How To Make a Million Dollars in Forex.Your success in Forex does not depend on your emotional experience and stability. I hope to help you run your way more smoothly with the help of some recommendations below.
1. Basic understanding
First, you must have knowledge of financial markets and technical analysis to understand the rules related to Forex functions and how to make profits from forex.How To Make a Million Dollars in Forex
2. Start with a demo account
Starting trading directly with a real account does not help you get the knowledge mentioned above. When you are busy understanding basic things in forex, your capital melts because you lack experience. You have a great opportunity to practice your strategy using a demo account for a month or even more. It is impossible to become a professional trader with a single try.
3. Get to know trading instruments
Before you start working on the Forex market, you must thoroughly assess the technical characteristics of the trading platform you choose and make it clear. This will help you save more time and money.
4. Learn about your rights and obligations
Carefully study documentation and regulations regarding your relationship and your broker and make sure you understand everything. You have the right to know all information about your work in the currency market.
5. Start with small steps
You can use a micro forex account to start trading. Develop your skills and abilities and develop further with a minimum investment.
6. Stay cool
Don’t go beyond your psychological comfort zone: if you feel you are starting to heat up, use a smaller account.
7. Don’t play fire
Don’t consider Forex as a gambling game. As a rule, luck doesn’t stay long in the market. You want forex trading to give you stable income so don’t ever follow the principle of “sinking or swimming”. Don’t invest money that you don’t want to lose.
8. Get to know your defeat
You need to remember that experiencing a loss or loss is something that is common in Forex trading. Make conclusions and take philosophical steps regarding this fact.
9. Trading within the limits set
Don’t be greedy to open as many transactions as possible: you might fail to control it all. Trade rationally. Trading on several markets is often unsuccessful in the first attempt because it is regulated by different independent factors.
10. It’s better to save money than increase the amount
Try to have the lowest possible risk, even if you get less profit. Your goal is to learn not to waste your capital. In the early stages, “saving” is far more important than improving “.
11. Consider the risks that might occur
There is always the possibility of unexpected risks. You must have certain financial reserves so you can use them in forced situations. Analysts suggest not investing more than 50% of total capital in trading and not exceeding 10% – in transactions. Reflecting on what part of this fund you feel ready to lose if you are not lucky. Set your own risk level that you can receive (preferably no more than 5%).
12. Pay attention to Stop Loss
Don’t overflow using Stop Loss. Poor asset management is the main reason for loss. Stop Loss is useful to prevent your loss so learn to handle it and set it right.
13. Don’t be influenced by others
Develop your own strategy. Be careful changing it if you want to follow the advice of others. Traders who make one transaction only once a year and prove to be more successful than any daily trader. There can’t be a system that suits everyone. No one is responsible for your capital except yourself. When you have formed your vision for forex strategy and trading, be critical for every input from others. Otherwise you will regret following the recommendations of others.
14. Control the situation
A profitable transaction may turn out to be unprofitable. If the trend looks profitable for you, keep an eye on your open position, change the stop signal to protect your profit.
15. Don’t fight trends
Remember: trend is your friend. Hoping to get profit, some people invest their money when the trend moves in the opposite direction. However, strategies like this are very risky for beginners!
16. Close if unsure
If the development of the situation does not match your expectations, close your position. You must understand what is happening on the market because actions that are careless will be detrimental. If you are unsure, close the temporary position. Don’t waste your time with unfavorable trading and don’t try to get it