In this knol, I will be sharing with you some of the forex trading systems and strategies that I have used and have proven to be useful. Hope you can pick up some golden nuggets from here.
There are more and more people who are taking up forex trading as a way to supplement their income or even replace their current day job but the main problem is whether all these people are getting the proper forex trading training that they must have before they embarked on this risky journey.
Do you know that there are over 70% of new traders who failed miserably after their first three months of trading currency. This is mainly due to their lack of knowledge in this area. In fact, I am one of those who failed miserably when I first started forex trading but I decided to spend time and effort to conquer it and it has became my full time passion today.
Here are some of the forex trading strategies you must use when trading:
1) A Proper Trading Plan
Trading currency is the same as doing business, you need a proper trading plan in order for you to succeed in this field. You trading plan will let you know when to enter a trade and when not to enter a trade. It is usually the one that can save you from a losing trade.
2) Follow Your Trading Plan
The problem with most new traders is they do not follow their trading plan and usually trade at will. This can be a killer to your trading account as you may end up to be in the wrong trade most of the time and lost money. Sometime no trade is a good trade.
3) Have Proper Forex Trading Training
In fact, I strongly suggest any new trader to spend some time to study forex books and courses as it can grow your knowledge and allow you to know when is the optimum time to trade and when pitfalls to look out for. After learning currency trading from any course, it is best for you to try the trading techniques on a demo account before you trade real account with your money. Never trade live if you can't get 70% profitable trades consistently.
4) Overcome Your Fear And Greed
There is nothing more scary than your own fear and greed. Your fear will always prevent you from entering any trade that is profitable while greed will always prompt you to exit your trades whenever you have small profit. Not allowing your profit to run can be a very big mistake any traders can commit. The best way to overcome your fear and greed is to stick to your trading plan as much as possible.
Forex Brokers I Trust
- www.fxcm.com
- www.fxsolutions.com
- www.ac-markets.com
These three forex brokers provides very good charting software and reliable.
Some Additional Forex Trading Resources
- www.babypips.com
- www.fxstreet.com
- www.how-to-trade-currency.com (my blog)
Forex trading requires a lot of time and effort to learn but the return will definitely make it worth the while. All the best to your trading!
by Kelvin Lee
