The Best Forex Trading Strategies is about practice and emotional discipline. If we analysis the 2 different people who are trading in Forex market both with opposite approach. One with very good sharp skills and is a talented person but with no consistency and no emotional discipline and another one with less skill set but trades with consistency and with emotional discipline so the researches have proved that the second person who is trading with emotional discipline and with consistency will be having a good trading history. This is an example of where hard work, consistency, and emotional discipline is beating the talent.
Now the question comes how to be consistent and emotionally disciplined so there are some rituals related to Forex trading which you can follow.
1. Define Your Goals and Choose a Compatible Trading Style-
Having a goal in any affair is an important part. Because it gives a psychological motivation and with this, there will be a set boundary line which we have to cross in stipulated time and with the efforts which will not only lead us to achieve that goal but will set our directions. So, in the same way, there should be a pre-decided goal with a decided time to reach up to it.
There are some factors which are being listed here on the basis of which the goals can be decided-
1. The pips
2. The profit in the amount
3. Number of trades( For Educational purposes)
4. Duration with different goals
Combination of 1 or more can be decided.
2. Choose a Compatible Trading Style-
For the best Forex trading strategies, trading style is also important to decide to switch from one technique to another will lead to confusions and with so much chaotic. Expertise on one trading style is a key for profitable trading.
There are many trading styles which can be chosen according to your style.
1. Fundamental (Macro Trading)
2. Intraday trading
3. News trading
4. Position trading
6. Swing trading
7. Technical trading
8. Trend trading
3. Choose a Broker Who Offers an Appropriate Trading Platform-
There are many brokers who are available in the market who are providing various trading platforms. The services of brokers are different on the basis of spread or what are the trading policies do they have and what kind of services do they offer. And choose an appropriate broker. Below there are some best brokers names are being listed who can be chosen
1. FxPro – Best for Meta Trader
2. Dukascopy – Best for Trading Tools, Mobile Trading
3. TD Ameritrade – Best for US Residents
4. Saxo Bank – Best Overall
5. IG – Best for CFDs, Most Trusted
6. eToro – Best for Social, Copy Trading
7. CMC Markets – Best Currency Offering
8. Forex.com – 4.5 Stars
9. Swissquote – Best for Crypto, Banking
10. Interactive Brokers – Best for Professionals
These are some brokers known for their different facilities which they offer to customers
4. Always use Stop Loss-
As the market is uncertain and is determined in trends whether they are in up-trends or in down trends .So it is not possible to get only profits from trade losses are undivided part of trading. So this way we cannot avoid losses but can minimize it by using a
stop-loss. Traders generally do not use stop loss and they incur a loss on a very large level which reduces their capital. So using stop loss is not only minimizes loss but it saves the capital from going in vain.
5. create a learning portfolio-
Trading not only builds your capital but also creates a learning curve. By analyzing your every trade whether it was in loss or in profit both can be used. As trading is a never-ending process the trader will trade until he is getting profit. And trading gets better with experience which can be earned from profit-making and loss-making both trades. So focusing on creating the learning curve will be helpful too.
6. Post analysis-
Never leave trading process up to profit-making point post-trading analysis is important. Analysis what if situations. The situations if you would have acted differently so what would be the result. It will help in next coming trades.
Best Forex Trading Strategies is very profitable it builds capital and in very effective manner but only there are some precautions which we need to keep in mind. Trading is a process which is not asking too many efforts but the efforts we are putting should be in synchronization with our desired goal.
For Forex Signals you can visit – Best Forex Signals