Tips and Tricks How to Play Profitable Forex
How to play forex is fairly easy. Some can even have an extraordinary turnover, but there are also those who experience quite heartbreaking events because they play forex trading. You just need to get used to analyzing and doing it with the right steps, below we present at a glance the correct tips for playing forex.
Before trading, it is better as a beginner trader and maybe those who have been in the forex world for a long time should have a trading plan. Why is a trading plan important, just as a business involves non-technical factors as a determinant of success.
Understanding a lot of knowledge about technical analysis and fundamental analysis is not a guarantee of success in trading. Therefore, every trader must have a trading plan so that the trading process that has been mastered can be successful. Determine your trading target.
Having a target is important, because it is a motivation to increase your ability or knowledge about forex.
Have risk and financial management
Always use stop loss to limit loss and take profit, calculate funds to open a real account and determine when is the right time to withdraw. Withdrawal is the most fun thing in trading. This is important because, to maintain good trading psychology and restrain mental greed.
Sometimes, if we get a big profit when trading instead of withdrawing the money but instead increasing the trading capital. Traders even more often experience losses after that. Better, determine the desired profit then withdraw the money and use it. ️Have your own trading system.
Determine your own character and focus on finding the right trading way. It is essential for success in forex.
Have trading hours
A trader is not only in front of the computer watching the currency movements on the platform. Experimenting with finding the right hours to trade is a great start. Decide whether to trade when the market is closed or open for the selected currency. Having trading hours, as a form of managing quality time between trades etc.
Have rules for yourself.
The point is self-discipline when trading. Make good rules, so you can have certain benchmarks when trading and help focus too.
Keep a trading journal or diary.
Like a teenage love diary, a trader also needs a diary (more precisely a journal) that functions to monitor the learning process or record various trading techniques that are carried out.
So they can see the process and be able to learn the right technique. Am I on the path that I have determined, is there a shortage of choices that have been made etc. As explained in the opening above, any business to be successful must have a trading plan as a sign when trading.