It is important for newcomers to the international silver market to choose a variety of silver investments. The basics of silver, a good stock of silver knowledge and psychological preparation, on the basis of this good trading skills, the choice of the market for speculative silver trading skills, can be used for reference by silver investors.
1, In terms of working capital. Trading capital should be sufficient, the smaller the account amount, the greater the risk of trading. So, avoid having a trading account with a fluctuating level of only 200 pips. It is difficult to tolerate mistakes with such an amount and even if you have trading experience, mistakes are possible.
2, Trade in the direction of the wind. The old rule in the market is to stop a losing position as soon as possible and to hold a profitable position for as long as possible. Another important rule is to avoid losing money on previously profitable positions. Faced with a sudden reversal in the market trend, you would rather close your position than put yourself in a losing position.
3,The size of the trade is also important. The amount of money traded determines the size of the trade and you should not overtrade. Stop-loss levels should be set correctly during trading, with each trade risking no more than 10% of your account capital, risk controlled within an acceptable range, and the number of lots in a trade should not be too large to avoid losses getting out of hand.
4, Trading strategies should be firmly implemented. Once a decision is made, it must be firmly implemented. In the market, it is important to execute the trading strategy firmly to avoid fatal mistakes and not to let the risk exceed the originally set tolerable limits. Once losses exceed the limit, there is no hesitation and discipline are firmly enforced.
When facing losses, do not rush out or open new positions, as this will often make things worse. The trading process cannot be based on luck and intuition alone. If there is no set way of trading, then profits can be very random and such profits do not last long.
