How can I be a successful trader?
Having a profitable trading system plays a huge role in the success of a Forex trader. Stick with your plan and system by preparing all the necessities regarding your trading beforehand. You need to know the entry and exit point of performing a trade.
Hello, I can suggest few points which can help you learn about Forex market! 100% success Rate is dangerous where draw down can be huge! Anyway coming to the point,
1. Refine your technical skills. It means you should know the role of indicators and chart tools and draw an accurate inference from the studies.
2. Then we have Fundamental aspect of trading where news play a major role. Many traders do news trading where they take positions according to the news in the market. For eg. If the trader is trading in EURUSD and expects a Good news from USA, he would sell the EURUSD immediately if the news is in his favour and vice versa.
3. Understand the global markets and its effects. One should know the banks policy and other factors which he thinks that can potentially affect the pair.
4. Open a demo account in with any forex brokers. I can suggest some to you- FXCM, OANDA, Finprotrading, FXpro etc and trade with them so that you can get a real market feel but with fake money.
5. Try to open an account with that much money which you couldve afforded in real and adjust minimum leverage and start trading.
6. Once you feel that you are getting grip of it, its time to switch to live trading.
I hope my answer helped!! All the best!!
Happy Trading!!!
Hi I want to ask how to find some decent trading EA, which I can use in MT4 platform? I am looking for something that would have low draw down and at least some profits. Thank you
Yes, you can be a successful forex trader. Anyone can be a successful forex trader as long as they take the time to learn and gain the necessary experience. Open a demo account, go read and watch tutorials and online lessons - there is widely available material about forex trading everywhere. I do recommend, however, to keep practising on a demo account for a good, long while before you even consider moving onto a live account.
I really appreciate all of your efforts here. Your good response will help me to go ahead. I'll definitely follow all of the tips. lol
For becoming a successful trader you need a lot of knowledge about your strategy. Then you need practice and personal experience in order to become profitable. A trader cannot become successful until he has practical experience in forex market.
Becoming a successful trader requires a lot of effort - reading, learning, making mistakes, learning from them. It's not exactly an easy path, but it's not impossible either, as long as you're committed to the idea.
We need : luck, luck and luck
For becoming a successful trader you need a lot of knowledge about your strategy. Then you need practice and personal experience in order to become profitable. A trader cannot become successful until he has practical experience in forex market.
Yes really! Experience is the big factor for achieving success. But where can I do practice?
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
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Hey guys,
While searching through the internet I found this forum and feel free to join. Basically I am too much interested to learn about Forex. How can I know more about Forex?
Thanks!!!