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There are so many possibilities for a long and lucrative Forex trading career it would seem a wasted opportunity if your Forex trading system let you down! The following tips will help you to maintain a profitable Forex trading account.
Ok, so what do you do first then?
Well, define your own Forex trading system. You can do this by keeping a note book and recording every position you open. This will become your primary education tool and is really important step to take.
The Forex is a vast, global, lucrative market and it would be a shame not to capitalise on its potential to give you a long and lucrative income just because you didn’t set up the basics first!
So every trade you enter, write down where the entry point was and why. Follow this by adding where your stop loss was and why, the lots traded and your exit strategy. These will be the main points of your trading plan.
Do not forget to plan your trade and then trade your plan. I know it sounds cheesy but it is so true!
Secondly, be really strict with your trade and money management. Work out your risk strategy, remembering not to open a position which risks more than three percent of your total account size.
If your entry point proves to be wrong and goes against you, hitting your stop loss and closing you out of the trade then take that as the cost of doing business. Not every trade will work out. This is the reason for calculating your stop loss level and risk on every trade.
This strategy will keep you in the market long enough for you to learn from your mistakes and keep your trading account live.
Thirdly, can you control your emotions? Trading psychology is important and goes hand in hand with a profitable Forex trading strategy. If you have developed a great strategy, have worked out your risk ratio, then you owe it to yourself to profit from all your hard work.
Keep to your plan and follow your strategy to the letter. No excuses. Period!
This is the part most people find the hardest, believe it or not. Forex trading is based on probability. This theory states you will not win every trade – and that is a fact. But dealing with this can be hard so don’t beat yourself up if you get stuck.
A good way to deal with this is to think that every losing trade is just a cost of doing business. It is another business expense – that is all. If you find this hard to accept and lose another trade, take some time out to clear your head.
A good strategy is the three strikes and you are out plan. If you have three bad trades in one day then take the rest of the day off.
So now you have a note book full of past trades so you are able to fine tune your trading strategy. You have a good money and trade management plan which you stick to and a good level of detachment from your trades and a strategy to deal with losing trades.
One of the best known Forex trading quotations is ‘The most successful traders are those who lose the least, not make the most’ which is a strategy I strive to achieve. The above points are the basis of this theory.
Like what you have read and want to know the strategies I use to become consistently successful trading Forex? Subscribe for free to my Forex trading newsletter and receive your first free gift to say thanks – details are below.
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