Everyone can just enter to market as financial forex. Everyone can also be successful in currency trading. But know the success that it brings is not easy. Need adequate expertise and experience. Many newbie traders Learn forex with hard but still haven’t been able to succeed in forex. What you include from one trader who has not success?. May you do the wrong steps. In fact, the beginning traders can follow the 10 steps to success in forex trading, if you want to feel the advantage by doing currency trading.
Just maybe not just a novice trader, the trader who often trading may miss the 10 steps that will be described below. For that, it needs to be all follow and do all the steps.
10 steps to success in forex trading
We could be here because we want to succeed in forex trading. Therefore we should do these 10 things, without assuming that we’re smart.
Step 1. Learn to recognize and use trade as well as knowing platforms function of forex indicators.
In forex trading, we are in desperate need of a piece of software that helps us see the price movements in real-time, to know the functionality and usefulness of the indicators, analysis with the help of indicators, and find learning strategies that fit in with the style of our trade. A popular platform widely used trader is a MetaTrader 4. So the first platform that must be known is the MetaTrader 4. In order to use MetaTrader 4, we do not need a deposit in advance. We just need to open a demo account on one of the agents (brokers).
Step 2. Determine the purpose of trade, then select and find the appropriate trading strategy with our personality.
Before starting anything, there should be a definite purpose. do not let us do something without a purpose. We may not trip routed because the do not know to where. After the goal to begin trading, then we do the research and find a strategy that suits your personality, style of our trade. Sometimes a lot of traders are very difficult to find the appropriate trading style personality. Looking for strategy, trying a lot of indicators, that’s what happened. If the appropriate strategy we have found, wear it constantly. never affected with a new strategy that looks nicer. because it will only cause bigger losses. Because it might just be a strategy that does not fit in with us.
Step 3. Choose a Broker that makes us comfortable and certainly in accordance with the strategy that we will use when trading.
When we decided to start a business in forex trading. We need an agent or Broker who will help continue our order into the market. An Agent/Broker has different policy rules – different. make sure the broker is making us comfortable, otherwise, it does not prohibit trading strategy that is in compliance with our personality. Sometimes, to get the best Broker, many traders see some reliable brokers in the country and to choose a broker who has a way of deposit and withdrawals easier.
Step 4. Choose the appropriate Methodology and then be consistent in the application of the methodology.
Before you start trading forex and trading in the financial markets, we should have a basic idea of how the basics – the way we determine a decision. What are the reasons underlying the decision making for open positions or close positions in the forex market?
Step 5. Choose timeframe is greater as the direction of the trend and small as a determinant timeframe open positions.
step 5 of the 10 steps to success in forex trading technique is described in which trading in General. and it is a strategy that is absolute. Besides using a large timeframe to analyze trends is extremely effective. where we as traders are required to make the trend as our friend “trend is your friend”. While the trend in TF already identified, that we come back to TF is small, to begin with, open positions. Please be aware that this way is very effective. and if used correctly, the risk of loss will be getting smaller and the risk of higher profits.
Step 6. Do the calculation results of trading each month or commonly referred to as expectancy calculation.
Expectancy is a formula used to measure the reliability of trading systems that we use. As a benchmark the success of a system, we must measure return a success compared to the losses in a specific period of time. Once the results are obtained, then we could determine that trading system retained or slightly change that system. Expectancy calculation formula as below:
E = [1 + (W / L)] x P – 1
E = Expectancy
W = the average profit
L = average losses
P = Percentage Win Ratio
Step 7. Build positive feedback over our success.
Each process to success definitely experience the positive things and negative things also. Did we take the wisdom of several successful trade and trade failed.? Take the wisdom of successful trade and who fail to look at and observe how come we can profit and why we can suffer losses. Indirectly, our trading strategy will also increasingly steady if we take a conclusion of any close position profit or loss position.
Step 8. Perform analysis every week on weekends
Traders are again learning spirit will surely make an analysis even though the market is off. Analysis and search for cause and effect why currency rates can go up and why it could go down. The movement of a week it in auto summary every weekend. And will be implemented in the next week. It’s good to add to the experience and develop the talents of forex trading.
Step 9. Focus on trade and loves a small loss
The hardest thing is done by traders is focused on trade and focus on his strategy. Sometimes the first trade generates profits, but the next trade even suffered losses. That’s when traders thought to change strategy. It actually doesn’t have to be that way. We just have to evaluate and see the point of the weaknesses of our strategy.
Step 10. Make a small note the top events that occur.
Step left is quite important. Where any incident either profit or loss, we need to make a note of it in a small notebook that later we can use as a reminder. Noting it is simple and easy to do. But many a lazy trader noted. It makes a very important incident instead missed and mistakes that used to be done could be repeated again.
How traders.? What all the traders who want to succeed have already done 10 steps to success in forex trading described above.?