Hi Forex Enthusiasts, first off let’s bite the bullet.
Not all who enter the forex trading last.
Some newbies quit early.
A big chunk of people continue and quit a little later.
Many enter with dreams and invest huge money.
And the reasons for failure revolve around certain facts.
Know the following simple ways and improve your trading
1. Practice with a demo account
- Start your trading with a demo account.
- Though most of the newbies get this advice, they don’t follow it.
- The traders open the account but don’t use it properly.
- Doing one or two trades is not enough.
- Practice it at least for three months.
- Or until you get proficiency.
- Do it consistently.
- Treat it like real trading and educate yourself.
- Even after starting your live trading, resort to demo trading in case of losses.
2. Choose the right broker
- It is an important step in getting successful.
- A lot of fake professionals swarm the internet.
- Beware and protect your hard-earned money.
- Spend time and do the essential research.
- Know the country from which the broker operates.
- Choosing a broker from your country is a safer option.
- Check the registration with the regulator authority.
- Check the experience and expertise.
- Then check with the forums and friends.
- And get the right recommendation.
3. Know your trading platform
- You should know about the effective usage of your trading platform.
- Otherwise, having the best broker and the best strategies won’t help you.
- Use the demo account and know your platform.
- Know how to read the charts and indicators.
- Learn how to enter and exit the trades quickly.
- And also know about putting stop loss and take profit.
4. Form your own strategy and follow it
- From the day you start your demo trading, work towards forming your own strategy.
- The right strategy ensures consistent pips with minimal risks.
- Backtest and forward test your strategy Then stick to it without any deviation.
5. Practice proper risk management
- Making huge profits is not so important.
- But, if you don’t maintain any risk management, you would get out of the market soon.
- Never risk more than 5% on a single trade.
- It ensures your trading for a longer time.
- You would learn more and learn to make a profit.
6. Go for high duration charts
- It’s generally harder to trade using low duration shorts.
- So, trading in 5-min charts is not advisable, especially for newbie traders.
- Use long duration charts.
- It’ll be easier to read and predict.
7. Don’t chase the things
- The market moves continuously.
- And it tempts you with many opportunities.
- Don’t go for any other trades.
- But, wait and choose the trades as per your strategy.
- This is an essential thing to become successful.
Forex trading requires consistent working and continuous learning.
It is moved by many factors
And you would know them in practice.
But these are the basic and essential things you have to follow to become successful.