Four simple steps to learn currency trading

[macklean]

Do you really want to learn Forex trading? Do you want to take advance of the high leverage market? If it’s a YES, you have to overcome many obstacles. Retail trading business is one of the most sophisticated professions in today’s world. You have to master the three major form of market analysis to become a profitable trader. So what are the three major form of market analysis? These are

Technical analysis

Fundamental analysis

Sentiment analysis

But even after learning these three major form of market analysis, you will not be able to make money in the long run. You have to train your mind and embrace losing trades. Unless you follow proper money management it won’t take much time to lose your entire investment. But no worries in today’s article we will give you the exact path to master currency trading profession.

Step 1, Find a professional mentor

First, of you all, you need to find an expert Singaporean trader who will be giving you lessons on Forex trading industry. Unless you pay for something, you are never going to get the best service. Prior to selecting your trading mentor to make sure you have done some background check. A professional trader should have proven track record or else they might scam you. If the course fee is extremely high, ignore it. You need to find the perfect balance between your trading education and mentor fees. However, if you still want, you can save the extra cost. Do some extensive research and find some books and professional Forex trading.

Step 2, know your trading environment

Step 2 is very crucial. In order to make a profit, you must know your trading environment very well. Many retail traders are trading without knowing their trading tools. On the contrary, the experienced professionals are always using advanced trading tools available in their trading platform. If you can use the tools properly you can easily eliminate 50% of the false trade setups. Prior to living trading the market you must demo trade the market or else it will be really hard to deal with the emotional stress in the live market. The minimum for a period of six months before you switch back to real trading account.

Step 3, Develop a strategy

This is where things become extremely complicated. You can’t trade the market with other people trading system. You have to work hard and develop your trading strategy to make money. Before you use a new trading system, make sure you back test it in the demo accounts. Your trading system must be simple and should not deal with too many variables. If possible incorporate price action trading system since it is one of the easiest ways to find profitable trades. Assess your past trades during the weekend and bring positive change to your trading system.

Step 4, keep learning

This is the last and final step a Forex trader should always follow. Learning has no end when it comes to Forex trading profession. You have to read books and articles to keep yourself tuned with the latest market dynamics. If possible join the professional trading network since you will be to seek help from the senior traders. Most importantly the expert traders are always sharing thoughts and trading ideas. This will also save a huge amount of time and money in the long run. Develop a strong habit of reading since it will help you to develop strong mentality. Unless you have extensive knowledge in any particular field, you will never be able to work with confidence. When it comes to Forex trading profession, confidence is the key to success. So be sure you trade the market with confidence. But never forget about your family life. Take some small break and give your brain some rest.

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