How to success in forex tradingMarch 12, 2020
In the last article, you have understood about what is forex? and how to trade forex online. In this article we will talk about the key how to success in Forex Trading. Most traders in the world always confuse in thinking that Forex is the gambling, the type of thinking is absolutely wrong, but to be the successful Forex trader is a pie of cake. It need your commitment and talent in this industry as well. Especially, you should have the professional Forex trading consultants or advisors to support your trading if you do not have the skill in trading. Below is the keys you need to know before deciding to jump in or investing in Forex industry.
EQUIP WITH TRADING KNOWLEDGE
Traders must walk through with all training program from basic and upgrade to advance including all addition trading tools to make sure have self confidence in trading. The knowledge derived from reading both the Forex Trading book and through researching via internet.
Lets me introduce the Forex Trading book to you as want to be the Forex Traders, this book was designed for whom wants to learn how to make money online using Forex Trading and live life, to move on from worrying about money and bills every month and to experience a fuller, more positive way of living. The following is the content of the books:
- Why Trade Forex?
- Cons and Pros of Forex Trading
- Vital Concepts of Forex Trading
- Leveraged Trading
- Forex Trading Account
- The Best Way to Trade Forex
- Types of Forex Trading Strategies
- Types of Forex Traders
- Currency Trading in Forex Trading
- Currency Forward
Even though you are the professional traders or not you need to read this book. We means you need to read the Forex book is you want to invest in this kind of derivative market, the main thing that I put the priority for myself before we decide to invest in Forex is equipped with the basic knowledge of Forex. The book that we mention above is the good book that you should consider.
In case of you are interested in Forex trading, but you do not have a professional skill, what you should do be the successful trader with Forex Trading?.
My idea is simply, finding the professional Forex broker or consultant to help, but you also have some basic knowledge as well. The Forex broker will charge their service fees by the different ways base on their policies. In case of you have any bout about finding you best broker you can leave the message the bellow box.
PRACTICE DEMONSTRATION (DEMO) ACCOUNT 10,000 TIMES
Be remembered that the theory just theory, if you just read without taking any action to develop to be the real practice mean useless. We recommend that if you want to success in the business not only Forex but also all businesses need you practice it at least 10,000 times in order to become the professional skill. In Forex also use this formula to practice, if you want to be come the good profitable traders you need to practice the Demo account at least 10,000 trades. During trade Demo you need to follow up your progress and must find out the mistack for entering the market, and also consider the gaining point as well. You will learn a lot from Demo Trading, and practice until having confident and profitable then go to live or real account. Again, be remember that what you do or practice trading must comply with your trading plan.
DEVELOPING FOREX TRADING PLAN
Developing trading plan is the main component to be successful traders. If you do anything without plan it means you plan to fail. You can not do trading base in your feeling, emotion, or other plan less factors. Forex Trading is the art of BUSINESS. When you decide to invest in forex you must realize that this is your business not just for fun. If you trade by yourselves, you should put your 100% effort for it. You need to design you plan, how much want you want to earn in monthly, quarterly, yearly, and breaking down to daily plan for your trading.
What is your trading plan?
A trading plan is a systematic method for identifying and trading Forex that takes into consideration a number of variables including time, risk and the investor’s objectives. A trading plan outlines how a trader will find and execute trades, including under what conditions they will buy and sell Forex, how large of a position they will take, how they will manage positions while in them, what Forex can be traded, and other rules for when to trade and when not to.
Most Forex trading experts recommend that no capital is risked until a tra
ding plan is made. A trading plan is a researched and written document that guides a trader’s decisions.
You should start from the Day Trader, We means you trade for the day basic. You can not hold or keep floating your positions overnight, Because you are a newbie trader can not understand the long term view of the trading well. You need time to take practice the real account.
For intraday trading, you should the book named “Tools and Tactics for the Master Day Trade“, this book will help you as trader log on with the technical skills, market knowledge, and confidence they need to capture more winning trades, and reap new profits
DISCIPLINE TO FOLLOW THE PLAN
Develop trading plan is easy, but following the plan is another corner. Successful traders have abilities to follow the plan. They key to comply with is DISCIPLINE, without discipline absolutely you fail.
Thus, you need to remember that SUCCESS come from your DISCIPLINE to follow your plan.
” DISCIPLINE, DISCIPLINE, and MORE DISCIPLINE”
The book named ” Day Trade Journal” provides a structured way to both keep a log of your trades but, more importantly, allows you to have meaningful reflection upon your trading day. Successful trading requires a foundation knowledge but also an understanding of the psychological forces at work. This trading notebook will assist you to gain control over those dynamics. A perfect gift for the emerging or experienced day trader. 130 Pages available for trade data entry.
In conclusion, to be come the skill trader you need equip the Forex Trading KNOWLEDGE and transform that knowledge to the real practice like the profession or skillful traders.i.e stay with Demo account 10,000 trades or transactions before you decide to invest with the live account.
In trading your have to design the trading PLAN and take seriously with DISCIPLINE to follow the plan by trading in daily basic (Day Trader).
You can ask for support from Forex Brokers or Advisors to help because they are the professional guy, but you need to pay for the service fees.
Lastly you should read more resource for improve your trading skill, because this skill is also the part on making money online that you can work from home.
If you have any doubt please drop your question in the comment box, I will respond as on as possible. Please help to RATE this article if you think it is useful.