Have you ever wondered why majority of Forex traders loose the bet even after using best of signals and other expert trading tools available to them? This is mainly because of the fact that most of these traders follow noise of the market and do not have elaborate education about the market. There is no denial of the fact that Forex education is one of the key elements that can pave your way towards successful Forex trading.
Forex education is not about learning theory of Forex trading and trying to apply it while doing practical trading. On the contrary Forex Trading makes you aware and equipped with all the strategic moves necessary for your success. Some of the major strategic points that are mandatory for successful Forex trading have been discussed below.
Ø Scalping and day trading should not be your option, not unless you want to lose money. Day trading is driven by current market noise and these upsurges are usually volatile and short lived. In 9 out of ten cases they will make you lose money. There are many automated robots who also work on day trading just to show more number of trades per week. It is very important to remember that profitability is Forex trading is not determined by frequency of trade but by the real time frame in which you trade.
Ø Being simple is the key to success in Forex trading. Thumb rule in any Forex trade entry is to keep it straight and simple. Complicated strategies with too many rules will make you break the rules made by you only. Apart from that you should not also have curve fittings in your strategy. This means you should not bend your rules as per the data generated in the past. There is no chance of exactly same data repeat again and the trader will have high chances to lose.
Ø In forex trading you trade on probability and not certainties. So there is no need to be clever and predicting the prices and hope that the odds will turn in your favour. Most of the time you lose by such predictions. It is better you trade in real prices at present and not depend on any kind of predictions and hopes.
Ø Your moeny is your responsibility and you will have to take care of it. Don’t get driven by emotions and get bankrupt. Instead decide a loss limt and stick to it.
Forex education is not about learning theory of Forex trading and trying to apply it while doing practical trading. On the contrary Forex Trading makes you aware and equipped with all the strategic moves necessary for your success. Some of the major strategic points that are mandatory for successful Forex trading have been discussed below.
Ø Scalping and day trading should not be your option, not unless you want to lose money. Day trading is driven by current market noise and these upsurges are usually volatile and short lived. In 9 out of ten cases they will make you lose money. There are many automated robots who also work on day trading just to show more number of trades per week. It is very important to remember that profitability is Forex trading is not determined by frequency of trade but by the real time frame in which you trade.
Ø Being simple is the key to success in Forex trading. Thumb rule in any Forex trade entry is to keep it straight and simple. Complicated strategies with too many rules will make you break the rules made by you only. Apart from that you should not also have curve fittings in your strategy. This means you should not bend your rules as per the data generated in the past. There is no chance of exactly same data repeat again and the trader will have high chances to lose.
Ø In forex trading you trade on probability and not certainties. So there is no need to be clever and predicting the prices and hope that the odds will turn in your favour. Most of the time you lose by such predictions. It is better you trade in real prices at present and not depend on any kind of predictions and hopes.
Ø Your moeny is your responsibility and you will have to take care of it. Don’t get driven by emotions and get bankrupt. Instead decide a loss limt and stick to it.
