Forex Tips to Becoming a Successful Trader
Becoming a Successful Trader
How to become a successful trader? When I launched my private coaching program, it gave me the opportunity to talk with traders all over the world every week, so I decided to write this Forex Tips For Success. It’s one of my favorite things to do because I love hanging out with fellow traders!
During these calls, I learned the common challenges that virtually all traders face when trying to become successful with forex, and the good news is that there are simple ways to overcome these challenges. Here are three tips to becoming a more CONSISTENT forex trader which will make you a more PROFITABLE forex trader!
Trade Less: Instead of looking for trades on dozens of pairs, I encourage you to pick ONE pair and be a trader every day for an entire forex month. This means that you probably WON’T have a trade every day but that’s okay! Are you in this to “trade” or to earn a living?
Pick Easy Targets: A great indicator to use is called the Average True Range indicator which is freely available on any trading platform. Now that you know what your “daily range” is you have a target. Now, cut that target in half. Heck, cut it in thirds! Your daily profit target on that pair should be no more than half of the daily range! Put PIPS in your pocket week after week and good things happen to your forex account!
Have a Routine: Every trading day should be exactly the same. You should do the same things before you trade, trade the same hours and so forth. The ONLY thing you can control in forex is YOU; you are a trader, so the more consistent YOU are, the more chances for success you will have. If you are the type of person that trades randomly on their computer or phone then you are killing your account. Stop it!
Now it’s your turn!