You may want to watch the video as well as read the article to get a good understanding of what we think are some of the best foundational skills to have in becoming a successful trader.
1.Have Clear Goals in mind and choose a trading style that is compatible with those goals.
When you start trading we recommend that you might shoot for a potential goal of 30 pips today. Once you reach that on a consistent basis than you may think about extending their goal to 40 or 50 pips a day. They keep in mind that you may have a trading style that is longer-term in you may not reach your goal every day but when you close a large trade it could well exceed the average of 30 pips a day. So set your goals in relation to your trading style… is long-term or short-term keep your expectations realistic and adjusted as necessary and this will help you to stay in tune with the market and not become discouraged or overly optimistic.
- Good trading involves expecting small losses.
One of the first things a trader needs to learn how to do is accept a few small losses. You don’t want get in the habit of having large losses that means you not managing the trade properly. If you have the market come back against you occasionally because of either a news announcement or you read the market wrong that’s okay but keep the losses small. You can also expect to have a few small wins the average out, and you’re probably a little bit positive but where you really make the money is on your larger wins by taking an managing many trades.
- Do not waste time on a losing trade, hoping it will turn around.
This is a continuation of the previous thought in this better to take a small loss rather than hoping the trade will come back and you end up taking a large loss because it doesn’t come back. Remember the first loss is usually the smallest loss.
- Study your charts at the end of the week looking for patterns that can affect forex trading.
We need to set aside some time each week to review what we have done and plan as to what we want to do for the upcoming week. In the weekly review you can calculate your stats and reflect on your trades and how you would’ve managed them differently. Then in your weekly planning you can look for patterns and trends in potential setups for the coming week. In the beginning of the week you might look at the weekly chart looking for an early bird set up. This will give you the direction that you might consider trading for the rest of the week.
- Focus on learning how to use indicators. It is difficult to master the world of currency trading if you only focus on one or two pairs.
We suggest that you learn how to use indicators than you can trade any pair or groups of pairs that might be moving that week. If you only focus on one or two pairs and they don’t move then you are more likely to enter poor trades because you want to be in the market. Once you know how to use the indicators you will get signals as to which currency pairs are moving at that time and you’ll have a higher likelihood of having many more good trades because you’re only taking the best the market has to offer.
- Plan trades in advance and never trade only because of the sudden price movement.
The market can be very volatile in if your waiting for those volatile moments to happen you will find it harder to make consistent pips. So in you’re planning session, plan on the direction of the trade and if the volatility takes you in that direction and that will be a bonus for you. If the market goes in the opposite direction than what you were anticipating look for a entry still going in the original direction and many times you’ll find that you will get a better entry by being patient.
- Stay calm and avoid getting over excited when trading, which can lead to overtrading or trading with poor reward-to-risk ratios.
It’s always best to keep a good attitude about the market. Trying to get in tune with what the markets is doing, not trying to get the market to do what you want. If you get overly excited and take a trade because you wanted the market to go in a certain direction then you’re going to have many more losses and end up with a poor win loss ratio.
- Don’t cut the profits short by closing the winning trades too early-stick by your rules.
We always suggest you have a hard stop and a hard take profit when the market start moving in your direction make sure that your take profit is out far enough that you can manage the trade from the backside and take as much of the market as it is willing to give you. Its okay to extend your take profit out as the market continues to move but always move your stop closer, never move your stop further away this will result in more large losses.
These are some of the most important points in developing a solid trading skill set. Master these and you’ll be well on your way to becoming a consistent profitable trader.
Hiç yorum yok:
Yorum Gönder