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How To Be A Successful Forex Trader

How To Be A Successful Forex Trader

In this article i mentioned 4 main key point answer of How To Be A Successful Forex Trader

Manage Risk – How to be a successful forex trader

Strict Risk Management and Money Management strategies are vital components and answer of How To Be A Successful Forex Trader. Managing capital exposure on each and every trade, both individually and collectively across all open trades, is not just an option – it’s mandatory for traders who want to stay in the game long-term.

Manage Risk - How to be a successful forex trader

Manage Risk – How to be a successful forex trader

FX-Forex Trading provides built-in features for managing risk from the moment you plan a trade entry, through to closing the trade. As you enter a trade, the risk/reward ratio will automatically be displayed. A warning will appear if the risk exceeds the preferred limit set in your profile. You can also let FX-Forex Trading calculate your trade size (number of lots) based on your entry price, stop loss point and preferred risk.
A Risk Summary table is prominently displayed at all times while you monitor your open trades. Using FX-Forex Trading, you’ll always be aware of your total and hedged capital exposure, avoiding account melt-downs and margin calls.

Developing Discipline – How to be a successful forex trader

If you ask any experienced forex trader or trading educator what the most important factor is in becoming a successful trader, the answer will nearly always be the same. The trading system is important, money management is important, but THE most import attribute is discipline. Without discipline, everything else in a trader’s plan is useless.

Developing Discipline - How to be a successful forex trader

Developing Discipline – How to be a successful forex trader

Developing discipline is an ongoing struggle for most traders, but the process is made easier with FX-Forex Trading. With start-of-day and end-of-day power checklists, individual trade type checklists, online trading tips and self-assessment facilities – Trade on Track allows you no excuses for taking a trade without good reason. Finally, you are held accountable for the trades you are taking. Taking responsibility for your trades, the good ones and the bad ones, is essential in the process of becoming a truly profitable and successful trader.

Analyzing Performance – How to be a successful forex trader

“Keep doing what you’ve always done and you’ll keep getting what you’ve always got!”

A true statement in most areas of life, especially foreign exchange trading. If you think your trading inconsistencies and losses will magically turn around on their own, you’ll most likely be very disappointed. Successful traders are constantly monitoring their trading performance, analyzing what is working for them and what isn’t – then adjusting their trading plan, their strategies and their trading skills to continually improve.

Analyzing Performance - How to be a successful forex trader

Analyzing Performance – How to be a successful forex trader

Keeping a good trading log is the start, but a manual (paper) or spreadsheet log is usually cumbersome to maintain and difficult to analyze – so it doesn’t end up getting done. Take the tedium out of analysis and uncover your winning strategy with Trade on Track.

Trade on Track features simple data entry screens, Metatrader 4 integration, account history imports and screenshot uploads to get all of your trades into the logging system. Analyze your trading performance using the dashboard charts, profit summary table and trading log to continually “sharpen the sword” and be the best trader you can be.

Maximizing Profits – How to be a successful forex trader

Traders are traders for various reasons, including: the challenge, the excitement, the learning, the prestige … but when it comes down to it, traders are there to make profits!

The formula for making profits and maximizing those profits is quite simple:

  • Develop and use proven, profitable trading strategies.
  • Use strict money management rules.
  • Track and analyze your trading performance constantly.
  • Refine your skills, trading strategies and trading plan to continually aim higher.
How to be a successful forex trader

Maximizing Profits – How to be a successful forex trader

Part of the whole refining process is finding strategies, methods and rules that work for you, that fit your trading personality. This is a forgotten step in many trading education programs. By analyzing your performance regularly, you can spot the strategies, the time frames, the currency pairs and the days where you are most profitable. FX-Forex Trading provides this enlightening information for you. You’re no longer in the dark with your trading progress, FX-Forex Trading is the essential tool to help you keep moving to higher and higher levels as a forex trader.

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