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Many people are interested in forex trading but do not know how to go about it. Becoming a successful forex trader involves taking time to understand the rudiments during the process of learning to trade forex from the scratch. As an aspiring trader, there are lots of instructional forex trading information ranging from manuals, videos, dummy and live forex trading accounts that you can maximize to make money online.
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One thing you should be careful of is information overload. There are lots of false promises, recycled information and ineffective trading strategies which the authors of some of these materials do not even use. Many make money from the sales of their e-books and ‘learn to trade forex seminars’ not from the act of forex trading itself. As a newbie in forex trading, you should be wary of the tendency to be obsessed with indicators. You may be lured into buying different sets of forex trading indicators which you would pay the price for later on.
Forex trading appears easy. Just get some amount of capital, enter the forex exchange market and start trading. Truth be told, trading forex as an investment is not a joke. To become a skilled forex trader, you need solid dedication while treating the trades as any other skill. Forex trading needs lots of hardwork and seriousness just like any other career. Successful forex traders all went through a learning phase, learning from their mistakes. You should stop this overall dependence on secret indicators and gurus trading strategies.
I’m not trying to scare you but my point is you should develop your trading skills from zero to a stage where you can design your personal trading plan, understand and predict the behaviour of the forex market, trade with calmness and understand that profit and losses are both part of the big picture.
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1. Know Your Place In The Foreign Exchange Market
An individual trading foreign currencies is like a drop in a mighty ocean. You are like a small fish in a wide wild sea. Most of the liquidity flows from big banks and professionals trading on behalf of financial institutions. Don’t expect that making money off these set of expert forex traders would come cheaply. If you do not align your trading strategies alongside these bigwigs so as to catch similar trends, your investment may end up being swallowed swimming against them.
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2. Study Forex Charts To Understand the FOREX Market
While a lot of new forex traders are of the opinion that experience traders have access to some secret indicators or trading strategy, this is not always the case. These major forex players use simple, but tested technical analysis strategy – most commonly horizontal support/resistance, identification of trading ranges, Fibonacci these are then synergised with basal themes. The best mindset to start trading forex is to understand that these major players, considered highly versed in trading make money not by employing a set of secret indicators or codes but from the understanding the forex market and its major skills.
3. Effective Money Management Skill
One of the most important tips for any beginner in forex trading to note is that being successful at forex trading is not about how much money you make but on how well you are able to manage what you have. Novice traders have a high tendency to risk everything they have one just one or two positions. This is the downfall of many new forex traders. Making money from forex trading is not sustainable that way and so you rarely see professionals trading that way. At a point or the other in one’s trading career, you will have a string of bad trades, like say 8 losses in a row. Is you money management plan secured enough to survive this?
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4. Effective Use Of Forex Trading Tools
Why many novice forex traders fail to be successful at the long run in forex trading is that their style of trading is to just open their forex charting software, activate their latest forex trading indicator or tools and place their trades alongside the recommendations and inferences from these steps. After recording series of losses, what these new forex traders do is to abandon their old tools and look for for another batch of secret hot indicators that will end up failing them again. The best way to use these tools is to draw inferences from what your tools are saying, focus on the foreign exchange market and place your forex trades that have the highest likelihood of being winners. Fibonacci, Pivot points, price channels, MACD, RSI etc are popular examples of indicators and tools that successful forex traders use. You’d be shocked to know that many successful and unsuccessful forex traders use the same type of indicators. This is because these forex trading tools themselves are not the basis for success in forex trading. What these successful forex traders do is that they pick a tool that aligns with their trading plan, studying how these tools relate to the forex market by understanding the signals from such tools.
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5. How To Trade Your Plan While Planning Your Trade.
Although many forex traders say this, every trader’s goal to make pips on each forex trade as per their trading plan. To be successful at forex trading, each trade you place must be treated as a business unit by estimating the risk involved and carving out entries and exits points.
Some novice traders do not possess adequate disciple to create a specific plan for each trade and follow it. If you place trade when you see potential set-up, buying and selling based on pure guesswork or estimation without calculating the risk involved and defining entry and exit points, all you are doing is leaving the success of your trading to luck. Although it may appear profitable in the short run, when the luck runs out your efforts would be wiped off within a short term. While most beginner forex trader often ask themselves how much they will make on a forex trade, experienced one ask themselves what their potential risk or loss would be on such trade.
6. Your Mind Can Be An Asset Or A Liability
There are lots of publications out there revolving round the influence of psychology and how it affects one’s successful forex trading strategies. This does not mean you have to read everything about psychology. However you should understand that for such efforts to be directed at studying such influence, psychology is very big issue when it comes to trading forex successfully. Your personality can affect how you trade forex. For someone who is a bad loser with the drive to continue trying at the same thing resulting in more losses, such should find time to take a break so that such emotional buildup can wane away. This is only achievable if the trader sees this as a weakness that can mar his trading career. Also, there is no resting stage when it comes to learning new things about forex trading. Whatever you have known or achieve, you should never be comfortable with where you are. There is need to continue learning, adding new skills and sharpening old ones.
7. Know That The Forex Market Reigns Supreme And Prepare For The Worst
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The nature of the foreign exchange market is a unique one. Most established traders understand this. New traders have the tendency to get carried away with their past successes. Forget what your charts and forex trading indicators tell you, sometimes the market would just behave in an opposite way. Whatever is the result of trade, keep a positive outlook and prevent bubbles and crashes from derailing you. By adhering to this guide while learning to become a forex trader instead of just trading the forex market anyhow, you will be on your way to making much cash as a profitable forex trader. This secret is hidden to 95% of beginner forex traders.
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Thank you for taking the time to read through this guide. I hope you have been able to pick one or two lessons from this guide on how to become a successful forex trader. Share this post with others.