Steps to be a good forex trader

Mar 24, 2023 at 14:42
Vistas 617
11 Replies
forex_trader_3226709
Miembro desde Mar 23, 2023   posts 35
Mar 24, 2023 at 14:42
1. Establish a trading risk profile.

Before making any commitments, it's a good idea to familiarize yourself with the market's fundamentals. Examine your available funds, do research into the markets and currency pairings that interest you, and read trader testimonials that provide reasonable return expectations. Do not invest in the forex market if you are uncomfortable with the dynamics, even if it is lucrative. On the other hand, if you believe that your investing strategy is compatible with the Forex market, go ahead!

2. Selecting an appropriate forex broker

The retail forex market is very competitive, and the prospect of having to go through all of the available brokers might be overwhelming. Choosing the appropriate forex broker to trade with may be difficult, especially if you don't know what to look for. While selecting an online Forex broker, you should evaluate regulations, platforms, commissions, fees, and account minimums, to name a few.

3. Using Forex Trading Tools to Gain Knowledge

One of the most significant obstacles for newcomers, which may increase their risk, is a general lack of information and expertise in the currency market. It's usually a good idea to establish a stop loss, regardless of the trading method you're using. Setting a stop loss enables you to choose the price at which your transaction will close. Even if you aren't present, your deal will close once it hits the stated level. Simply stated, establishing a stop loss will provide you with the necessary piece of mind that you will not lose more than you can afford.

4. Setting Achievable Goals and Challenging Yourself

It is feasible to become a successful trader while working a full-time job. All you need is patience and discipline. In order to truly comprehend how the markets function, you'll need patience as well as time. It will also take time to figure out the best trading strategy for you depending on your schedule and personality. It's critical that you push yourself here by creating and attaining objectives. The reward is that you may be able to make a livelihood off of your trading one day.
Miembro desde Jan 06, 2022   posts 19
Mar 29, 2023 at 07:45
Become a successful forex trader by combining knowledge, discipline, and strategy. Here are some steps you can follow:

1. Educate Yourself: You need to educate yourself about the market, its mechanics, and the factors that drive currency prices. Learn about different trading strategies, technical analysis, and fundamental analysis.

2. Choose a Reliable Broker: You must choose a broker regulated by a reputable authority, offers competitive spreads and commissions, and has a good reputation.

3. Develop a Trading Plan: Having a trading plan is essential for any successful forex trader. It should include your trading goals, risk management strategies, and trading rules.

4. Practice with a Demo Account: To gain experience without risking your capital, practice with a demo account before trading with real money.

5. Use Risk Management Strategies: Set stop-loss orders to limit your losses and use proper position sizing to avoid overexposure to the market if you want to become a successful forex trader.

6. Keep a Trading Journal: By keeping a trading journal, you can track your progress, identify areas for improvement, and learn from your mistakes.

7. Stay Informed: It is important to stay connected with market news and economic events that can affect currency prices. Follow reputable sources and avoid trading based on rumors or hearsay.

8. Control Your Emotions: Stick to your plan and avoid trading out of fear or greed. Successful forex traders control their emotions.

Focus on learning, developing your skills, and practicing consistently to become a successful forex trader.
Miembro desde Aug 10, 2021   posts 18
Apr 14, 2023 at 05:49
Every trader needs a mentor.
A good mentor is able to walk with you through all the stages of becoming a trader.
Miembro desde Jun 26, 2020   posts 327
Apr 18, 2023 at 09:29
Mentor is needed for all kinds of trader but in online most of them are found to be scams.
Miembro desde Mar 16, 2023   posts 7
Apr 24, 2023 at 16:46
@Tradelist45
Did you also learn from a mentor?
Miembro desde Sep 02, 2022   posts 46
Apr 25, 2023 at 14:53
What mentor do you mean? What he can teach you?
Miembro desde Apr 26, 2023   posts 5
Apr 26, 2023 at 15:34
Did you also learn from a mentor?
Miembro desde Apr 26, 2023   posts 2
Apr 26, 2023 at 15:36
is it easy to trade /
Miembro desde Apr 04, 2022   posts 23
May 12, 2023 at 21:33
Always be careful. It is better to avoid losses than to risk with a likely gain.
Always follow the strategy even if it sucks. This is the only way to understand your mistakes.
Be one step ahead of the market. Learn to think ahead, and make decisions based on how you will close the trade but not how you will open it.
Trade with real money. No demo account will make you a professional.
Keep in touch with colleagues. There is no more powerful tool than the collective mind.
A falling leaf does not try to influence the wind, it enjoys flying.
Miembro desde Apr 26, 2023   posts 33
May 12, 2023 at 22:04
I think you just need to be patient and careful because if you are these two you won't get scammed.
Miembro desde May 08, 2023   posts 39
May 13, 2023 at 00:15
Despite the fact that each person is unique, successful traders seem to have a few traits.

- Focuses solely on trading out of commitment. Anything that would prevent you from focusing entirely on the markets is put off until after the trading day has ended.
- Self-Control and Heightened Awareness: Responds calmly in any situation. The effective trader is not so excited by wins or losses that he loses his ability to think clearly.
- Realistic: Sets achievable objectives. Never gamble recklessly in an attempt to 'improve' your chances of winning big. acknowledges that losses are unavoidable regardless of a trader's skill level and that traders have no personal control over the market.
- Patient: Recognizes that rapid gratification is uncommon. does not follow the market. knows there will always be opportunities in the future.
Miembro desde Apr 24, 2023   posts 36
May 19, 2023 at 08:40
Hi everyone, if I can share my experience I must say: Trading is not easy, but is accessible for everyone. it is always good in my opinion, not buy courses or books... it won't work but to start with a demo first, then find a real Successfull trader get in touch, and work toghether through giving him an account to manage... this way you can see how he trades and discuss the strategy , the positions, and everything related to the trading. Usually a transparent trader don't charge any upfront fee, or mentoring fee. The only fee is a profit sharing that depends from many factors I.e. account balance Drawdown agreed etc... for example me I charge 30% every month and ONLY if we close in profit, this is my approach how to be act and trade Transparent. Unfortunately out there not everyone thinks in the same way... But one thing I know: If you act well you receive well.. that's how you succeed!!! Ps Happy Friday :-)
money never sleeps
Conectarse / Inscribirse to comment
You must be connected to Myfxbook in order to leave a comment
*El uso comercial y el spam no serán tolerados y pueden resultar en el cierre de la cuenta.
Consejo: Al publicar una imagen o una URL de YouTube, ésta se integrará automáticamente en su mensaje!
Consejo: Escriba el signo @ para completar automáticamente un nombre de usuario que participa en esta discusión.