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How to Successfully Carve Your Path In Forex Trading With These 4 Tips

By Andrej Kovacevic

May 5 2021 - The world of trading is one of the most fascinating environments you can opt to invest your time and energy in. This is because itís fast paced and involves a tremendous amount of risk, which has the ability to destabilize even the most seasoned traders out there. Having said this, itís important to remember the power of discipline is immeasurable in this industry - without it you can completely turn your portfolio around for the worse in a matter of only a few uninspired trades. This is why weíve compiled this list of five tips that offer useful insight into how you can become a truly successful forex trader:

1. Set Clear Goals and Establish Your Trading Style

You canít ever build any kind of foundation without starting from your vision and a solid structure. This is why itís absolutely essential that you put pen to paper and define the goals you will be working towards in your trading activities. Your trading style also needs to be very clear from the get-go, if you want to have a neat and somewhat predictable ascension in your forex trading career.

For example, there are some traders that want to go to bed without having any concerns on their mind and this is why they choose day trading. On the other hand, position trading may benefit you more if you invest certain funds in a trade you think will be appreciated in time. Just make sure you pick the one trading style that fits you most and stick with it. Itís only by creating the best forex trading strategies for yourself that you can actually conquer new territory in this incredibly fascinating universe thatís represented by forex trading.

2. Be Clear On Your Entry and Exit Points

Before you start actively trading, make sure you check different timeframes on your charts. If youíre typically looking at weekly charts in order to determine the general trend of a trade, you may also want to carefully check an intraday chart as well, since it may show a sell signal when thereí in fact a buying opportunity and the other way around.

When it comes to establishing your entry and exit points, timing makes all the difference. Make sure you check all your charts for both the bigger picture and a more detailed insight on the trade youíre interested in. Also try to establish a strategy that covers your motivation behind choosing both when to enter and when to exit a trade. Once you have this all set out, youíll find that youíll fluctuate less from trade to trade and youíll become orderly in your thought processes.

3. Keep a Written Journal of Your Trades

This may not sound like the most obvious thing to do, but keeping a log of all your forex trades will help you become even clearer on your patterns and will give you better insight on your decisioning process. Be sure to jot down the trade you entered, what your plan was for it and how you actually were at the exit point.

Youíll find that analyzing your own trades will bring you plenty of knowledge and new information regarding your style, your mistakes and what you couldíve done better. You may find that you typically succumb to fear, for example, or to greed, which will enable you to bring down this pattern and create a healthier one for future trades to come.

4. Choose Your Broker and Trading Platform Very Wisely

You may be a wise and agile trader, but this will amount to nothing if your choice of forex trading platform or broker is poor. Before choosing, you need to get informed about the possibilities at hand. For example, you need to know that the spot market is different, for example, than an exchange-driven market.

You may also fall in the trap of choosing a great broker with a less-than-ideal platform or a good platform associated with a poor broker. The platform also needs to be suitable for the analysis you want to do. As always, information is power, so make sure that you get sufficient information regarding all the broker and trading platforms out there.

All in all, forex trading is definitely not a walk in the park, but can be extremely rewarding with the right kind of approach. Make sure you get very clear on your intentions, that you take note of every step of the way so you can revisit the information whenever you need to and that you make your important forex-related decisions based on careful analysis of the available information.




 
 
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