tips for become a good trader?

Discussion in 'Forex' started by Mauwebluefinger, Sep 13, 2019.

  1. Do not follow others. Understand your trading style and make trades accordingly, as what might be working for them might not work for you.
     
    #401     Oct 26, 2022
  2. Make an efficient trading plan that comply with your trading style, financial goals and risk tolerance. Avoid trading if you do not have trading plan.
     
    #402     Oct 26, 2022
    comagnum likes this.
  3. Analyse and understand the fundamental factors that influence your chosen currency pair to trade with.
     
    #403     Oct 26, 2022
  4. Never risk more than you can afford to lose. Calculate your expected profits and losses and analyse them properly and make trading decisions accordingly.
     
    #404     Oct 27, 2022
  5. Have the right mindset towards trading and develop good trading psychology.
     
    #405     Oct 28, 2022
  6. Practice charts and indicators and get a good hold on technicalities of the trading. And also consider learning the fundamentals and their analysis.
     
    #406     Oct 28, 2022
  7. Do not make frequent changes in your trading plan once the trade is placed. For eg, avoid changing position size and exit level or stop loss level.
     
    #407     Oct 31, 2022
  8. Before starting to trade or even practise on demo account make sure you have gained all the basic knowledge and understanding about the market and its nature.
     
    #408     Oct 31, 2022
  9. To become a good trader develop a trading strategy, a trader should stay updated on market trends. Manage your risks properly while trading by employing various risk management strategies, and always maintain emotional control.
     
    #409     Nov 10, 2022
    comagnum likes this.
  10. managing risk is really a challenging issue , because market is much volatile and no way to survive successfully.
     
    #410     Nov 13, 2022