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3. Advance Questions

Forex Techniques: How can one be a good Forex Trader?

If it was to sum up in one word, the key to a good forex trader is discipline. Yes, there are many things to learn and know before doing any operation or getting involved in the financial industry, but one thing that must be sustained incessantly through discipline. Discipline in education, in the manufacture of their first trades and in fulfilling their plan.

The basic elements that each and every one of the new operators must continue are the following:

– Learn about Forex — there are countless material on the internet. Have a good learning of 1 month. Technical study and essential analysis. Your learning should continue well into your business and be ongoing.

– We go with a strategy — Establish rules that will determine your trading pattern and how you will enter and exit the market.

– Practice in a Demo — Open a demo and trade account just as if you were. Naturally, this will not be “precisely” just as if it were operating in a real one, due to the fact that the fear of losing would not intervene in its resolutions. Do not continue with the next step unless you can get a benefit in the demo first.

– Practice in a real account with a small amount — Do this in order to be able to understand the difference between real money trading and demo trading. Do this with substantially a small amount, but enough so that you are worried about losing exactly the same.

– Trade in the real account with substantial amount — do this with an amount that is ‘comfortable’ to lose completely. Even if your strategy worked in the demo and in a real with a small amount that you can not continue doing so in the future. Stick to your strategy (have complete discipline). If you see the strategy, it fails, and then adjust your strategy accordingly, but adhere to it (to the PIP) at all times at the time it has been decided.

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