Forex trading provides us with lot more opportunities than ever and yet 80 percent of the Forex traders are in complete loss and end up losing money. Forex trading is more of a craft than science and it does involve inventiveness but the ability to invent or your talent is not gonna take you too far in this. The best Forex traders inculcate their skills with practice , exposure and discipline in the particular field. These traders keep on evaluating their skills to keep the scope of improvement and change their behavior accordingly.
Here is the list of certain points that makes you a powerful and a successful Forex Trader:
1. BE CONSISTENT AND CHOOSE A PARTICULAR TRADING STRATEGY:
Before you start trading, make sure you have kept a certain destination to reach or a particular goal to achieve. This will give you much clarity and you will know your success rate .By choosing on to a strategy , you will come to know whether that particular thing is working for you or not because different strategies needs different approach and different outlook .You should know the type of analysis you are following suits your persona or not.
2. CHOOSE A RELEVANT TRADING PLATFORM:
Always choose a broker that gives you the scope to have your own inquiry that you mostly stand in need. Getting to choose a broker for yourself is probably the most important thing that you have to do, so go for an optimum research and spot out the differences between numerous brokers. And after selecting a particular broker, make sure that you go through all the policies that you ought to follow. These are hardly any broker with whom you get both good platform and who himself is a good broker .So, this is the first ladder to your entire journey. So make sure that you choose it wisely without any haste.
3. BE VERY PARTICULAR ABOUT THE APPLICATION OF THE STRATEGY YOU FOLLOW:
There are many strategies that various traders follow .Some look into the fundamentals of the economy and use a chart to determine the best possible execution time. While as, some use technical analysis .There are different kinds of decisions that a trader has to endure and he should know that on what basis he take this particular decision from. So a trader can look into various factors in order to conclude any of his decision and whatever strategy he follows, he should totally be consistent towards it.
4. THE ENTRY AND EXIT TIME SHOULD BE CAREFULLY GAUGED
Whatever you do, always sync your time with both weekly chart and the daily chart ,if you got both.
5. CALCULATE YOUR EXPECTANCY:
Expectancy is defined as the formula to determine how dependable your entire system is .From your history of say last ten trades , you should always calculate the expectancy of your loses and your gains. In this way you can have a keen check on the methodology you are using.
6. FOCUS ON LONG TERM PROFITS
The crucial point in Forex trading is to remind yourself that your money is constantly at risk .So, never rely on your invested money for your basic needs .Always be patient and don’t be disheartened if you incurred a small loss .Remember to be patient and focus on your trades .
7. BUILD EXPLICIT FEEDBACK:
When you plan something in a real good way and execute it even more wisely, that is how you build a positive feedback loops. And after achieving a lot of success, a mere confidence is built in that helps you to take your small loses positively.
8. PERFORM A WEEKLY ANALYSIS
Every weekend ,study the entire patterns so that you get a more clear overview about the trade .There is a possibility that after analyzing , you find a double top and the news says that it is a market reversal. So always make sure that you revise your facts .
The harder you practice, the more you achieve. The above mentioned points will give you a pattern of the entire trade, which in turn makes you are more refined an experienced trader.