We come across similar question again and again. Lot of our clients and new comers asks the same questions Is there in anyone success in forex trading In Indian market? Now days there are lot many web-sites where people are sharing their success visit here link. As we all know & all successful forex traders says Success is inside you, it is upto you how you release your inner badass. Following are the snippet of useful must do to be a successful forex trader.
Create a Strategic Plan:
Although Forex trading market looks very attractive, it is not easy to gain money from this market if you trade without a strategic plan. Calculate your expectancy to know how reliable your system is. Find out all your winning and losing trades. Consider your last ten trades and find whether you have made a profit or a loss. After that try to understand reasons behind your failure and make efforts to remove the weak points responsible for your failure in currency trading.
love your losses:
Focus on your trades and accept your small losses with a smile. Money kept in your online trading account is always at risk therefore put only that money in your account that you can afford to lose. Accepting small loses is a part of risk management. You will become more successful by accepting small losses and focusing on your trade rather than counting your money consistently.
Manage Your Risk:
Do not put more than 2% of the total fund at risk in a single trade. For example, if you have $1,000 in your trading account, try not to lose more than $20 in a single trade. Always construct positive feedback loops. This is possible by performing well-executed trade according to your plan. Success motivates you and develops confidence in you. Even if you get small losses, perform trading in accordance to your plan, then you will be able to build positive feedback loop.
Get prepared in advance:
Perform weekend analysis in Forex trading. Get prepared in advance, when the markets are closed on the weekend. Study weekly charts to look for the patterns that may have an effect on your trade. For example, if a pattern is making double top but the news and the pundits are suggesting market reversal then it may be possible that the pundits want to lure into the foreign exchange market so that they can easily sell their positions because of increased liquidity. These are some of the actions to look for that will help you to make plans for your upcoming week. On the weekend, make your best plans patiently. Learn to sit quietly if the market does not reach your point of entry. If you miss a trade, do not worry because you will get another good opportunity. You can become a successful trader by having patience and discipline.
Maintain a Trading Journal:
Make a chart and keep a printed record of your entry and exit points. Also note down all the emotional reasons for taking action such as were you nervous? Were you greedy? Did you panic? Note down all these feelings in your record. This will help you to develop mental control and to execute trade according to your currency exchange system rather than your habits.
The tips discussed above will help you to do trading in a well-structured approach and to become you a more refined and skilled trader. Trading is an art and you can become increasingly proficient through constant practice. Remember, more you practice, more you will earn from Forex trading market. Also read the similar post at how to trade in currency market in India.