What is the secret to forex trading success?

Question

Thomas · Accepted Answer

The key to success in the forex market is to specialize in the currency pairs that trade when you're available and to use strategies that don't require around-the-clock monitoring. An automated trading platform can be the best way to accomplish that, particularly for new traders or those with limited experience. Forex markets are open worldwide almost 24/7, but that doesn't mean you need to be a full-time FX trader. A part-time trader can look at peak trading hours when volumes are elevated and spread out the most liquid. Automated trading algorithms can also keep a close eye on your positions and make trades for you when you're not able to attend the market.Discipline, dispassion, and trading appropriate currency pairs based on your everyday availability are the characteristics of a successful part-time forex trader. For beginners, an automated trading program is considered the best way to break into forex trading, at least until there is a greater level of comfort with trading procedures.However, there is no guarantee you will make a profit because of the volatile nature of foreign currency markets.  Smart, knowledgeable, experienced traders—and even beginners at forex trading—will have a better chance to profit if they follow the few simple principles described above.

Albert · Answer

Crucial point is to develop your trading plan before you enter a trade. This plan accounts for the following:Know how and where you are going to enter marketKnow which amount of money you can risk withKnow how and when you leave if you are wrongKnow how and when you leave if you are rightKnow how much you would get if you are rightProtect your trade with Stop Loss if the market moves the way you don't expectUnderstand when market reaches your target

Charles · Answer

It's just a matter of creating a strategy that promises the most profit at that particular moment. Traders should focus on how they conduct their trades, efficiency, and applying knowledge to make better decisions. It is not uncommon for newbies to spend so much time learning but still fail because they refuse to address a problem as it arises. As a result, they become over-stressed and quit the market. The only way to solve it is to keep trying until you achieve your goal. Everybody makes moves differently. In my opinion, patience and skill are the keys to a successful trade.

What is the secret to forex trading success?

6 Answer

6 Answer

What is the secret to forex trading success?

6 Answer

6 Answer

Welcome back

Create Account

Reset password