There is no single way to become successful at forex trading. All traders need to create their own roadmaps and follow them. It should have everything from the profit making strategies to risk management strategies so that you do more than just waste your time in the market.
Being different personalities, we do better when we find our own ways. If we follow someone else, we are not actually exploring the possible options. We are just passing our time by being mediocre. Build your own trading plan that contains information about the trades you want to execute and how you will actually be executing them.
This is the perfect roadmap for all the beginners. I like that the last goal is not to be a consistent trader but a learner. Learning is a never ending process in trading and you can always work towards improving yourself.
Agreed, what I think is in the forex market, the more you learn the more you excel, so one should never stop learning.
Following someone else is not just an option in the forex market. You should build your own strategy and mention everything in it including your entry and exit points, the strategy you will be using, and the risk you will be taking.
Exactly, one should make strategy on their own after carefully examining the market because only a trader can know what kind of strategy would be useful for him.
All of us take forex trading differently and so we have our own ways of making money. We tend to decide our own times and build our own strategies and so, there is always a different way to succeed for each one of us.
Learn hard to have an instinct about the market so that you don’t have to think about what others are doing, because you will know what you should do. Keep a trading journal so that you know which areas you need to improve and which ones are working great for you.
Maintain a record of the trades you execute and you will know which way your trading career is going. I have been keeping a trading journal for some years and it truly reminds me of the past lessons so that I avoid repeating the same mistakes. An important lesson that I learnt is that baby steps are far more effective than big jumps. We all want to make big profits but it doesn’t reciprocate to taking big risks anytime. Your experience is the strongest pillar of your career and it can be built with small investments too. Remember that the goal is not to make a single profit; it’s to survive in the market so that you can keep making profits.