Forex is the worlds biggest market and is dedicated to trading currencies. Unlike stocks and shares, forex allows you to trade whether the market is going up or down, meaning you have more of a chance to make serious money in a very short amount go time.
Most people get burned when they first start trading the foreign exchange market, however if you follow a few simple rules and STICK to them, you WILL become successful at forex trading.
NOTE: If you’re serious about trading and want to learn how the big boys trade, then you need to look at using a Forex robot. Which will help you to trade on auto-pilot. Click here to learn more.
Step 1: Define every single goal you set out to achieve and be realistic. It’s not realistic to say that you’re going to earn $1 million in the next week. But if you say, I want to earn $500 per week, in the next 6 months, that’s very realistic.
Step 2: Try different brokers and use the one you feel most comfortable with. There are any different Forex brokers in the market right now and choosing one can be a hassle. So choose the top 5 you like the look of, place small trades with each and see which one suits your style the most.
Step 3: Choose a methodical approach to your trading strategy and stick to it. Don’t switch from one technique or strategy to another mid way through trading. You need to test out strategies fully before determining which works and which doesn’t.
Step 4: Choose a time frame and stick to it. Are you a short, mid or long term trader. Because of the volatility in Forex markets, most trade daily by the minute. It’s best to stick to a time frame and trade that consistently until you’re in profit.
Step 5: Deal with small losses like a pro. Remove all emotion from trading and look at each loss as a learning experience, the more you become emotionally invested, the more mistake you make.
Step 6: Be positive in the moment and reward yourself. When you win, you need to treat yourself so that you build something called, positive feedback loops. You’ve heard the saying success breads success right? Well this is what works in Forex too.
Again, if you want to trade Forex, but don’t know where to start, you should use this system.
