Using the definition in order to be a successful Forex trader, this means that a trader who makes more winning trades than losing and more importantly profit than losses.
I learned that many Forex traders are always burned after waking up badly in the first few weeks of his short-lived trading career have something in common – they do not follow a disciplined step by step approach to the first steps on the Forex, the way. Most traders, even experienced, those other markets, so you want to start, what to start trading live only, without a proper plan.
That – in my opinion – is pure suicide. You better donate the money to charity. Trading is not gambling. To become a profitable Forex trader, you have to stick to the plan. I have detailed 8 steps I follow the religion if I hammered on the Forex way, and all have served me well. Share now with you and hope that you find them useful.
Step 1 – Forex 101
Before you start to do something, make sure you learn everything you can about the basics of Forex. To understand what is Forex, how it works, how to calculate profit and loss in Forex, what are the most popular currency pairs, etc.
Step 2 – Trading-101
If you are brand new to trading with all of, prepare yourself at least some basic knowledge about trading. You know as much about such concepts how to read a chart, price action, market trends, flashes, technical indicators, Japanese candlesticks, etc.
Now, it is important to emphasize that right after this, many novice traders feel enough for the market already. What happens next is a painful spectacle, as hundreds or even thousands of dollars poorer in a week time and to get away from the Forex market is always disappointed and disillusioned. However dandy you may feel after picking up some ‘ground-breaking smart money Forex trading strategies’ tempted to do in order to resist immediately start trading.
Instead, go to step 3 below.
Step 3 – research for a Good broker
The development of a reliable broker is required in order to trade Forex, because you need their services in the to your trades with trade. However, there are many fly-by-night operations posing as legitimate Forex brokers which are just waiting to eat your hard earned money. So, before greedily to the account and transfer any money, you will safely conduct the study in abundance, broker.
Google was the broker’s name with the word “” for yourself and see if it POPs up something negative. You will be shocked to hear the terrible stories in which a seemingly well represented in the online brokerage sites perform exceptionally well in order to convince people to Fund my account with them, but tons of excuses when it came time for the payment of money. Many deceived people who are from such operations every year, so be sure to only the most reliable brokers.
And if you already do, look for brokers who let you on a trial trading account. Find out why in step 4.
Step 4 – Set-Up a Mock account
As described in step 3, you must choose a broker that will allow you to create a layout of the trading account. This feature allows you to trade with virtual money so that you can decide if you like their trading platforms, not having to actually trade with real money.
Another obvious advantage of a mock-account, you can start honing your trading skills without consequences. Most such mock account, enter the amount of virtual money, they begin to practice mock-trading and put what you’ve learned.
Step 5 – Start Mock-Trade
Now you can start making money to trade with virtual money while you learn nitty gritties of Forex trading! Now I would recommend you to start trading on a demo account for at least 3 to 6 months before with real money. Don’t jump from you to do something good, but to destroy your account.
I have to remind you to turn your trial account with respect and act like you trade a real account with real money. Only if Marina sincere attitude to mock-trade that would you no good if you start trading with real money.
While they mock trading this is the time you will learn all about Forex trading strategy and train your eyes. You look at step 6.
Step 6 – learn learn and learn
It is highly recommended that you pick up some books or e-courses Forex, rather than trying to figure it all out. To learn from a good mentor and application of methods that practices learn the only way a successful trader Forex.
Step 7 – Plan Your Finances Wisely
Skip surprisingly, many traders tend you this step at all. Remember, trading is not gambling. You should wisely plan your finances and determine how much you can risk in each trade. Everyone has a different risk depending on its financial status and personality. But as a rule, I don’t recommend to risk more than 2-5% of their total trading account on the transaction. This means to say that if you have $ 10,000 of trading capital you should not risk more than $200 to $500 per transaction.
Step 8 – Live-Start Trading
Once you know that you acted from books and courses and the IOC, from 3 to 6 months and if, and only if makes more winning trades than losing love, you can start real trading.
You have come a long way and should feel confident about your trading skills. However, you will find, perhaps, that it so confidently, as if you mock trading. You can lose more than you ever. That’s okay, because they now trade with a real account and fear of loss, and thirst for victory is stronger than ever before. If you can overcome these psychological barriers that she soon regain confidence in your trade.
Also not in the habit, trade, to trade just because you feel the urge. The market will always exist to act for you, but you can’t always be in the right mood to act. If you are in a bad mood don’t trade. If she is unable to think correctly, not to act. If you are tired don’t trade. If there is no signal to trade, do not trade. Bottom line, do not trade for the sake of trading.