2020 is not a new year but a new decade! How exciting of time and as a Forex trader, we need to realize how important it is for us to come together as a community and share what we know in order to continue to grow in our trading journey. The market is constantly changing and evolving, so in order to be successful, we also need to continue to emerge into the Forex industry more mature and with the tools required to be successful. Even if you have a bit of experience in the Forex market, it’s wise to continue to educate yourself and practice different strategies. Here’s a list for you to go over and help educate yourself in 2020.
Every trader wants to avoid the mistakes of others, in order to make profits and be successful themselves. In a field where traders are seeking to make profits and turn profits into money, a mistake can turn out to be very costly and ruin one’s perception of trading. Just like with any other business and fair trade, the foreign exchange market is no different when it comes to following some guidelines and principles.
Knowing the difference between a strategy that's not working for you and your style of trading, and one that has given you a few losing trades lately is a tricky concept for a lot of traders to grasp. I hear about traders that have a few losing trades and think it's solely the strategy they're using, and so they switch strategies and are still experiencing losing trades. These are common problems that a trader will face, and making the wrong assumptions can lead to disastrous decisions. It’s important for you as a trader to truly understand how common losing trades are so you know what to expect, and really familiarize yourself with statistics behind trading.
In my opinion, there is no key strategy every trader can adapt to be successful and profitable when they trade Foreign Exchange because every strategy will be used slightly differently with every trader. I suggest going through all the strategies in your demo account, and really exhaust all options your brokerage company has given you access to. You want to make sure you feel confident when using your strategy and make sure you use it in the market and it comes naturally and easily.
The instability and spread size of the market means there may be opportunities for you as a trader to achieve huge profits and also suffer from huge losses if you’re not prepared and careful. The most difficult task for a trader to grasp is how they can predict the direction of the market as close as possible. The key secret to becoming a successful Forex trader is to always strategize and analyze your trades. You also need to embrace some specific qualities, one of the most important ones in passion.
Not only does every trader typically possess bad habits, but every person in general usually has bad habits they wish they could correct. When it comes to trading, it's so important to exercise good habits rather than strengthening and further supporting your bad habits. By doing so, you will be leading yourself to profitable trading sessions and the development of your overall trading performance.
Being a Forex trader doesn’t mean you’re automatically a “know it all” when it comes to the Forex industry, and to trading concepts. So, to help traders gain the necessary information that helps them trade more effectively in the Forex market, I’m going to suggest some of the top and most recommended sources. These sites are not only for beginner traders but seasoned traders will also find the information extremely helpful.
Keeping a trading journal allows traders to keep a record of their trades, thoughts, and feelings throughout the day. Trading journals are a great tool to have and making your journal as thorough as possible will give you details that go beyond the statements and profile statistics most brokers will give you as you go through your trading journey.