Trading as a Surfing:
Forex trading has a certain amount of mystique because there is no magic formula for successful trading. Forex market is just like an ocean and a trader like a surfer. Surfing needs proper equipment, balance, patience, talent and awareness of the surroundings. Would you prefer to go into water that was shark infested or had dangerous rip tides? Perhaps, you answer is ‘no’. The way of trading in this market is similar to surfing. You can certainly improve your success rate by combining good analysis with effective implementation because many good trading skills develop from the combination of hard work and talent.
You should build a strategy to succeed in the market.
Recognize the importance of proper preparation before starting a trade. First of all you should align your temperament and personal goals with the market. Select time frame that is appropriate for your temperament. Selecting weekly Forex trading charts indicates that you are comfortable with overnight risk and want to wait for some days contrary to your position. On the other hand, trading off a five-minute chart indicates that you want to be in a position without taking an overnight risk. Think patiently whether you want to watch the screen all day or you want to do research quietly to make a currency trading decision based on your analysis for the coming week.
No Free Lunch:
Do not forget that you need enough time to make substantial money in the currency exchange market. Short time scalping means small losses or profits and for this you have to trade more frequently. After selecting a time frame, find a constant methodology. For example, some traders prefer to sell resistance and buy support but others like selling or buying breakouts. Some of the traders prefer online trading by using indicators such as crossovers and MACD. After selecting a methodology, test it to find whether it works consistently or not. Test a few strategies to find one that delivers positive outcome consistently. Stick to it and test it with different time frames and variety of instruments.
Test Your System:
Some instruments work better than others. It is quite difficult to produce a winning system with unpredictable Forex trading instruments. You should test your system on various instruments to find that your system matches with the instrument. You should also test various time frames to find one that has a best match with your trading system.
Patience is the Key to Success:
Be patient and know what you expect from your system. Wait patiently for the Forex trading prices to reach the levels indicated by your system for the entry or exit point. If you are getting an indication of entry from your system but the market is not reaching it, then wait for the next opportunity. You will certainly get another trade. In short, do not run after the bus that has left the terminal; wait patiently for the next bus. Foreign exchange market provides enormous opportunities continuously and you will certainly find a winning opportunity if you will wait patiently for it.
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