Can I Become a Successful Forex Trader? 👓
Yes, You can become a successful Forex Trader.
Who is the Trader?
The trader and investor both are the person who puts an order of Buy or Sells in market. But Trader there is a difference between A Trader and An Investor.
Trader:- Trader always calculates the exit point from trade before placing the actual Trade.
Investor:- Investors only see the Fundamentals as well as Technicals for placing a trade and wait up to desire profit. he generally does not care right now "where to exit".
Clearly, if you want to be a Successful Forex Trader. You must fit in the definition of Trader.
Know Yourself, which trading styles suit you. For an Example:-
- Scalping Trader
- Positional Trader
- Breakout Trader
Key Parameters for Forex Trader
Optimal Trading Lot Size
Always calculate the Optimal Trading lot size as per the Risk Percentage which you want to Take per Trade. You should increase and decrease the Trading lot size as per the strength of the Trading Signal of Your Profitable Trading Strategy.
Use of Stop Loss
If you want to be a Forex Trader, You always put stop loss in the system, not in your mind. Because if market fall happens suddenly. there is a huge chance of washing of Entire Trading Account. It depends on you and your trading strategy that how far your Trading Stop loss exists. Keep in Mind "I have to put Trading Stop Loss in System, Not in my Mind".
Against Market Trade
If you are a beginner then do not try to trade against the Market. because experience Traders can calculate the Fibonacci level retracement. so that they can book profits in "Against the Market" Trend also. If you as a beginner in the Forex or New to the Current Currency kindly don't trade Against the Market.
Try to Buy Where other Traders Buy and Try to Sell Where other Traders Sell.
Kill Wrong Trade
If you are aware after placing the Trade that I have placed this Trade Wrong. Don't Wait for Stoploss. You can kill the Trade Immediately.
Risk To Reward Ratio
If your Trading Strategy says 1:5 Risk to Reward ratio. Do not take those trades in which Reward is not achievable. For Example- RSI at 15 and Sell Opportunity signal occurs. Bollinger Bands also saying that the maximum range is also not giving Risk To Reward Ratio. then Do not trade. Opportunities will come in the future.
Generally, the Market falls down when you Buy, and the Market will go up when you Sell. if this situation coming frequently and your stop-loss hitting again and again. Check the Reason the for Each Wrong Trade. Do not proceed without finding a Mistake. Manage your Mind to stop trading in this bad time.
Stop Revenge Trading
If your Trade is hitting stop losses or closed in losses. then do not try to trade without Trading signals occur. For Example:- If you place the Trade of "Buy" and Stoploss hit and Now you are thinking "Ok! Now I place Sell Trade". This will leads you to danger. because if there is no perfect signal for Sell Kindly do not trade for the satisfaction of your Ego or Conscious Mind.
Trade "By Mind" and not "For Mind".
Faith On Trading Signal Groups
Kindly do your own research before putting actual trade if you are using any Trading Signal Group or Premium Service. Because No one can Guaranty 100% for "Buy" and "Sell".
Practice New Strategy in Demo Account First
If you learn New Trading Strategy and you want to Implement it. Kindly practice this strategy in Demo Account First. Because the Same Strategy did not work on each market pair. Some Strategy works "In-Session Timing" and some works "Out-Session Timing".
Trading Robot Extensive Checkup
If you have created or purchased a Trading Robot or Expert Advisor. Do not rely blindly on Historic Data Checkup. Kindly run The Trading Robot on Demo Account First for at least a week. before running on a live account. Use the Desired settings and account balance for Robot Trading as per the direction given by the developer of EA (Expert Advisor).
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You can build yourself as a successful Trader by the practice of Trading Psychology, Money Management, and the Expertise of Any Profitable Trading Strategy easily.
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