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HOW TO BE A SUCCESSFUL FOREX TRADER AND GUIDELINES?

SUCCESSFUL FOREX TRADER

How to be a successful forex trader and guidelines -If you want to be successful forex trader and earn money with forex trading then keep in mind all guidelines.

HOW TO BE A SUCCESSFUL FOREX TRADER AND GUIDELINES?

1.Start with the basics:

To be a trader, it is easy to state that you must first understand the fundamentals of the Forex market. You will study things carefully and methodically regularly. Remove the possibility of becoming a great sage by knowing everything in one day. Take things slowly and don’t get too enthusiastic.

2. Give up the thought of gaining quickly, learn to gain slowly by creating an experience:

If you believe that Forex is the only option to get wealthy in a short period of time, you are mistaken. To begin, master the topic thoroughly and gain experience. You will profit more from any job, not the only Forex if you devote more time to it. What does it matter if your friend makes 100 pips? You’re just making a few pips at the same time, right? Experience makes all the difference! Your friend has been trading for 5 years, whereas you have only been trading for a few days.

Keep in mind that Forex is a career, not a get-rich-quick scam.

3.Don’t follow expert or robot :

At the beginning of learning, many people first look for experts, people think that if you get the shadow of an expert, you will become an expert in a short time, I am not completely denying that. But the latent desire to be an expert is one step towards becoming an expert. Another form of expert is the result of your normal learning day by day. Because you can only become an expert via experience, make your dream a reality by counting your own. The Expert’s knowledge is based only on his own personal experiences. It will remain a dream until you walk that route on your own.

4. Always use your own analysis:

You will become blind if you mindlessly follow another individual. Your objective is to become a successful trader, therefore learn the analytical methods, and evaluate your own transactions. You will become a professional trader if you can trade-in your own analysis. How do you trade if you naively follow a self-proclaimed expert who then stops providing you advice? As a result, be your own guru.

5. First follow Demo trading then strat your live trading journey:

Demo trading is the greatest of all. Demo trading will assist you in identifying and correcting your new trading blunders, as well as assisting you in breaking poor trading habits. Demo trades are live trades executed at super-fast speeds by several brokers. Every trading technique is put to the test using a sample account. Use it in live trading if the demo success rate is high. First, use all of the styles in the demo. Trade in the items as you see fit.Trade in the demo as you like. Then decide which techniques to employ in live trading.

6. Learn from mistakes:

Keep track of each test trade’s success and failure. After three consecutive unsuccessful deals, retire from the trade for a period of time (perhaps longer). After the break, offer time in the cold head once again. Don’t think about the fourth time success in the three times loss trading strategy when you go live. He began his investigation with the failed transactions, trying to figure out what went wrong and why it didn’t succeed. Find the correct explanation and go on to the next Shudra transaction.

7. Try to Create a good system or Strategy:

The majority of novice traders lose their first deal. Over-excitement, over-demand, and pre-trading are the reasons behind this. So, without becoming too excited about trading, understand the difficulties first, get experience, and then start trading with the smallest possible risk. Every time you trade, double-check that the trading tool (strategy) is proper. Everything you’ve come to expect from the trade, and so on.

8. Stick to your own method:

Every trading strategy has advantages and disadvantages. There is no such thing as a winning trading strategy. You are successful if your trading strategy generates 6 gains and 3 losses in 10 deals. If your trading success rate drops, don’t get upset or thrilled; instead, alter your approach by analyzing market changes and sticking to your strategy since only you know how successful it is.

9. Think of everything simply:(FOREX TRADER GUIDELINES)

There’s no reason to believe that trading is too tough for you. Begin with the basics; you’ll find that it’s really simple, and there’s no need to lay any foundation. Set aside some time to trade whenever it is convenient for you. It takes less time to complete, but it is Zeno effective. To put it another way, if you don’t have any more time, trade as much as you can. If you want to start a new strategy, simply think about it ahead of time, evaluate and improve it, and verify the outcomes in the demo. And then make a decision.

10. Trade in one pair:

Multiple transactions opened at the same time do not increase your risk level or add to your stress level. So, if you want to trade for a longer period of time, pick just one pair. Many currencies may appear to be ideal for trading together but stick to the currency pairs that you are familiar with. You won’t be able to grasp the nature of any pair if you deal with more than 4-5 pairs. And finally, losing trade as a result of being misled.

11. Trade within a certain timeframe:

Practice trading in a single period since there are numerous advantages to trading in a single timeframe, such as being able to concentrate on a single timeframe instead of being confused by various timeframes. Because the same chart will start various analyses in different periods, trading in a timeframe is very essential, especially for novices, because it will help you evaluate and make correct judgments.

12. Keep trading charts clear: FOREX TRADER GUIDELINES:

Many beginner traders believe that having more indicators on the chart is better, however, this is not the case. It’s not a good idea to trade the chart at random with more than a couple of indicators on it. Understand the three signs and characteristics, then make a decision based on your experience. In general, you are not required to utilize indicators in your trading; they are only used to smooth your trading decisions. Because many traders trade at 60% of their potential without utilizing any indicators. I’m not saying you should trade without any indications; if you want to be a successful trader, you need to utilize at least 2-3 indicators in the beginning. For improved trading, learn how to read support and resistance lines.

FOREX TRADER GUIDELINES

Happy trading to all-FOREX TRADER ALL GUIDELINES