Sunday January 1, 2017 - 17:20:18 GMT
Share This Story
. - .
How to lead a standard life by trading
The number of forex traders is increasing every single day since every single individual wants financial freedom in their life. But trading the forex market successfully requires an extreme level of skills and patience. Most of the forex traders fail to achieve success in the financial industry since they consider forex as money making machine. If you are one of them and considering forex trading as money making machine then you will also fail to achieve success in this industry. To be precise only 5 percent people are making money by forex trading. So these are 5 percent people are the smart trader who knows exactly what they are dealing with.
Most of the traders who have started their trading career have a question in mind whether they will be able to lead a standard life by trading the financial instrument. The simple answer to this question is yes. But in order to lead a stable life by trading the financial instrument, the traders needs to take care number factors. In this article, we will briefly describe what the key things that will help the traders to secure their financial freedom in the forex industry.
Be truthful to yourself: forex trading will be extremely difficult for you if you don’t remain truthful to yourself. As a forex trader, you will be the best judge for yourself. It’s highly imperative that you judge your trading performance every single week. If you see any lacking then you should work hard to overcome this lacking. As a professional forex trader, you can’t afford to have any weakness.
Develop a unique trading strategy: Most of the traders fails to achieve success in the financial industry due to their lack of trading knowledge. They simply start trading by copying other traders’ strategy. But in real forex trading doesn’t work like this. As a full-time professional trader, you need to develop your own trading strategy. You need to know your personality and temperament and based on that you will develop your trading strategy. Once you develop a valid trading strategy don’t just jump into the trading world. Make sure that your system works and trade your systems in the demo account.
Draw the support and resistance level perfectly: Most of the professional traders use the key support and resistance level in the market to trade the different financial instrument in the world. If you don’t know how to draw the key support and resistance level in the market then you can’t expect to make a decent profit out of trading. So in order consider forex trading as your full-time profession you must know how to identify key support and resistance level in the market. When you draw the key support and resistance level in the market make sure that you have at least two connecting points. The more connecting point you will have the better the support and resistance level will become.
Use chart pattern: Chart pattern trading strategy is extremely profitable in the forex industry. As a full-time professional trader, you must know the different important chart pattern in the forex industry. In the eyes of trained professional, the easiest way to catch the largest move in the forex market is by using the chart pattern trading strategy. So make sure you learn all the important chart pattern in the forex market in order make it as your full-time profession.
Price action trading: Price action trading strategy is considered to be simplest and method of trading the financial instrument in the forex market. Unlike other trading strategies, you don’t have to rely on tons of indicators in price action trading strategy. You will use the key support and resistance level in the market to execute high probability trades. Professional traders use highly reliable candlestick chart pattern to trade the different currency pair in the forex industry. It’s true that you will face some difficulty while trading different candlestick pattern but once you spend enough time you will see that it's extremely easy and profitable compared to other trading strategies.
Risk management factors: Proper risk management factors are the number one tools that you will need for full-time forex trading. Most of the retail forex traders fail to achieve success in the financial industry because they don’t know how to evaluate their risk properly. But as a professional trader, you must execute your trade in the market with proper risk management factors. Most of the professional price action traders always make sure that every single trade have at least 1:2 risk reward ratio in the forex market. If you don’t have 1:2 risk reward ratio then don’t take trade in the market. Wait patiently and you will see that better trading opportunity will present itself in the market.
Summary: By becoming a full-time professional trader you will achieve a number of different things. You will not have a boss and you not bound by the 9 -5-day job. But becoming a full-time professional trader and leading the life is extremely difficult for the novice traders. Most of the novice traders fail to achieve success in the financial industry because they don’t know how to control their emotions. As a full-time professional trader, you must know how to control your emotion. You should execute each single trade in the market with the logical decision. If you execute any order by your emotions then you will lose all your hard earned money in the forex market. Always make sure that you are comfortable with your losing orders since losing is just part of trading. And never trade with the money that you can’t afford to lose.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."