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HOW TO TRADE FOREX SUCCESSFULLY
Learning how to trade Forex successfully is certainly not a random endeavor, it is a structured approach based on planning, executing, reviewing, and adjusting the plan as necessary. The continuous application of this cycle allows us to have a beneficial trading mindset and behavior which leads to consistent profits, the ultimate goal of every beginning trader.
Here are three critical metrics that every trader should keep an eye on and use to assess his/her performance.
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Trades executed as planned
This is probably the single most important metric to monitor, and it’s the percentage of trades that were executed as per plan without any deviations. In order to develop this metric, every trade without exception should be reviewed and assessed whether it was as per plan or not, and if possible take a snapshot of the trade setup and save it as a picture file for later review. A professional trader is easily capable of achieving 95% or higher, and that is what every beginning trader should aim for.
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Forex Trading Tips
As a forex trader, you need to be able to turn your strategy into action, to execute your trading plan while managing your risk. Beyond picking individual forex trades, there are some fundamental tips that will help you to become a more confident and competent forex trader.Stick to your plan
Your choice of forex trading strategy will depend upon your trading goals, your attitude to risk and your reading of the market. Establishing how you intend to employ your investment capital to achieve your goals will give you a trading plan, every trader’s most essential tool.
Following your trading plan is easy when your forex trades are making money, much less so when your trades are losing. But remember, not even the most successful trader has a 100% strike rate. The key to your performance over the long term is how well you manage your losses as well as your profits, and this is where your plan is vital.
Test your provider
There are many forex trading providers out there and you should be able to find one to suit your trading needs. Do you need free charts or trading signals? Are you looking for reliable execution? Is personal customer service a high priority?
Your choice of forex provider is one of your most important trading decisions, as it affects both the value of your trades and the level of support you will receive. You should make sure your provider matches up to your checklist, and be prepared to switch providers to receive the service you need.
Practice makes perfect
The best way to learn how forex trading works is by placing trades. When you’re starting, you should open a forex demo account. This will allow you to place virtual forex trades risk-free and learn by experience.
A demo account also helps you to explore the trading service offered by a forex provider before opening a live account. InterTrader offers a free Demo Account that allows you to trade a wide range of forex pairs and other markets risk-free, with a virtual cash balance of £10,000.
Choose your trading tools
There are many different trading tools available. As a new forex trader you need to work out which tools best suit your approach to trading. If you trade on the basis of macroeconomic data you’ll need one or more reliable news feeds. If you trade on the basis of financial statements you’ll need a fundamental analysis package. If you trade using technical analysis you’ll need access to historic price data and informative research.
Whatever tools you choose, over time they should become part of your daily trading routine. Planning, research and trading are all critical parts of your trading process. By establishing a routine that schedules uninterrupted time for each of these three activities you’ll ensure the basis of effective forex trading.
Source: intertrader.com
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