IronFX Trading Tips: Things to do and what to avoid doing

Things to keep in mind while indulging in IronFX Trading

●       DO make use of the demo account.

If you're new to IronFXtrading or online trading in general, we recommend that you make use of the demo account before putting any real money on the line. The demo account allows you to test out the platform and get an idea of how it works without risking your real money. Once you're comfortable with the platform and gain a good knowledge of how it works, you can then begin trading with real money.

 

●       Don't over-leverage your positions.

One of the dangers of online trading is over-leveraging your positions. When you over-leverage, you are essentially borrowing money to trade with, and this can result in amplified losses if the trade does not go your way.

 

●       DO set stop-losses and take-profits.

One way to manage risk when trading is to set stop-losses and take profits on your trades. The stop-loss order is the order that automatically closes your position at a certain price point so that you can limit the number of losses if the market moves a step against you. A take-profit is similar, but it automatically closes your position when it reaches a certain price point so that you can lock in profits. By using stop-losses and take-profits, you can limit your downside risk while still giving yourself room to profit from successful trades.

 

●       Don't trade emotionally.

Another danger of online trading is emotionally based decision-making. It can be easy to get caught up in the thrill of a winning streak or the panic of a losing streak, but it's important to remain calm and rational when making decisions about your trades. If you find yourself getting emotional about your trading, it might be time to take a break or even consider getting out of trading altogether. The most successful traders are able to detachedly analyze the markets and make objective decisions based on logic rather than emotion. 

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