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The following article was published in our article directory on January 14, 2016.
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Steps of Success in Forex Trading

Article Category: Advice

Author Name: George, MasterForex-V Expert

For becoming an expert trader one cannot just depend on their talent which can take through to certain level, but hone their skills by training practice and discipline. Let us understand how to become a successful trader.

Step 1 Goal setting and identifying your style of trading

Without setting goals, we will end up nowhere. So set a definite goal that suits your personality and trading method as trading styles vary. For example if you have funds and you want it to fetch income, short term trading will suit you.

Step 2 Finding the right broker to suit your style of trading and personality

While choosing a broker, taken into consideration that he is knowledgeable one should look at broker's repute, his policies, and his trading platform as they all play an important role. Broker's documentation should be read carefully and his platform should let you do the analysis that is required for you to trade.

Step 3 Finding the right methodology and applying it

Decision making at the right time is very important in trading. For that you need to have right information. You may either look at the details of the company and economy or do technical analysis studying the chart patterns of the stock. But the methodology you choose should be adaptive to the market.

Step 4 Choose the right time frame

Conflicting information that shows up on the weekly chart and daily chart may lead you to take wrong decisions. So it is better to wait for both the charts to synchronize to trade.

Step 5 Check system reliability

It is always good to know your winning trades and losing trades and percentage of win/lose and thereby Expectancy which reveals the system reliability.

Step 6 Accept loses and expect profits

Excess money which is left behind after living expenses only should be used for trading, which means you are not dependent on that money for paying your bills. And while trading learn to accept small loses and the same time expect profits and never allow a loss of more than 2% of your account value.

Step 7 Getting into a success pattern

Planning and proper execution brings results which puts you in a positive feedback loop which builds up your confidence thereby you enter a success cycle. Sometimes you may incur a little loss but that will not bring down your confidence.

Step 8 Plan for upcoming trading week

During weekends when the market is non-operative, you can study the previous week's charts and plan for the next week. This brings in a discipline which is good for a trader. Sometimes pundits who want to sell their positions may be giving our positive information about the market to tempt you. But it is better to sit and analyze and decide and patiently wait for the right opportunity.

Step 9 Maintaining a printed record

Most of the times there will be an emotional hidden reason behind taking action while trading like panic, greediness, anxiety etc. If you can make a chart and note down these emotions along with the entry and exit points it will be easier to study this. It will be helpful in bringing in a mind control and discipline over a period of time.

Keywords: Forex, trading, finances, succes, broker, masterforex-v

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