9 Tricks of The Successful Forex Trader
The growing number of traders in Indonesia keeps increasing since this business offers the trader with a number of advantages such as earning money in short time by sitting in front of the computer with internet connection and play their role as a forex trader. Forex trading, basically, is not merely the activity of understanding the ups and downs of the charts but it strongly relates to the determination and discipline. In order to be a successful forex trader, some tricks need to consider.
- Determine the aims based on the style of trading
As a beginner, it is necessary to determine the goal in order to achieve the desired goals as a forex trader by considering the trading style.
- Choose the broker with appropriate trading platform that accordance with your trading style
In order to minimize the future risk of having wrong analysis, it is recommended that traders choose the appropriate brokers by considering their policies in running this business.
- Choose the trading methodology and be consistent
Before trading, a novice trader should consider some aspects such as trading plan, currency, appropriate time frame, ways to do trading analysis and an adaptive method for the dynamic trading.
- Choose the appropriate time frame for the appropriate purpose
A forex trader needs to choose longer time frame such as TF Daily (D1) for direction analysis and shorter time frame such as TF Hour (H1) for time entry.
- Calculate your expectancy
To avoid the loss and to maximize the profit, a trader should compare the percentage of loss and profit using trading probability formula.
- Be focus with your trading and love small loses
The psychology conflict of having loses need to consider so that the trader will not get depress when losing money because the money used in trading is not for living expanse.
- Build positive feedbacks
A positive feedback is important to make the forex trader stay confident to execute forex trading. Such feedback will courage the trader to get successful trader.
- Perform weekend analysis
Weekend analysis is aimed at finding the strength and weakness as a forex trader and preparing for the upcoming trading.
- Record your trading
Keeping printed trading record helps the trader to do evaluation on how the trading went on so it can be used as reference for next forex trading.
If you want to be a successful trader, you may need to follow the nine evaluation above. Make sure that to do all of them.