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Forex Trading Tips; Out of the Safe Zone Safely?

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    Forex Trading Tips; Out of the Safe Zone Safely?

    You might get materials about trading tips and tricks, learn some trading strategies and start making transactions in one of your chosen currency pairs.

    When you feel comfortable with the strategy applied to one pair, there is usually a kind of reluctance to try to trade in another pair.

    Some for example only want to trade gold, oil or GBPUSD. Even though it can be a lot of opportunities that are also created in pairs or other commodities.

    If you only want to trade one pair, of course there is no way you can reach opportunities that appear in other pairs. It's the same as you limit the potential benefits that you can achieve.

    Indeed, I repeatedly say for beginners we should focus on just one or two pairs, so that concentration is not easily dispersed. But hey, that's a suggestion for beginners.

    Actually, over time and experience increases, your intuition and expertise will be even sharper.

    If it's like that, it's good that you open yourself up to get ready to release the status of the newbie that has been attached.

    Well, this time I want to try to discuss the possibility for you to try to get out of the "comfort zone".

    Calm down, I will not ask you to enlarge transactions up to three or four times as much, or force you to leave the soft seat that you normally occupy when trading.

    As a trader you need to know several trading methods because the market is not static.

    He is like life. His movements and behavior are very dynamic, can even change in a short time.

    Therefore, if you only know one method, it will be difficult for you to be able to anticipate changes in the "character" of the market.

    So you need to broaden your horizons and develop your trading skills.

    Besides increasing knowledge about forex trading, getting out of your comfort zone can also open up your knowledge horizons to recognize more opportunities (and most likely more profits).

    If you do well, then it will increase your ability, confidence and mental mastery as a trader.

    But you still have to be careful. Getting out of your comfort zone can also mean exposing yourself to possibly higher levels of stress. That also means more opportunities to make mistakes.

    For that there are a few tips for those of you who are prepared to step out of your comfort zone so far.

    1. Start Slowly
    Talking about stepping out of the comfort zone does not mean that it must be done drastically and extreme.

    For example, the risk limit per transaction you have is only 5% of the last equity, it might be slightly enlarged to 7% or 10%.

    Thus, the number of lots that you can use can be slightly larger (more complete about this, you can learn about position sizing).

    If you usually only trade in one currency pair, try to look at opportunities in two or three other currency pairs, so you can try to find opportunities in three or four currency pairs.

    In essence, do it slowly.

    I also do not recommend radical changes, for example from limiting the 5% risk directly to 25%, or from one currency pair suddenly immediately observing seven currency pairs at once.

    Just slowly.

    2. Try the New Strategy in the First Demo Account

    If you find a new theory or strategy, don't rush to apply it to a real account. Try it first on a demo account.

    Thus, you will be able to try it freely without having to face the risk of losing money.

    Do not rush to be able to immediately use the new strategy in the real account. Try it for at least three months without stopping.

    Remember, you already have a trading strategy before and have been proven to produce.

    Before you can really prove the efficacy of the new strategy, stay true to the trading plan that you have before.

    Use the new strategy if and only if you have really seen its effectiveness.

    Most experienced traders routinely get out of their comfort zone.

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