Friday, November 16, 2018

Tips on How to Become a Forex Trader Professional Success Techniques Always Profit

Anyone who starts doing business definitely wants the success of the business they are doing. Likewise with the forex trading business.

There are many techniques and tips for becoming a professional trader and successfully generating profits consistently. The main secret key to success in forex is being able to predict and analyze where the price will go next.

In order to be able to predict the direction of price, it is necessary to learn and learn the right way of analyzing forex. Forex analysis has two kinds, namely fundamental analysis (economic news) and technical analysis (indicators, candlesticks, price patterns etc.).

The forex trading business is a two-way business, that is, we can generate profits when prices are rising (buy) and prices are falling (sell).

Traders must be able to analyze the direction of prices, maintain fear and protect themselves from greed. Usually professional traders and best practice their abilities through practice and discipline.

Well, let's just discuss the guide on how to become a professional and successful trader and always be consistent profit.


 1. Determine the trading objectives and choose the trading style

Before starting any business, it is very important to have an idea of ​​where to go and how to succeed in the business.

So it is very important to think about clear goals and think about whether the trading methods used will be able to achieve our trading success.

Each style or type of trading style requires a different approach and each trading style has the same risk.

In essence, if you want to succeed, you need a different attitude and approach.

For example, if we want to be able to sleep well without thinking of a trading position, we should choose a daily trading style. Or if we have the ability to invest large funds to withstand price movements for several months, maybe we can choose the position trading style.

But whatever style of trading chosen make sure it fits your personality, because if it is not in accordance with the emotions and personality itself will create stress and loss.

2. Choose a forex broker that makes us comfortable

It is important to choose a trading broker that is safe, reliable and provides a trading platform that matches the trading style we use.

The trading platform is very influential in analyzing forex price movements. If the trading platform is less user friendly, especially if its features are limited, it will certainly make us less comfortable so we don't focus on analyzing price movements.

The next thing to consider is the reputation of the broker that we will choose. Also study the policy in it.

The point is to choose a trading broker whose policies are in accordance with our trading style (which must definitely be trusted) and have the features we need in the trading platform.

3. Choose a trading method and consistently apply it

Before deciding to enter trading with a real / real account, make sure we have several plans regarding how we will make decisions in trading transactions later.

We must know how to enter and exit the market. Know when to open a trading position and be able to make the right decision in close position.

Most professional traders choose to use fundamental analysis first and then use technical analysis using charts to determine the right time to open positions.

But many also only use technical analysis. However, it is important to know that fundamental analysis is able to drive the trend in the long run.

While more technical analysis provides a long term trend analysis. Whatever trading methods are used make sure to always be consistent and make sure also our method is easy to adjust market conditions.

4. Select Time Frame in analyzing

Not a few are still confused when analyzing using charts in different time frames. What is displayed as a bullish signal (up) on the weekly chart (weekly), it turns out that the daily (daily) chart reads as a bearish signal.

Therefore if we take the trend direction from the weekly chart and use the daily chart to open the position, make sure that both of them give the same signal.

Always use two kinds of time frames in analyzing. Longer frame frames as broad outline analysis, while shorter time frames to determine the right open position.

5. Calculate expectations

This is to make sure the trading system that we use is good or not. We check all the results of profitable transactions and all the transactions that are losing money, then we compare which transactions are more numerous. Many losses or many advantages?

To assess the trading method, we can visit it by doing trading transactions as many as 10 times, respectively using the trading method that is considered the best.

Taking open trading positions in accordance with the trading analysis signal that we use. After 10 transactions, see and compare, what percentage of profit or loss.

  • From 10 x transactions:
  • 10 x profit: 100% profit ratio
  • 9x profit and 1x loss: 90% profit ratio
  • 8x profit and 2x loss: 80% profit ratio
  • etc.

A trading method can be said to be good if it has a minimum profit ratio of 70%, meaning a minimum of 7x profit from 10x transactions.

6. Always focus and accept small losses

When we make a deposit on a trading account, it is necessary to remember and realize that the money has the risk of potentially losing.

Therefore, the money used for trading should be not money as a living expense. We should be able to consider the money as pocket money that might be spent.

If we already have this attitude in psychology, then we have prepared to be able to accept small losses, to be able to manage our financial risks.

By focusing only on trading, without thinking of small losses, we will be far more successful because then emotional factors can be controlled. Which is where most traders experience deep losses due to their inability to control emotions.

Furthermore, only use a maximum risk of 2% of the amount of funds on a trading account. That is, every time you make a transaction do not risk 2% of the amount of funds in the trading account.

When experiencing a floating loss regarding loss of 2% of the amount of funds you should immediately close the trading position. Or to be safer always use a stop loss.

7. Creating positive feedback

Positive feedback is created from the results of our transactions that are in accordance with the trading plan we prepared before entering the market. If we have a trading plan / trading plan and are able to run it well, a positive feedback pattern will be formed.

Success will create success, which will lead to confidence, especially if the transaction is profit.

Even when the transaction experiences loss, if the trading method that we use according to the trading plan will still generate positive feedback as well.

The process is

  • We conduct trading transactions according to the trading method we plan (for example, open a position when the average moving indicator signal appears and the price pattern signal also gives the same signal). And it must be consistent.
  • When the trading method that we use often generates profits, it will bring confidence and confidence in determining the entry point of trading position.
  • When the trading method we use experiences loss, note and find out what factors cause the analysis to slip. So learn to prevent repeating the same mistakes.

Building positive feedback is requiring high flight hours.

8. Do analysis every weekend

Professional traders need to prepare everything first. Every weekend, when the market closes. We can study weekly charts to find patterns or economic news that affect the market.

This is a reflection of the results of our trading transactions in a week. It is very helpful in creating a trading strategy for the coming week.

In time, our trading will be able to arrange the best trading plan for trading transactions despite market pressure.

If we haven't found the position of the entry point, it's best to learn to wait and be patient because the opportunity will come longer.

But if we miss the opportunity of the entry point to open a position, always remember that the opportunity will always come again, do not be rushed. Professional coaches always have patience and discipline.

9. Make notes

 Always make notes, including excellent learning methods if you want to become a successful and professional forex trader. One way is to print graphics and fundamental data that guide you in making trading decisions.

Make a sign of the entry and exit points, and give relevant information. This note will be very useful someday.

Also pay attention to the emotional reasons experienced during the trading transaction. Whether we are panicking or anxious, whatever it is, note everything.

And when we have managed to control our discipline and mental attitude when trading trading based on the trading plan we use, we will become successful forex traders.

The process of becoming a successful and professional trader cannot be achieved instantly, but needs continuous learning consistently with discipline.

Those are some technical tips and how to learn forex trading to be successful and professional.


Post Top Ad

Your Ad Spot