Forex Trading for Beginners. Forex Trading is one of the successful businesses in the world. If you learn it successfully you can earn much more money than you wish. You must find the best way for it.
Why a lot of Beginners fail Forex Trading?
As my vision, the main reason is they try to follow others. When we try to do something, if it should be successful we must do it as our wish. But a lot of beginners try to do the same as other’s instructions. Once if it failed they will disappoint & exit from all there doings. I think you have a lot of forex strategies, indicators, templates. But why are you an unsuccessful forex trader yet? That’s why I telling you, you don’t know what you need & what you think. That is the only reason you going to fail.
As an example, once you receive an Apple,
What are you going to do for that? Definitely, you will try to eat it as you wish. Think….How many methods have to eat an Apple?
- Someone like to drink as a juice.
- Someone likes to eat pieces of apple.
- Anyone likes to eat a salad from Apple.
How many ways to have to eat an Apple?
Now we apply that example to forex trading. Once you get a forex strategy you should remake it as you wish & achieve your goal. Combine other indicators to success that strategy. You can change settings of indicators. Rebuild it for the best time frame.
Some people exit their trades after getting target profit pips. Also, someone holds their trades until a trend reversal. Someone has a lot of free time to spend with the computer. But another one doesn’t have like that. you must choose your trading time frame, which you can spend on trading.
How much time can you spend in Forex? Select your time frame.
How much profit do you need? Select your trading method.
How much money can you invest in forex? Decide your trading lot size.
How much can you get a risk? Decide the amount of stop-loss.
Important Remind for Forex Beginners.
After buildup your trading plan then you can create a good strategy as you thought. With some strategy, some people will fail & someone maybe success. The main reason is they didn’t rebuild strategy which is what they needed. Do experiment until you get good results. If once you failed, change strategy & try again & again. If you do practice & experiment continuously, you can be a successful forex trader.
You can’t find a 100% successful strategy anywhere. If you try to catch all pips in your currency pair you can’t become a good forex trader. If you try to get profit from all your trades, no chances to true that. Profit and loss are part of forex trading. You should improve profit than loss.
How to satisfy from strategy?
Before you become a real trader you must practice in the demo account. If your strategy is success your demo account balance will increase day by day. Practice a minimum of three months until you get self-confident. If you get self-confident then you can satisfy that strategy.
Best Advice to Beginners.
Always price movement depends on the political & economic decisions of the country. So, the price movement direction will be changed at any time. Remember it. It is important. So, we should protect our account balance. Don’t enter to trade or exit from trade with guessing. The price movement will not change directions for your needs. It will turn after move to the maximum level or minimum level. So, once your trade is running with loss, close it immediately. Don’t try to hold it. These things are simple but important. So as a beginner is careful when you enter forex trading.