Here are the top 7 things to do to have forex trading success:
1) Get rid of your indicators - They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.
2) Use sound money management principles - The more conservative a trader you are, the better off you are going to be. Don't try to hit a home run with every trade, because it never works out that way. You've got to be prepared for the long haul, if you want to make it in this business.
3) Don't overtrade on your demos - I know that you'll feel like the more you trade, the better off you are going to be. But that is just false. The problem is you are going to get too comfortable with a demo account, that once you start trading with real money, you are going to realize that you are not ready for it.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Use Mini Accounts When First Starting Off - You need to know what it's like playing for real money, when you get done with demos. But playing with full lots is not the way to do it. Make sure you start off nice and slow.
6) Keep the margin reasonable - If I were to recommend a margin ratio that you should use it would probably be 200:1. It's enough room to play with.
7) Understand how news moves the market - It's a forex trading certainty. The economy will always have news coming out, and you best be prepared for it, if you want to succeed. Too many people disregard this aspect of trading.
1) Get rid of your indicators - They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.
2) Use sound money management principles - The more conservative a trader you are, the better off you are going to be. Don't try to hit a home run with every trade, because it never works out that way. You've got to be prepared for the long haul, if you want to make it in this business.
3) Don't overtrade on your demos - I know that you'll feel like the more you trade, the better off you are going to be. But that is just false. The problem is you are going to get too comfortable with a demo account, that once you start trading with real money, you are going to realize that you are not ready for it.
4) Keep your emotions under control - There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don't know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.
5) Use Mini Accounts When First Starting Off - You need to know what it's like playing for real money, when you get done with demos. But playing with full lots is not the way to do it. Make sure you start off nice and slow.
6) Keep the margin reasonable - If I were to recommend a margin ratio that you should use it would probably be 200:1. It's enough room to play with.
7) Understand how news moves the market - It's a forex trading certainty. The economy will always have news coming out, and you best be prepared for it, if you want to succeed. Too many people disregard this aspect of trading.
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