Best forex brokers | How to become a successful forex trader in 2019?

How to become a successful forex trader in 2019?

Obviously there would be a lot of steps for you to take in order to become a successful forex trader.

However, in this article, I will just focus on the most basic merits of a good forex trader.

If you make clear of what you have to do at first, you will find it easier when you start trading.

Those steps I want to talk about are: setting a clear goal, picking a good broker, starting small, and planning risk management.

Best forex brokers | Set up a clear goal

When you start forex trading, it’s best to know what you want first.

People trade forex for only two goals: making a steady income or earning a few extra dollars per month. So what do you want?

Do you only need a little amount of additional money in a short time? Or do you want forex trading to become a profession?

You need to set up the goal because once you’ve done it, you can choose your trading strategy more easily.

How so? Because the answers of those questions affect significantly which strategy suits you most.

If you just want some extra dollars, it means you won’t spend much time trading or analysing the market.

A short-term strategy will suit you. If you decide to pursuit a career as a trader, you will spend a lot of time on the market.

A long-term strategy with big money will be suitable for you.

Best forex brokers | Pick a good forex broker

Picking a good forex broker for trading is obviously very important. You do every traders on that broker’s platform.

They decide the spreads and commissions and swap and slippages and many more. So it is vital to choose a qualified forex broker.

Let me show you how to find one.

I’ve been trading forex for 5 years now and I came up with a set of standards to decide whether a broker is good. Those standards are:

  • Credibility: regulations, historical activities, scam reports, trading volume…
  • Trading cost: spreads, commission, slippage, bonus, leverage…
  • Trading condition: platform, accounts, quotes, payment methods…
  • Customer care: Offices, availability, education program…

Best forex brokers | Humble beginning

Data show that a staggering 95% of beginners in forex trading lose all their money at the start.

That’s right. Forex trading is very complicated and you can easily lose everything at the beginning.

Professionals always advice beginners to start small. Deposit a little money in. Trade some to gain more experience.

After a while, you will be more experienced and confident to deposit more.

Risk management plan

Setting up a risk management plan is very, very important. I can’t stress more how important it is.

When you trade, it is very easy to throw away all your plans and follow your instinct. That’s when you mess it up.

Always keep a cool head when you trade. Follow your risk management plan strictly because it would be safer for your funds and hard-earned money.

Finally, don’t lose hope. I know forex is hard, but you have to keep your chin up, even though you lose tremendously at the start.

Practice makes perfect. Patience is always the best value of a successful forex trader.

, ,

Leave a Reply

Your email address will not be published. Required fields are marked *