Sometimes to get better in any profession you have to monitor your work. And it has to be judged by you before anyone else notice what and how you are doing work. Thus you can improve all of your working technique from time to time. This is a good and really effective strategy to improve yourself in any working sectors or any jobs. And the plus point is, no one will be able to judge you for poor performance. In the trading business, the system is the same. Here you can also use this method to improve yourself. Though there is no one to judge your performance, you will still experience the effect of poor performance. So, why not improve yourself before performing badly? Today we are going to show you how you can monitor if you are trading well or bad.
That is one of the leading questions anyone considering forex trading asks. The simple answer is yes you can, but the reality is that it depends. The best way to enumerate this is to start with an example. George Soros, worth an estimated 8 billion US dollars, made his money through investing. He is known as the man who broke the bank of England because, in 1992, he took a short position against the pound and made a profit of 1 billion dollars when the UK withdrew from the ERM. There are other examples to consider, such as Andrew Krieger and Stanley Druckenmiller. Clearly, there is money in forex exchange. However, there is a reason why when you Google people who became millionaires via forex trading only these few names come up. The reason is that it takes more than luck or a casual knowledge of the forex exchange market to make it big. Instead, it takes time, commitment, and willingness to fail and learn from failure. George Soros, for instance, studied at the London School of Economics and followed that up by working in various banks. It then took him more than ten years after starting his first hedge fund to make that 1-billion-dollar profit. He took his time, learned what he needed to learn and eventually it paid off. Therefore, wherever you are trading from, forex exchange the United States, India or forex trading Australia, the principals that govern success in the forex trading are similar. Here are three of them.
Start SmallThe continuous piece of advice every experienced trader gives is that everyone ought to recognize that forex trading is not a shortcut to immediate wealth. While there are people who are lucky enough to make it big with their first trade, for 99% of traders, it takes time. It does not matter how skilled you may be, always start small. The best place to start is with a demo account. Find a good broker, and there are many available such as Rakuten broker and open a demo account. Practice until you feel you have learned enough then move on to live trading. Once you start live trading, do not immediately begin trading 300,000 dollars on a 10,000 dollars’ account. Chances are, you will probably lose 20% of your account in a matter of weeks. Always start small and increase your leverage with time. That is the foundation of making it big in forex trading.
Commit Yourself to Learning MoreEveryone is a total of what they know, and it is what you know about forex trading that will determine how successful you are. The thing about forex trading is that it is not constant, it changes every single day. The factors that affect the falling and rising of a particular currency are continually shifting. As a result, it is necessary that you commit yourself to learning more, and to keeping up with the changing industry if you are to remain competitive. At the moment, traders who initially embraced cryptocurrencies and machine learning are raking in money merely because they noticed an oncoming change and were quick to adapt and learn. The trick to forex trading success is always to be open to learning more. Never stop learning.
Do Your Research and Take Advantage of the Tools AvailableIn the current age, there are countless tools to help a trader. The trick is in identifying which device is right for you. It could be SSI, a tool that tells you the traders who are short vs. those who are long on a specific currency pair. The tool could also be copy trading or social trading; a tool that allows you to learn from and copy more experienced traders. In essence, the tools available are too many to list. Therefore, do adequate research, combine that with what you have learned and pick a tool you are convinced will make you a better trader.
Final WordRemember also; your broker plays a vital role in your success as a trader. Rakuten Securities, for instance, or any other trusted broker who will partner with you to ensure the best possible environment for a successful trading career.
You would have heard about discipline. In fact, disciplined behavior must be something that you have previously encountered. But what about a disciplined trading mindset? Have you heard of it? It’s okay if you haven’t. We will make it clear for you! The market for foreign currency exchange is not as it’s painted by the trading platform developers and some scam brokers. They paint the market as if it doesn’t involve losses, but rather only generates gains. They paint it as if it is easy to be a trader and you wouldn’t need anything much. Of course, you don’t need anything much compared to other careers but still, there are certain unique demands for the foreign currency exchange market that are required. They paint a picture-perfect market, but it is not true. Even the Forex market has a few flaws. There’s nothing perfect in this world. Everything would be flawed if you look deep enough into it. However, the picture-perfect imagination impacts traders heavily. They easily get effected by such marketing tricks. Read this article to get the clear and true picture of the market. What does that have to do with having a disciplined trading mindset? Well, there are a lot of things that you can do if you have the right mindset. You will find it below!
Identify the mistakeMaking mistakes can be great, effective way to learn new things. In fact, all the senior traders bring positive change to their trading strategy by assessing their mistakes. As a full-time trader, you need to write down the details of each trade setup so that you can assess it during the weekend. This will help you to pinpoint the key problems with your strategy within a very short period of time. Once you know the problem, you will be able to work out how you can use the demo accounts to fix the issues.
Put the trust in yourselfThere are many traders who easily lose faith in themselves. Why does it happen? Why is it common among newcomers? Unless a person trusts himself or herself he or she wouldn’t be able to continue their journey. This doesn’t apply only to Forex trading but also to everything else in life. Even to complete a degree or any other educational course, you should believe that you can. You should not do it just because someone asked you to. So, this is all about trading mindset and the connection it has with you having confidence in yourself. If you trust yourself you would listen to your trading instincts. On the other hand, if you don’t trust yourself you would always have doubts about your decisions. A trader should not exhibit this type of behaviors. So, you should discipline your trading mindset. How do you do that though? It is pretty simple! You have to believe in yourself. To be honest, most traders don’t trust themselves which is why the success rate is very low in trading. You are the main reason for your success, you should trust yourself to do it.
Focus on smaller changesYou don’t have to work monotonously. Even your trading journey doesn’t have monotonous. If you want to improve your trading experience and behaviors you should add a few changes at a time. You should focus on the smaller changes. Some traders prefer not to change but sometimes change can be positive. You should make your mindset to accept the changes that you make if not it would be impossible to gain profits. For example, finding a new trading method. Or finding a new strategy.
Think out of boundsIf you are in the foreign currency exchange market, you are not bound by any rules. You can create rules and break rules. But don’t break rules without having a valid reason to do so. You are on your own your trading journey, so why not try to think outside of the box? Most traders work according to the way that has been mentioned in whatever material they have read. But this might limit your success. So go beyond the bounds of convention, and the sky is the limit.
Everyone wants to lead their dream life. People wake up very early in the morning thinking about how to can secure their financial freedom. Due to the global economic crisis, finding the perfect job has become extremely hard. Even if you manage to have the right position in the top tier of a company, the chances are that you will become a victim of professional politics in the working environment. So what do you need to do to live your dream life? This is where the term Forex trading comes into action. If you can master the art of currency trading, you can easily use a high leverage trading account to make a huge profit from this market. But things are not so easy. You have to learn the details to find the best trades. In today’s article, we will highlight three important strategies you need to know as a trader.