. Technical and Fundamental Analysis:
To be successful in trading, you must have a good knowledge of technical and fundamental analysis:
- Technical analysis: relies on studying charts and price patterns to predict future price movements.
- Fundamental analysis: involves evaluating the economic and political factors that may affect the value of a currency.
5. Risk Management:
It is important to have a risk management strategy when trading. Some tips include:
- Determine a certain percentage of capital to trade with.
- Use stop loss orders to protect your investments.
- Do not invest money that you cannot afford to lose.
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