How to become a successful forex trader in 2019?
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.
People trade forex for only two goals: making a steady income or earning a few extra dollars per month. So what do you want?
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.
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.
Let me show you how to find one.
- 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…
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.