1- Outline your motivation. 2- Decide how much time you can commit to trading. 3- Define your goals. 4- Choose a risk-reward ratio. 5- Decide how much capital you have for trading. 6- Assess your market knowledge. 7- Start a trading diary.
AliForexTalks posted: 1- Outline your motivation. 2- Decide how much time you can commit to trading. 3- Define your goals. 4- Choose a risk-reward ratio. 5- Decide how much capital you have for trading. 6- Assess your market knowledge. 7- Start a trading diary.
Of course, the subject needs to be maintained. We are all traders but some are profitable and some are a loss. What is the reason for this? The answer is if I want to say Proper Mindset and Plan can make me successful in trading.
To make a good trading plan, you should have certain opinion and vision on forex. It is next to impossible to make a trading plan if you don't know anything about the market and trading and about yourself. You should know what you are good at and what your personality is. After it you have to combine certain requirements and your skills in order to make trading plan which will bring you profits.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.