Agreed, forex trading should be started in your free time not for the sake of earning money but it should be kept as hobby which will help you a lot in learning the pros and cons quite quickly. I guess many successful traders had done it in part time and learnt through their mistakes. Once you get full hands on it, you can quit your jobs too and can rely on forex trading as your primary business.
How To Be Successful In Forex
- Thread starter ForexRouteOne
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The first thing needed to trade is money. Create a monthly deposit at first.
The second is an understanding of the market. Choose a few pairs and learn them, also read and educate yourself.
Third is to have time to trade the more the better. Be consitant with a daily routine to trade.
Fourth is to be healthy and alert. Sleep and eat right also take breaks if trade for a long period.
Fifth is know your stratagie in and out and follow it closely. Know even more than one well.
Sixth is to have fun and enjoy trading. And stay alive long enough to see the profits come in.
Follow these sixth things the rest will fall in place.
The second is an understanding of the market. Choose a few pairs and learn them, also read and educate yourself.
Third is to have time to trade the more the better. Be consitant with a daily routine to trade.
Fourth is to be healthy and alert. Sleep and eat right also take breaks if trade for a long period.
Fifth is know your stratagie in and out and follow it closely. Know even more than one well.
Sixth is to have fun and enjoy trading. And stay alive long enough to see the profits come in.
Follow these sixth things the rest will fall in place.
it's the eternal question: how to be successful in trading. First of all you should be ready to self-improving and to spend years to feel confident and to get enough experience.
There is nothing wrong on promoting yourself on this forum in Forex trading. Actually, I think it's nice that you take your time for encouraging others to do the right thing in this business by showing a methodology in which people can have a safer way to invest on this. If a scammer broker may attempt to cheat on you, then you can use a method like yours to improve and avoid to commit a mistake. Thanks a lot!
I have noticed some brokers offering social trading too which is gaining much attention due to the reason that it allows senior traders to showcase their skills and on the other hand the junior traders or new traders can learn from experts by following them and can earn money by copying their trades too.
yes, I know about such thing. I think it's really good idea. It can be really usefull for beginners and sometimes even for those traders that have experience in trading. Looking for new strategies is good for every trader
It is not possible to be successful in Forex trading overnight. This success might take a few days, a few months or a few years. What is beginner’s guide to trade in Forex market?
Step 1: Define Goals & Imply your own trading style: Goal is the destination that you want to reach. Choose your own style that suits your personality. The style is defined as you cannot leave an open position in your trading terminal overnight.
Step 2: Select a broker that sets with your trading style and with appropriate trading platform: It is very important for you to choose a broker with right style of trading and a trading platform.
Step 3: Choose a strategy and be consistent: Before entering into any trade, it is important to choose a strategy and make decision to execute your trades.
Step 4: Choose long term time for analysis on direction and short term to enter & book the profit: There are traders taking wrong positions because of conflicting directions on charts of different time frames.
Step 5: Calculate the expectations and risk: Checking the history and calculating the expectations and risks of profits and losses helps to analyze your performance in long term.
Step 6: Focus and let go the small losses: Consider that trading might deliver some losses. But do not lose your focus and start accepting small losses for successful and meaningful trades.
Step 7: Keep the record: Records are the best learning tool. Print your record and the reasons which help you make and change your decisions. Make your analysis on the records and note some actions related to it.
Conclusions: These steps would help you lead a planned way to trade and become a prompt trader.
Step 1: Define Goals & Imply your own trading style: Goal is the destination that you want to reach. Choose your own style that suits your personality. The style is defined as you cannot leave an open position in your trading terminal overnight.
Step 2: Select a broker that sets with your trading style and with appropriate trading platform: It is very important for you to choose a broker with right style of trading and a trading platform.
Step 3: Choose a strategy and be consistent: Before entering into any trade, it is important to choose a strategy and make decision to execute your trades.
Step 4: Choose long term time for analysis on direction and short term to enter & book the profit: There are traders taking wrong positions because of conflicting directions on charts of different time frames.
Step 5: Calculate the expectations and risk: Checking the history and calculating the expectations and risks of profits and losses helps to analyze your performance in long term.
Step 6: Focus and let go the small losses: Consider that trading might deliver some losses. But do not lose your focus and start accepting small losses for successful and meaningful trades.
Step 7: Keep the record: Records are the best learning tool. Print your record and the reasons which help you make and change your decisions. Make your analysis on the records and note some actions related to it.
Conclusions: These steps would help you lead a planned way to trade and become a prompt trader.
Nice idea. If I understood it correctly, you are talking about trading with smartphones from some place where you can't concentrate?
I prefer to work in a cabinet and remembering my first months and years of trading, I always needed a place (room, cabinet, any of them) where I can sit alone with computer and dedicate time to trading.
As for me, it's better to trade from a computer, that's why one should plan his working hours. But using a smart phone is a certain way to trade any time you need too.
I prefer computer or laptop either. I use mobile MT4 just to check my positions sometimes.
I use my phone when I need to go out or check prices when im not at home. It's good to have a platform on a smartphone. but yeah it would be hard to use it all the time
just imagine constant watching this little screenAs a newbie one of the terrible mistake we would make is to seek advice from someone who profess to know forex. I remember at the onset of my forex ambition I went to seminars, and all I could get was some CD's and handouts.
My point is; we should learn well and learn right as newbies!
My point is; we should learn well and learn right as newbies!
Trade only with the trend and market momentum of the spot forex. If you don't know the trends of the market or consistently trade against them it will cause pain and losses. The forex is a massive market and the trends must be respected.
Hey, I read that you pointed out numerous methodologies, and the techniques to be successful. I am using analysis of platform FPMARKETS and its yielding results for me. Don't you think when you have a performing analysis of a platform, then why to do on your own. The best part is that I earn in the end.
