I believe that consistent practice and learning can make anyone good at trading.
The key to be an excellent trader is to master your trade. There are different ways to master trading. These include learning about the financial instruments, the financial market and the economic situation. It is important to always keep your ideas updated by learning .Another method is to practice trading systematically through simulated trading. To become a master trader, you have to learn how to handle difficult market situations and mistakes. The best way to learn how to handle difficult situations is to experience them yourself.
Your prime focus should be learning and educating yourself. Clear all the basic concepts, make a strategic plan and follow it consistently, learn fundamental and technical analysis well, and be determined & focused. Remember forex trading is not something that yields you quick money; instead it’s something that requires patience to the core and a lot of determination. You also have to be proficient in money & risk management skills in order to trade successfully.
To get good at trading, you have to do one thing that is you should not remember your losses again and again. Traders get panicked when they have a loss. They should not remind of this loss again and again because it creates an extra burden for them. Instead of that they should try to find out the exact reason for why the loss occurred. If they can spot the exact reason, they will never make this mistake again.
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That really is the key losses are a part of the game and they are part of any successful system. This is all about probabilities and having an edge in the long run. Once that mindset is adapted success is not far away
Scalping is not for everyone, particularly inexperienced traders.
In my opinion, consistent hard work, practice and learning can make every one good at trading.
You forgot to say go make a cup of tea at 2;30 GMT
" Consistency " is the only thing that matters. Trading is all about overcoming the market’s randomness through the chance of success. Probability does not work for you if you are inconsistent. So, be patient and consistent.
Discipline and patience are two main fundamentals of becoming a good trader. A good trader regularly analyses the market and adapts to changing conditions. Moreover, it is very important to have proper practice risk and money management strategies to sustain in the market.
Practice on the demo account again. See the chart patterns and follow them on a daily basis. As chart patterns will give you an idea as to where to buy or sell. Once you practice this for a few days or months, or even longer, the thing is you will be gaining experience and then you are all set for live trading and making consistency in profits again
I would recommend that you start by learning about the forex markets and how they work. According to me, take those risks only what you can afford to lose. Like this, you can create great strategies that can help you achieve profits.
Always start up with a demo account. It helps the newbies to get familiar with how forex trading works. By using it they will eventually get to know more about the market and its functioning.
getting good at trading comes with experience and a lot of market exposure. Learning is also important as the market is changing all the time along with improvements in technologies and strategies so it always good to keep your knowledge up-to-date
If you want to be good at trading, start keeping a record of every trade you placed. Examine your mistake and try not to repeat it. The two most important elements which guide you to be a great trader are practice and patience.
Traders have to gather expertise in trading by learning. They should try to innovate new strategies and apply them on market to check how they work actually. But it’s a long-term process. Traders should not neglect this reality because it helps them in the end.
I agree. A man becomes perfect by practise. The greatest place to practise trading is on a demo account. Knowledge, experience, and competence are other important factors to consider. The forex market is always changing. As a result, traders should continue to educate themselves.
I agree that being consistent is a win-win situation for traders who trade in forex. As the more consistent you are, the more you will get to know about the various trading strategies, which will eventually help you to polish your skills.
Scalping is for beginners. Holding for longer than a day is for advanced traders. My peers who do this for a living all agree, so please practice before you preach
Sorry cant agree with this, scalping is definitely not for beginners nor is holding longer for advanced traders. It is what style suits your personality and time availability added to that a proper trading plan with risk management. I know six figure scalpers and they do 2-3 hours a day and they’re done because it suits their lifestyle others liking holding long term as it suits their personality and their available time.
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