Quick Way To 7 Forex Trading Systems Specifications
1. Define your Forex Goal.
1. Define your Forex Goal.
There are many important questions that you need to answer before jumping into the forex market. Creating a forex goal will give you a success point to reach for and a direction to pursue.
Here are some example questions you should be asking yourself:
Do I want to do this as a part timer or full timer?
Are my forex earnings going to be a passive/extra income or to pay for my next vacation?
Is forex trading part of my overall investment portfolio?
2. Keep it Simple.
I have seen some traders with 5 indicators on one chart; to inform them of their next move with no success or at best break even. Heres another secret forex indicators dont work.
The 3 most powerful tools to use when trading forex are candlesticks (buyer/sellers behavior), price action (resistances), and trend (up, straight, or down).
3. Dont get Emotional.
You are attaching emotions with your forex trades because there is real money involved. If you have no previous trading experience or a beginner always start low; then with more experience and confidence starting increasing your lot as time passes by.
4. Nothing Wrong with Breaking Even.
Not all your trades are going to be winners. It is better to break even then to lose. If you know that the trade has turned against you, dont start praying for a miracle cut your loss and move on. There are endless profitable opportunities in the forex market.
5. Speculation is Your Worst Enemy.
Dont speculate on where the currency maybe heading. Always have your forex charts up and running; and study the currencies trend. The chart is your friend, so make good use of it.
6. Dont Allow your Winning Trades to Turn Against You.
If you have winning trade at hand dont allow it to turn against you. It is better to place a stop 5 pips ahead of your opening point (and break even/or win little) then to lose.
7. Experience, training, and education will build your confidence.