As you are well aware, the forex trader is a job in a financial institution. So if you are interested in becoming a trader, of course, there are conditions that need to be met so that you can also succeed even though you are a trader from home. Here are 4 tips to make it easier for you to succeed:
#Create a Trading Plan and Follow it:
Trading is just like trading or any other work in that, if you don't have the design and slow action, you are wasting failure. A trading plan is a necessity because without it trading will be a gamble. A good trading plan will determine 3 rules that need to be obeyed: when is the period to enter the market, what is the risk involved, and when the period is due to exit. That's all. It is important that you develop a trading plan and adhere to the rules you have created yourself if you wish to become a successful trader.
#Learn to accept losses:
Losses are a part of commerce, so trading is really a trade and no trader will escape from experiencing a loss. The fee is only the same if you lose a lot from profits, or get a lot of profit from losses.
As humans, we are looking for perfection and we believe that if we can look for the right technique, we can trade perfectly and will not suffer a loss. Unfortunately, that is an illusion and will not apply, because even the best traders in the world experience losses and understand that it is part of commerce. The key is not to be afraid of losses, but to accept the fact that losses may apply and therefore the risks need to be treated appropriately.
#Use the correct MM:
The key to immortality in the forex world is to guard against risk. You need to resist the temptation to trade because you want to profit a lot and swap the mindset to trades to lose a little. Because loss is something that cannot be avoided, so set your mind to guard against losses. You need to take care of your capital as if you were a loved one. You certainly will not endanger the life of your dear family expert, right? So don't risk your capital for unnecessary or blind trades, because your capital is the lifeline of your trading work. Make sure your maximum risk is between 2-3% for each trade and you will make sure that if you experience a series of losses you still have the capital to continue your work.
#Don't be greedy:
If you open a position and the market seems to follow what you think is magic, you will be tempted to hold on for longer with your trade because you think it will continue to move in the same direction, while making you want to get more profit. However, this can take itself away if the market can change quickly and consume all your profits and you return to floating negative.
To avoid this, you need a trade management strategy. That's why it's important to know if any posts to open are for intraday or swing. If it is intraday, take profit if the market has filled the range for the day or reaches the take profit that you have set. If you swing, maybe you can switch the stop loss if the market is far from your entry. Switch to breakeven instead of switching to make it bigger. This amount must be defined in your trading plan and must be complied with.
Forex may seem difficult or impossible to learn, but with these tips, you will find it easier to succeed in the forex trading work. There are many people who fail because they don't participate in all this, right? clap the chest asking himself.
