7 Ways to Improve your FOREX Trading Results

7 Ways to Improve your FOREX Trading Results

1.Make a trading plan and stick to it!

Many of don't bother with this, because we think we don't need one. The problem is that if you don't have specific rules to trade with, you have no boundaries and start 'moving the goalposts' to suit the situation. This is the road to disaster, so don't do it OK?

2. Don't listen to your friends!

You've decided to trade FOREX, so why do you think your friends know better than you do? - It's yourself you have to convince, not your friends and family. You'll find that the best traders 'counter trade' or do exactly the opposite of what 'everybody else' tells you, so perhaps you ought to do the opposite of what your family and friends tell you to do?

3.Find a better broker.

When I started out, I paid large amounts of commissions to brokers, but after comparing the features of brokers to my style of trading, I was able to reduce this greatly. So try a different broker for a while and see the difference!

4. Do be aware of relevant news

You don't need to scour hours of news items to find out key things out about currency fluctuations. If Ireland, Portugal and Spain are about to be bailed out, then you might consider shorting the Euro. It can be rather obvious, and with currencies, there are always other options if one currency is volatile.

5. Record and Analyse your results

Always record your results in detail, especially if you lose money. After a while, you will see obvious patterns such as 'Whenever I trade EURUSD, I lose' - these statistics are invaluable to help you improve your game. You need a good amount of results (over 30 trades) to even start this, so get on with it!

6. Don't trade too many currency pairs

Focus your attention on one, two or three. Most of the less popular currency pairs will have high spreads, so won't be profitable to you as you start out trading FOREX, so filter down your charts to just a few.

7. Don't be greedy!

I'm happy with only 10% of a big move. I'm glad to have profittedfrom it at all. Whenever I have stayed in for the long term (turning a day trade into a longer term trade), I tend to lose! Although you must 'let your winners run', you must not go outside your trading plan requirements.

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