setting up your successful forex trade
The best way to learn about the trading game is to open your first successful forex trade on a demo account and practice trading
Getting your first successful forex trade under your belt will boost your confidence level.
You can read millions of books and sign up for classes, but you still won’t be as skilled as someone who went ahead and made his first trade. Now gain practical experience by running your first successful forex trade on a demo account
Take time to set up your trade according to your trading strategy, monitor, and record the results in a trading journal.
eight mane steps to setting up a successful forex trade
- Be a constant learner. Always keep an open mind. be ready to adapt to new conditions
- Be proactive. Look for trading opportunities all the time and plan ahead.
- Develop a trading plan. Never trade without a plan that has been tested on a demo account.
- Control your emotions. Set trades strictly according to your strategy, not your emotions.
- Develop a risk management strategy. Be aware of what you may lose.
- Start with a demo trading account. If you can’t make your strategy work, don’t trade.
- Practice money management techniques.
- Cutting losses earlier rather than later. Don’t break your rules; leave the stop loss once set.
easy to follow line crossing strategy
first trade for a professionally trader
One of the most important psychological characteristics of winning traders is the ability to handle the pressure of trading in a calm, organic manner and accept that at times you may lose more trades than you win. Winning traders understand that trade management is a more important skill than market analysis.
Setting a stop loss is part of a good money management plan. This limits the amount you will lose should the market move against you.
The stop loss is set in such a way that miner market fluctuations will not trigger it. in the higher time frames demand a larger stop loss gap.
Buy monitoring your trades Regularly, you can react quickly to any unexpected trading opportunity that arises.
Keeping a trading journal can be a great help for beginners, as they can review past trades and learn from their mistakes.
The take profit is generally set between 1.5 and 2 times the stop loss value.