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Trading strategy is important for a trader, it helps in your trading plan and going on about the trades. Some traders miss the necessity of a strategy and thus often fail.
I started trading forex because of side income apart from my monthly salary. I also like the idea of trading at any time of the day and taking advantage of a growing market with high liquidity, volatility, and leverage.
I vividly remember the mistakes I made during my initial days as a trader:
1. Not having a trading plan
2. Not enough research
3. Ignoring economic data and news events
4. Hoping bad trades will come good
5. Taking quick profits and missing out on larger gains
Learning to trade forex can be intimidating. So, to keep your head level-headed, here are the tips you can follow:
Know your stuff: There’s no substitute for knowing your currency pairs inside and out. The more you know, the better you can analyze the market and make decisions.
Be disciplined...
If you are a beginner trader, stick to one currency pair at a time, so you allow yourself the chance of rectifying any mistakes that occur. Then switch to multiple trades once you build confidence and are sure you will profit from them.
The key to making money is to play the trading game right. You have to determine when it is best to enter and when it is time to cut losses and get out of the market. In order to earn profits in this field, you should make use of your available funds in the best possible way to achieve success.
Becoming a successful trader is not as easy as said. You have to focus on obtaining practical knowledge so that you know what is happening in the market and how you can make the most of the market movements.
The best piece of advice I can give you is to never try to move ahead in your career quickly. Good things take time and so will your trading career. Do what is right and avoid all that hinders your success.
It doesn’t matter how much money you are using to trade or which strategy you are using. If it’s working for you, you are profitable and there is nothing more that you should care about.
As many have already said, there is no time limit to learning. You learn even if you have started to make consistent income. You learn from your profits. You learn from your losses. You learn from your risks. There is no end to learning and growing in the forex market.