Rich In Trading

Get the best forex trading tips from a pro!

7 Forex trading tips

Why do 90% of traders lose money in forex trading? because access to trading forex is so easy so people can open forex trading accounts easily. People join and deposit funds because they see an ad on youtube that traders make big money from forex trading.

If you want to be a doctor so you learn at least for 5 years then you can provide services. In the same scenario for forex trading, you need to join an academy and learn then open accounts.

I am not asking you that you can make money in forex after 5 years. you can make even within a year but you just need to learn if you don’t do that trust me you’re going to waste all your saving money.

1. Trading Success Formula:

50% success in trading forex is money management.30% Success is psychology and 20% is the strategy that you are following in forex trading. It means if you have a powerful money management system, you can make money from forex trading consistently. Psychology means you should have a strong mindset which means you are trading emotionless. You take losses as your lessons and you don’t celebrate the winning trades. If you can master the art of money management and psychology your rest 20% will definitely cover your strategy.

2. Follow a consistent plan

Forex trading can be complex and often involves making quick decisions. A consistent trading plan will help you stay focused and make informed decisions. For example, if you learn a strategy stick to it, and follow money management it will help you to grow consistently.

3. Research the market

Before making any trade, be sure to understand the current market conditions. This will help you make informed decisions about which assets to trade and at what price.

I recommend using a simple chart and reading price action this is the only key to success in forex trading. If you dig deep into the price action you will never watch news events on the forex factory Your all concepts can cover a single naked Trading ViewTrading View chart.

Follow a mentor who is doing it in the right way. If your mentor does not tell you about forex trading without indicators and all stuff, Stay away from that person you need to find one who is teaching price action trust me or not this tip is if you understand at the moment.

The journey of your forex trading will be a much better and earlier success. This is my personal experience.

4. Stay disciplined.

Forex trading can be a precarious investment. Make sure to stay disciplined and avoid over-trading. This will help you maintain a consistent investment plan and avoid losses. If you have a great trading plan you can make it easy but all you need to be stay disciplined. for example, it means don’t do revenge trades, accept your losing trade and move on to the next opportunity. In forex trading, the traders are making big money. They are the most disciplined traders. They set rules for every single trade they don’t have Greed and Fear.

5. Embrace risk.

One of the benefits of forex trading is the opportunity to earn high returns while taking on some risk. Be sure to understand the risks before trading and accept the possibility of losses. When I was a beginner I was expecting to gain higher in a few days and at last, I lose all the money whenever I took high-leveraged trades. It’s very important to maintain balance in forex trading to reduce risk and follow strategies that have low stop-loss.

6. Make Your Trading Journal:

If you make your journal of trades it will help you to master your strategy just by looking at your monthly or yearly journal of trades. In my opinion, this is the best way of learning forex trading easily.

7. Don’t limit yourself:

It means exploring new strategies but only from the 1 mentor who you are following for a year. Explore and create your own strategies just by understanding the patterns of the trading charts. According to my experience, it’s an algorithm, all you need to find the best patterns for your trading system.

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