Feb 17, 2021 by tradevinder
As a beginner in forex trading many people have doubts in their mind as what to do, how to do, what if I failed and many more. So it’s never too late, These 9 Tips are definitely going to make you a successful beginner in forex trading-
- Focus on one setup– To become a successful beginner in forex trading should have only one setup for your analysis. You cannot work having multiple set of indicators and even experiments cannot be tried. There should be only one strategy that should be followed.
- Start with small lots– As a beginner in trading, one should go with small lots. Going for larger lot is alluring but in facing losses will be highly disappointing.
- Avoid system-hopping- System Hopping is a part of learning trading. When a new trader enters in the financial market, definitely he do a lot of research. He scrolls many websites and gets attracted towards people making a lot of money out of it. This is called as System Hopping. But this is not right 100% of the time.
- Use stop losses– Without Stop loss, as a beginner you can lose a big amount of money. Like really big! And you can lose all your risk bearing capacity. So according to you capacity it is must that Stop Loss should be used for every trade. This denotes that this much loss I can bear.
- Work on your mindset– It is very important to understand that trading is not going to make you rich overnight. Trading is addiction where slowly you learn about the things. And as time passes it is hard to come out of it. So you should have a proper mindset about this.
- Find a mentor- Having an ideal is always great. But remember biggest competitor for you is only you. You have to learn things from your mentor that can be anyone but compete with yourself.
- Forget get-rich-quick-books- Many people suggests that trading will make you rich overnight but reality is far away from this. 90% of the traders learn by losing their money in the market. Players at the above level hardly allow others to learn. So its very important for you to have patience in your trades.
- Track and analyze your trades – Every time you trade just have a look whether the trade is successful or not. Learn from your mistakes and achievements.
- Train your eyes- What your eyes observe is the thing what your mind learns. So your eyes should grab the thing which is important for you to learn. You should work on improving your focus and learning new things.