Here are the 9 Tricks Of The Successful Forex Trader. If you want to become a successful forex trader and want to earn your living from forex trading then you must follow these tricks.
For all of its numbers, charts and ratios, trading is more art than science. Just as in artistic endeavors, there is talent involved, but talent will only take you so far.
The best traders hone their skills through practice and discipline. They perform self analysis to see what drives their trades and learn how to keep fear and greed out of the equation.
In this video there are nine steps a novice trader can use to perfect his or her craft. And you can find some tips that will help you make smarter, more profitable trades.
Define your goals and then choose a trading style that is consistent with those goals. Make sure your personality is a match for the trading style you choose. Never compromise on your style and do not get hungry after making some profit.
Choose a broker with whom you feel comfortable. From where you can deposit and withdraw quickly and easily and which is trusted one. Make it sure also that broker is providing a trading platform that is appropriate for your trading style.
Choose a methodology and then be consistent in its application. Either you want to trader short term or long term according to your moods and time.
Choose a longer analysis of the direction and framework for the shortest time entry or exit time period.
Never trade without SL. Executing a trade without stop loss will eventually lead you to empty your whole account one day.
Focus on your trades and learn to love small losses. Small losses brings big profits. Never disappoint with small losses.
Build positive feedback loops. Positive feedback mean trust your planning. Even if you take a small loss, but does so in accordance with a planned trade, then you will be building a positive feedback loop.
Analysing the weekend. Enjoy your weekend well but take some time to analyse charts during the weekend and watch out the patterns. This will help you a lot.
Keep a printed record of your entry points, news, technical signals etc.