, or the Japanese Yen, maybe an energies stock like Exxon – whatever makes sense at the time, as long as you’re not fully reliant on the strong performance of a single asset.
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