Although forex market provides good opportunities to earn money but it is not as easy as it looks. You should follow some rules if you want to increase the number of winning trades.
Love to learn small losses and focus on your trades. After funding your trading account, do not forget that your money is at risk therefore put only that money in your trading account that you did not need for living or to pay bills. By accepting small losses and focusing on your trades, you can become more successful in forex trading.Another most important thing is that do not let lose any trade more than 2% of your total funds. For example, if you have $20,000 in your trading account then try not to lose more than $400 in a single trade.
Find how reliable your system is. You can do this by finding the number of winning and losing trades in the last 10 trades. Then determine how much profit you made in your winning trades and how much you lost in your losing trades. Find whether you have made a profit or a loss in your last ten trades. If you have got the profit then your system is reliable and you can continue with it.
Choose shorter time frame to enter or exit the forex market and a longer time frame for direction analysis. Most of the forex traders get confused when looking at charts in different time frame because they may find buying opportunity on a weekly chart but sell signal on an intraday chart. If the weekly chart is providing a buy signal, wait until you also get buy signal from daily chart.
Try to build positive feedback loops by executing trades in accordance with your plan. Success breeds confidence especially if your trade is profitable.
Do weekend analysis and try to get ready in advance. Study weekly charts to look for the patterns or other important news that could affect your trade. Perhaps the chart pattern is indicating a double top but the trade pundits are predicting market reversal. On the other hand trade pundits may tell you that the currency exchange market is about to explode but the patterns are showing reverse signs. Perhaps the pundits want to lure into the market to sell their positions therefore try to avoid trade pundits. These are some of the actions that you should look for to formulate the trading in upcoming week. With cool mind, make your best plans and learn to be patient.
Set your point of entry and sit on your hands if the forex market does not reach your point of entry. You can become a successful trader by being patient and discipline.
Keep a printed record because it is one of the best learning tools for a forex trader. Were you greedy? Did you panic? Were you nervous? Note down these feelings and keep them in your record. This will help you to develop the mental control and execute your trade according to your system rather than your habits.
Links Useful For you
- All those who have decided OR Want to change their living, Want to be financially free using Currency/Forex Trading Concept (Forex Trading as a Business).
- This is the best place in the world to start making Money.
- Your own choice of Yes and No will make your Destiny!! Take time and understand What you really want from the life? And what all you are missing from your life.
Great to see your interest in forex trading Surely if you come forward we will help you to achieve your Dreams through forex trading In India. Thanks for reading our article on USD INR live chart technical analysis I hope you must have enjoyed it.P.S If you enjoyed reading our post on ‘USD INR live chart technical analysis’ and if you feel you had value from it, please be so kind as to ‘like’, ‘share’ and ‘comment’.