HotForex continues running the monthly live trading contest.

The Traders Awards prize is getting bigger! Every month, the trader with the greatest gain will win:

• A USD 1,000 Cash Prize
• A stunning obelisk award
• Entry into the HotForex Hall of Fame

Go to HotForex’s Official Website

HotForex Hall of Fame

HotForex is running a monthly live trading contest.

The top trader can grab the cash reward prepared by HotForex, and the broker announces the winner with the interview where he/she explains their profitable trading strategies.

The top 10 traders are also featured on the HotForex Traders Awards page in recognition of their hard work and superb trading abilities.

Do you want to know how traders are achieving over 100% and even 500% of return on investment in a month?

Go to the contest page and check out the interview done by HotForex on the winners.

See the Winner Interviews

Experienced traders talk about successful trading factors and tips

There are many “Advice for Traders”, “Golden Rules of Forex” and more. In this article, we will not attempt to explain any trading rules. We only present general rules to guide traders and help them take their first steps in Forex. But unfortunately, experience tells us that traders are often out of the norm, but that’s okay, it’s also a learning process. By breaking the rules and making mistakes you will improve your trading skills and find your way. Ultimately, these hard-earned experiences are the keys to your success.

With regard to the information we provide, we provide general advice on which to base you, in order to avoid gross negligence at the outset. But these suggestions are hardly exhaustive for all occasions. Therefore, the following tips may not be suitable for use in certain situations and strategies. Therefore, you do not need to stick to them as dogma.

Go to HotForex’s Official Website

About Deposits and Trading Volume

First, determine how much you can afford to lose. These losses won’t have a huge impact on your finances.

Use a deposit of no more than 10% (i.e. no more than 10% of all combinations of traded commodities and traded directions at the current point in time).

Don’t borrow money to trade. Use your own money. Even if you receive a bonus or guarantee from the company, you should still only count your own deposit until the bonus is entirely yours.

Don’t make too many trades at the same time. This increases the risk of mistakes.

Don’t think about averaging (don’t overinvest in unprofitable positions) unless it’s part of your trading strategy.

About market analysis

Analyze at least two sources of information (in the example, graphic analysis + news).

Don’t go against the general trend.

Analyze the situation before entering the market. When you’re ready to open a position, don’t change your mind easily just because of comments or predictions from others. If your strategy is based on long-term trading experience, you can even close the terminal directly after opening a position.

At the very least, pay attention to major macro-financial events in the economic calendar. The price may fluctuate when taking into account sudden news releases.

About psychology

Avoid trading if you are in an unusual emotional state (excited, frenzied, happy, cheerful, or conversely, frustrated, angry, uncertain or worried).

If you do make big profits or big losses you need to pause for at least a day.

Develop your own scientific major and positive and stable professional evaluation ability.

About trading

Don’t start a trade lightly if you don’t know why the profit and stop-loss points are.

Place a stop-loss order to cut losses and take profit orders to lock in profits. It is recommended to set profit at least twice more than stop loss.

Do you feel that you are only entry-level, and it is better to use a pending order than the market to make an order?

The pending order processing has been precisely set up. Markets move fast, and figuring out how to do it can be challenging.

Don’t use it if you don’t know what “hedging” is.