The golden rule for becoming successful as a forex trader is proper risk management, which generally narrows down to money management. For example, you have to find a strategy that gives you more profit, trade with a stop loss and kow when to trade and not to trade
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The process is same as like full time trader; make a good trading skill (based technical & fundamental analysis) first; then work for good entries. So, learn more & work on your own trading mistakes.
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If you have a full time job and you want forex to be your part time source of income, the first thing you must do is to know your time schedule. Forex trading occurs almost every time, so find the best time for you to place a trade and also ensure you learn a lot about forex. Be patient, coz youāll not start making instant profits. In fact, it can even take you up to years, but if you are determined, then youāl succeed
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Wishing you good luck today! Markets look very undecided. I see lotās of macro guys and gals suggesting a downturn by weekās end. Iām shorting on the daily. Iām not sure how that will work out as my account has a stop at 2% and Iām getting close. I should have opened a smaller position size. Live and learn! Happy Trading.
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thanks Donald for this advice i really appreciate now i will continue demo trading and focus on eru/usd bullish only thanks again *
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You are welcome Zamani! Forex is challenging. When we reduce the details that we have to consider, it allows our subconscious mind to begin to recognize these patterns. Everyone is of course different at this skill. There are geniuses among us who can already do this in their mind, autistics, photographic memory etc. etc. Then there are us āregularā guys who want to make a living or to add to the quality of our life and we need an edge and we need to work our edge. Nuff said!
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Trading fundamentals is hustle-free and you can double your capital in seconds
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Amazing Advice. Being a new trader i am forced to take your advice. Valuable.
Thanks
You are welcome Karthakan. Glad to help.
Happy Saturday! Thank you for sharing your tips of the trade. I have been trading for almost two years but with mostly losses. Your articles have given me the motivation to stay hopeful and try a different direction . I will continue to follow you while I stay in my demo and follow your lead.
Stay Amazing!
Really good adviceā¦How long have you been trading ? Can u tell in brief about your journey?
Thank you Ladyoasis. I will share more tonight. Happy Trading!
Thank you TRT man. I will post all information that I believe can give you the edge you need.
Thank you El-knit! Iām learning the rules of the forum. Iāve been following this website for about 15 years, off and on again. Every time I come back, I learn something new. All trading is a journey. You will uncover psychological traits within yourself that can hold you back. Fear, greed, the need to make money, the need to learn, discipline, consistency all of these matter. It may be there is just ONE thing you need that will suddenly make the difference for you. It might be risk management, risk to reward etc.
Iāve traded penny stocks, stocks, commodities, gold, silver, exchanges etc. There are so many areas to choose from. I personally chose to focus on spot forex around 2009. I choose it because I could learn all about one currency pair (or 2-5 whatever) and master those over time. It is almost as if you begin to learn the personality of a pair. Youāve marked support and resistance, youāve studied big round numbers and know how that currency pair reacts historically. You watch the news and study the fundamentals, you take a look at market sentiment. You watch price action and look for confirmation. You plan A+ trades and choose whether you are bullish or bearish. You have your own goals written out or recorded in some way. Iām old fashioned and use sticky notes in my work space.
Example: Iām just going for 10 pips today on the Eur/Usd. Iām trading only bullish continuation signals and Iām only trading .05%. If my losses reach !%, then I quit for the day and focus on adding to my trading knowledge. I ask myself, why did I take that trade? What factors worked against me? Spread, time of day, was I at my peak? Was I gambling or was I trading based on a plan and high probability?
I hope some of these ideas fuel your coming week. Any one of them or a couple may make the difference between growing your account or shrinking it. I am hoping it grows!! Let me know.
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Trading for 2 years having losses is one thing.
Trading for 2 years not being profitable is another thing.
You must study and observe what youāre doing, pay attention to how you behave during and after trading.
Always study your past trades. Study your entries and exits. Study all your profits target and losses do they have things in common.
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That was something very good to hear from an experiencedā¦Do u have any blog or course where u post your knowledge or strategy?? (Just asking)
And Thanks once again ! keep guiding us !
Hi 000zamani. I use a simulator called forextester. This has the possibility to load all the historical data for pretty much every pair, then you can replay it at the speed you want, when you want. So basically the interest is that it works like a demo + you can play in accelerated (compact a month of price action in a day is a lot of efficiency) and you can do it over a weekend.
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Great advice Donald1955, i started trading a bit more than a year ago and only still trade the EUR/USD, only difference being that i started off with a live 100$ account. If you dont have time, follow the trend and if you sticking to one pair then it becomes a lot easier to see where it is heading.
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Thank you, GL Trader.
El-knit, thank you again. Iām not trying to āsellā a course. This information is given freely, right here on this website and that is the way it should be. I thank the owners for allowing us to have a forum where we can speak to each other and encourage each other in this journey.
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