As we know, forex is the most important financial market in the world, accessible 24 hours a day, it attracts more and more professional followers and not, who see forex as a new source of income and why not, a full-time job.
Just go online and see how many brokers, more exactly named forex broker one can find. But is it easy to live forex? easy no, possible yes and for this you have to learn to trade responsibly, constantly and above all professionally.
Suppose you have already gained experience and have developed an FX trading technique; however, you do not get the desired results and you wonder “what do I need to trade like a pro?”
Study the Market
What every good professional trader does every morning long before you start trading is to find out! Do the same, study the market, stay informed about the exchange rate and not only. Browse the financial pages of your favorite financial website or newspaper, visit your forex broker’s website. Walking analysis, real-time information, graphics, technical analysis are the many resources at your disposal, use it.
Set a Stop Loss level
Forex is not a game, although it is important to find pleasure Forex requires rules and one of the first is to ask “how close you are to lose” and to stick to it. How do you control your risk? Placement of a Level of Stop Loss and having an additional capital.
Be Sure of Yourself
Don’t be swayed. You have worked hard to develop a trading technique to yourself, you have learned to cut your losses that this is the first quality for who is in forex, also know how to control your fear. The secret? have a trading plan in case things go wrong.
Don’t Jeopardize Your Capital
Of course, risk is part of the rules, but reason and common sense as well as a confidence in one’s own abilities should never make you risk more than 2 to 5% of your capital, of course there are traders who will go up to 10 or 15% but you want advice. Be modest, stay modest and constant and above all, as already speaks before, if you see that you are in a bad trade know how to cut your losses!
Learn from Your Mistakes
Learn from your mistakes, know why you entered a trade, keep a “trade log” and refer to it when you got it wrong. Losing and winning is part of Forex trading, the main thing is to do everything to try to win as often as possible, how? methodology and consistency. You lose? All right, know why! Leave your emotions, study, reschedule, follow your trading strategy and above all force yourself to always understand the walking environment as best you can. The accounts are done at the end and the main thing is that each end of the month is positive despite the few negative trades.