Most Traders ignore these important factors’ when embarking on their trading career. They might get lucky and have a profitable trade or two to start with, but find it very hard to replicate without professional help.
When you decide to start trading, I recommend your first step should always be to plan and create a strategy. The following 5 fundamental tips go hand in hand with each other and can potentially put on you onto a path to success.
- Plan – Create a trading plan, this defines how, why and when trades should be done. If done right, a trading plan can help limit mistakes and can eliminate bad decisions made in the heat of the moment.
- Education – Like any industry, education makes for good practice. To trade Foreign Exchange the most important factor is to seek out an educator with Industry experience. Do your research.
- Research – You should never trade impulsively, by doing thorough research, you should be able to justify your trade. Keep up to date with fundamental developments in forex markets to build a solid foundation, which can also involve watching major non-financial news as it breaks.
- Discipline – Emotions can be a trader’s worst enemy, negative emotions that can affect some traders include fear, anxiety, panic and greed. To become a successful trader, it will require determination, hard work and discipline. Accept the losses while learning from them and remember to always been realistic by setting achievable goals.
- Risk Management – Be realistic about your ratio of risk vs reward while properly using a correct stop loss position.
These 5 fundamental tips should be the core principle of any trader’s focus. I can show you how to create a plan and an executable strategy that’s best suited to your trading style, show you how to research and use educational tools to trade different forex markets, while instilling proper discipline tactics and considering a good risk management concept.
No matter what you do for a living, most of us receive some sort of training during a career, doctors do internships, tradies do apprenticeships, so where do you learn how to trade FX?
After doing hours of online research to find the best Foreign Exchange educator, I was continually met with scams or people giving the industry a bad name, this lead me to created FX Trading 101. I built and tailored this course around my 30 years of industry knowledge and real life experiences. I realised that if there are people out there that would want to learn more about the foreign exchange industry and how to trade forex, then you should be given the opportunity to learn forex from an accredited and trusted source.
I have been lucky enough to work for some of the major banks around the world and build global forex strategies that have now become the foundation for these institutes. This is what makes my two-day workshop unique, no other educator will be able to provide you with the knowledge
As market professionals with a combined experience of over 75 years, foreign exchange is in our blood, we live and breathe markets. We will teach you how to apply disciplines, methods and procedures to help learn to manage risks in trading.
Remember to keep learning and always do your research, be patient and know when to stop, even when it’s profit.