Winning Tip in Forex Trading
This article is good but this might be too stereo typical. You might not want to hear the same story over and over.
Here is more practical advice to make real money on top of above article. You can use this practice until you are comfortable with your trading. After that, you just move onto next stage. Use small live account or demo account for these steps.
- Try to manage affordable number of trades each day. Try to use same number of trades per day (This is important.). For example, if you started with 5 trades, then you should use 5 trades next day too.
- Each day, write journal or make the record of your trades (Excel is probably good place to start).
- calculate your profit and loss at the end of trade. You can use Sum function in Excel.
- Check how many winners and losers each day and check your account balance.
When you do above practice, must use the same number of trade each day.
These are simple practice but powerful. I ask you to this to feel the real money flow or balance growth in your account. To do so, count when you make profit how many trades you had winner and losers. Then you start to understand the triangle relationship among number of trades, number of winners and losers, and your risk (=size of loss in money). Once you got some tangible feeling about the triangle relationship, you can just naturally figure out what to do for your trading next. Then, you can stop this training.
Trading is just paper work with numbers. People easily get lost real feeling of the money flow and balance growth. Hence, they start to throw all the unnecessary moves. For example, you might be opening some ridiculous amount of trades in one day and hurt your account. Was this necessary ? This happens because you do not have the real feel about the money flow and balance growth in your account. As long as you cut down all the unnecessary moves, you are already ahead of other traders.
Do not forget to check our website for great tools if you really want to get more edges over other traders.