How to Be an Expert in Forex Trading: Some Tips

mlawson71 posted:
Great advice. I too, though, would say that there’s no need to stick to MT4 alone, there are plenty of platforms one can choose from, depending on what they need.

leo23 posted:
Steps:
=====
1.Study the forex market and mt4 usage
2.Find a system suitable for you
3.Backtest the system by strategy tester for at least 2 years of past data
4.Forward test the same system in demo account for 3 months
5.Forward test in cent real account for 3 months
6.Go for live trading in a standard account risking not more than 1% to 2 % per trade

johnnapiranha posted:
I've been learning all I can and practiced on demo for a year & half. I wanted to develop a strategy that works for me using as few indicators as possible. I ran 3 demo accounts into the ground before I was able to become profitable in demo for several months. I went live last week, and I feel optimistic. I met my goal for my first week. I'm hoping it will continue.

mohdforex posted:
Understanding the very basics of candle movements is the best start. Why is the candle turns bullish or bearish? How does it move? Who move the prices? If u get the basics right, u don't need indicators to trade. Trading in demo is totally different from live account. It lacks the emotions that comes with trading your own money. The key lesson is money management. Get this right and your fundamentals right, you will a be a successful trader.

jackwilliams posted:
Here are the few steps that according to me must be kept in mind while trading on forex:

1. Plan your goals and stick to it.
2. Select your broker carefully and also go through the terms & conditions.
3. Pick your account type, set the leverage according to your needs & expectations.
4. Get deep insight of the factors that can affect the movement of the market, study both technical and fundamental factors.
5. Always study your own success and failure and take notes properly.

If you follow the above mentioned steps you can surely achieve your goals and can become an expert in trading.

MC85 posted:

jackwilliams posted:
Here are the few steps that according to me must be kept in mind while trading on forex:

1. Plan your goals and stick to it.
2. Select your broker carefully and also go through the terms & conditions.
3. Pick your account type, set the leverage according to your needs & expectations.
4. Get deep insight of the factors that can affect the movement of the market, study both technical and fundamental factors.
5. Always study your own success and failure and take notes properly.

If you follow the above mentioned steps you can surely achieve your goals and can become an expert in trading.

Yes, makes sense, indeed a common sense 😄 Good luck to you in trading by these rules!

jameshallow07 posted:
Step 1: Don’t Procrastinate
Step 2: Practice more and more of trading
Step 3: Learn from your mistakes
a. Develop a Strategy & stick to it
b. Do not over trade on the demo account
c. How to become a successful trader

Forex trading can be worked with an internet connection from anywhere in the world. We talk about technological developments, these help in all over the world. Thus, Forex traders are usually blessed with strong growth potential and lifestyle would certainly help a lot in long run.

proyecto posted:
Aprenda a adaptarse rápidamente a los cambios. Si el lado "ganador" está cambiando, no dude en modificar su estrategia inicial al lado del éxito. No se obsesione con ninguna transacción. 😄

BaldoN posted:
Hello,
There are perhaps many, many tips how to become or how to be successful trader and many traders just either copy/ paste or just say what they hear, but the question is "how many of those tips are really followed?" :)