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6 steps towards becoming a successful forex trader

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6 steps towards becoming a successful forex trader

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Forex trading can be difficult, especially for those new to the market. It involves not only analytical thinking, but also the ability to develop the right trading intuitions. But given the right mindset and the right practices, you can be a profitable trader.

Here are a few things to remember:

Forex trading can be difficult, especially for those new to the market. It involves not only analytical thinking, but also the ability to develop the right trading intuitions. But given the right mindset and the right practices, you can be a profitable trader.

Here are a few things to remember:

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6 steps towards becoming a successful forex trader

  1. 1. 6 steps towards becoming a successful forex trader Fact: a majority of people who invest in the forex market lose more often than they win. The reasons are varied, but probably the most common reason people fail is that they don’t take the proper measures to increase their chances of success. Forex trading can be difficult, especially for those new to the market. It involves not only analytical thinking, but also the ability to develop the right trading intuitions. But given the right mindset and the right practices, you can be a profitable trader. Here are a few things to remember: 1) Define your goals What do you want to accomplish by trading in the forex market? Is it just a part time hobby? Do you view it as legitimate source of income? Framing your goals behind something tangible will help you form your strategy and how you approach trading.
  2. 2. 2) Learn everything you can This is more common sense than anything else. If you want to succeed in something, then you better be prepared to know everything about. This means knowing charts and patters, as well as checking up regularly on all the important news and announcements that can affect the market. 3) Create a strategy and refine it You can create your own strategy or follow somebody else’s. What’s important is that the strategy you follow is effective. One of the best ways to test out a strategy is by using demo accounts, which allow you to simulate market conditions with zero risk.
  3. 3. 4) Don’t trade using your emotions One of the biggest mistakes many traders make is that they use their emotions to make their decisions for them. Emotions aren’t a bad thing, but when it comes to forex trading, cold hard logic will usually win out in the end. 5) Keep it structured Randomly performing trades for the heck of it is a 100percent guaranteed way to lose money. Approach forex trading with a clear head, an effective plan and a tangible goal. Remember to keep a note of what you did wrong and what you did right.
  4. 4. 6) Don’t sweat the small losses This is in connection with point number four. Learning to accept that you can’t win all the time goes a long way towards controlling your emotions. Small losses will happen. It’s inevitable. What’s important is that you keep focusing on your trades rather than your losses.

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