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How to make profit consistently in Forex trading

Discussion in 'Accountancy, Finance & Tax' started by jamesthomas, Sep 22, 2017.

  1.  
    jamesthomas

    jamesthomas Applicant

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    The online trading is now exposed to every single individual in this world. In the past, only the elite class investors, large banks, and institutions were able to participate in this industry. But over the period of time, we have significant advancement in the field of technology. This amazing advancement has blessed us with high leverage online trading account. All we need is a small amount of money to trade the market. Though this market offers an extreme level of profit potential to the traders but stills it’s one of the riskiest section in the investment world. If you do a simple mistake, then it might even cost your entire trading deposit. Being a currency trader you must have proper knowledge of this Forex market and by following strict trading discipline you can main consistency in your trading performance. We will now discuss how to make a profit in this online trading world maintaining consistency.

    Never over trade the market
    Overtrading is one of the key factors which will ruin your trading performance. If you think that you can make money on regular basis, then you should ask yourself how many trades you execute per day. If the answer is more than you are actually over trading the market. In fact, some of the professional traders at Saxo execute only 1 trade per week. If you know how to find the quality trading signals, then it won’t be a problem for you. Executing 2- 5 trades per month is enough to ensure your profit factor. Some novice traders might find it hard to stay away from the market and place a low quality trade in the lower time frame. But always remember that if you trade the lower time frame then you will have many false trading signals which will hamper your profit consistency in the Forex market.

    Go through price action trading system
    The study of the raw price data is often known as a price action trading system. Most of the professional traders in the United Kingdom always use the price action confirmation signal to execute their trade in the higher time frame. But in order to minimize your potential risk in the CFD trading market, you must trade with precise stop loss. Some rookie traders often trade the market without a stop loss. They think that the market will come to their entry point and then they will close their trade. But things are not at all simple like this. Even you might have a huge amount of money in your trading account but the market might move against you for a prolonged period of time which you can’t withstand. Being a price action trader you must keep one thing in mind that is the market trend. Always try to execute your order in favor of the market trend and do your technical analysis in the higher time frame.

    Mental stability

    Mental stability plays a great role in your profit consistency. Every trader in the online trading world has to face some losing trades. So if you don’t have the mental courage to accept the losing trades then after facing few losses you will get frustrated and this will force you to trade with a big lot. It’s true sometimes you will recover all your losses by taking a huge risk in a single trade but in the long run, this will jeopardize your profit consistency. Being a currency trader you should learn to embrace the losing trades just like your winners. If you trade the market with high-risk reward ratio, then this market will give you a decent amount of profit in every single trade. You should never get frustrated with your trading result. Always focus on the quality of trade and you will see that making money is not all hard. However, if you are completely new to this market then never trade with real money. Use the demo trading account provided by the brokerage firm to develop your trading skills.
     
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    BarkWeb

    BarkWeb Applicant

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    Interesting post. Thanks
     

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