How to be profitable in forex

[Dhruvyas]

How to Make Consistent Profits in Forex Trading
Choosing and testing a consistent trading strategy.
Setting a risk/reward ratio to 1:2 or higher.
Setting realistic profit targets.
Avoiding the use of high leverages.
Not investing more than 5% of trading capital on each trade.
Keeping a trade journal.

 

[mlawson71]

Have a good, tested strategy, I would add. I don't think it would work without that.

 

[ghcardenas]

I beleive it s important to have and apply a trading plan. (Money managenmet, strategy, etc)

 

[Sherverty]

A good strategy always helps a trader to make a good profit in forex. Always make a good strategy and start trading.

 

[mlawson71]

How would you describe a good strategy though? What characteristics does it have?

 

[Alan103]

I beleive it s important to have and apply a trading plan. (Money managenmet, strategy, etc)

Agree

 

[mlawson71]

What advice do you have on how to form a proper trading plan?

 

[Daantje Pieters]

There is a possibility of making a profit by trading by managing money management and risk. Many traders try to trade without money management and risk management, no matter how good the analysis, it will be impossible for them to make a profit.