I wanted to write one article about the most terrible mistakes that traders make. But, yesterday I decided to write one separate article for each mistake, because I Continue reading Averaging Down and Scaling Up; Which One Works?
I am always asked about the weekend gaps, and whether we can trade them and make some money or not. This is a good chance to have a post about the gaps, Continue reading What Are the Weekend Gaps in Forex Market?
Some people start learning and trading while they already have a job and income. They want to generate an extra income to have a better living. Some Continue reading How Does It Feel to Be a Professional Full Time Trader?
This is our third article about RSI. We have already talked about RSI support/resistance breakout and divergence/convergence. To have a complete Continue reading The Importance of RSI 50 Level to Confirm the Trade Setups
This is my second article about RSI. In the first article, I have talked about RSI Continue reading RSI Divergence and Convergence
I have already talked about the most important and useful indicators that we can trust and use: What Indicators Can We Trust and Do We Need the Most? Continue reading RSI Support and Resistance Breakout
I was supposed to analyze the charts I posted on the yesterday’s article, however, I thought I’d better to give a few more days, because I think many of our Continue reading The Importance of Demo Trading and Your Demo Account
That is a million dollar question: Do you think you are on the right track to become a profitable trader?
Who can give you the answer of this question?
I know many of you have no teacher or mentor. You are learning to trade forex on your own. So it is only “you” who has to find out if you are on the right track or not. It is not too hard to find this out at all.
A forex traders must have two things to make money consistently through forex trading:
- Good technical knowledge and experience
- Good mental balance
The first thing is not too hard to provide, even if you have no teacher. It doesn’t take you more than half an hour to know what forex trading is all about: Forex Trading Explained in Simple Words
Then you learn about the chart analysis basics which doesn’t take you more than a few days:
You have to learn about the candlestick signals and patterns which is our favourite trading system: Candlestick Signals and Patterns
You also need to read about the indicators and learn which one works for you: What Indicators Can We Trust and Do We Need the Most?
You are almost done with having “good technical knowledge” so far. I don’t think it takes more than a few days, one week, or maximum one month to do this (depend on the free time you have for spending on learning the above things).
If you are like us and you want to choose the candlesticks as your trading system, then you already have a trading system when you reach to this stage and you finish the above tasks, because you have learned to trade through the candlesticks patterns by following the above articles and video. If you like to choose a different system, then you have to look for it over the internet or ask a trader friend to teach it to you. But before doing it, you really need to read this.
The grass is not greener at the other side. After following the above articles and videos, you will have everything you need to start trading. You don’t need anything more.
Let’s say you have done the above tasks and you already have your trading system (either the trading system you have learned through following the above articles/videos, or a different system you have chosen on your own). Now, to gain the “technical experience”, you should open a demo account and start demo trading the way it is explained here: How To Become a Successful Forex Trader (Video)
When you are done you can open a live account and start live trading, again the way it is explained in the above video.
I know that many of you still need to spend some time to reach to the level that you can open a live account and start live trading. So do it and pass all the stages successfully before you open a live account.
What About the Good Mental Balance?
If you follow the above stages carefully and precisely, you will built the mental balance you need for trading. You will become able to control your emotions and trade properly. The below videos can be a big help: How To Become a Successful Forex Trader
Also these articles help you know the probable mistakes that you can make and the way you can stay away from them.
This looks very easy to do. It is really easy if you set your plan and focus on the things I explained above. If you don’t, then you will have problems in becoming a profitable forex trader. I have seen so many novice traders who have spent over 5 years on learning, but they have not got anywhere yet. It is because they do not have a plan. They learn and try, learn and try and… . They always learn new systems, try new indicators and… . Their time is spent on repeating the same cycle over and over.
Follow the above plan and see yourself a profitable trader within the shortest time. You have started trading forex to become able to make money one day. You have not started it to kill some time and make yourself busy. Forex is not a computer game. It is a business. Treat it as a business. In any business, you have to have a business plan to become successful.
This is what I suggest you to do:
- Sit back and analyze what you have done so far.
- Find your mistakes.
- Take a few steps back and unlearn all the extra things you have learned and followed so far.
- Set your forex business plan. See in what stage you are according to the above program I gave you.
- Spend some time on the above articles/videos and learn them all. Stop doing anything extra.
- Start demo trading the way you learned here.
- Start live trading the way you learned here. Be careful about the amount of the money you are risking.
- Repeat your success over and over on your live account, the way you did on your demo account.
- You are done.
What Do You Think About the Above Plan We Offered You?
“Indicator” is one of the most important questions of the novice traders. They always ask, what indicator is… Continue reading What Indicators Can We Trust and Do We Need the Most?
Swing trading is a simple way to trade currencies which can make great profits and a major advantage of this method is – you don’t need the as much discipline Continue reading A Simple Swing Trading Strategy
This is our 6th video published on YouTube. Please make sure to watch the previous videos before watching this one. Continue reading How to Become a Successful Forex Trader [Video]
This video is focused on the chart analysis basics. Here is the topics covered in this video: Continue reading Chart Analysis [Video]
This article is focused on the basic information about trading AUDUSD: Continue reading How to Forecast and Trade AUDUSD
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In my tenure as a coach and broker I have observed that 90% of the helpless and frustrated lot is a result of bad risk and money management strategies. Sometimes even complete lack of it. Continue reading Ensuring Capital Safety While Trading Forex – Risk Management Advice
Yes, it is absolutely possible to start trading on a small budget. Gone are the days when aspiring traders had to have quite some money in their kitty before they Continue reading Is It Possible to Start Trading On a Small Budget?
Reasons Why Trading Futures is Considered Risky
Future Contracts happen to be the most risky category of investments to get into. Therefore they are far from advisable for new traders or even those who are still learning the ropes and don’t yet understand trading inside out & in-depth. Continue reading Trading Futures – An Arial View
Money market is a place; well actually, money market is called a place just for convenience, but in reality it has not been assigned a definite place as such (like Continue reading Various Instruments Traded in Money Market
When government, municipality, private institution, or a corporate company etc are planning to expand their business and are in need of funds to meet their needs, they raise the money by issuing bonds to public. Continue reading Beginner’s Guide for Investing in Bonds