Forex Trading Success Tips – How to Become a Self Taught Successful Forex Trader. There’s a wealth of fundamental knowledge you need to learn and even knowing this inside out will not guarantee that you’ll become a successful trader.
This might sound overly negative, but the unpopular truth is: it is not easy to make consistent profits in forex. 60% of forex traders lose money, and this is a conservative estimate.
As they say: “The best way to end up with $1000 in forex is to start with $2000”.
But it is definitely possible though. Here’s how I would approach it:
I know it sounds underwhelming, but try to focus first on the process instead of the profits. You should study the basics first (the ForexWOT Trading System is excellent for this). Below are 3 forex trading systems example…
Forex Simple Trading Strategy With 90% Winning Rate
GBP JPY Forex Simple Trading Strategy – ( Works on All Time Frames and for all Pairs – Best used on 5Min/15min/ for short term Trades and 30min/1Hr/4hr/daily for Long term Trades ).
I am trading in GBP/JPY and other currencies using this Simple method for quite sometime now and its proven to be successful 90% of the times, the only times it has failed is when a spike up or down during news time, so I discourage anyone to stop using this 30 mins prior and after the news to escape from the whipsaws.
Center of Gravity Forex Super Scalping Trading Strategy
Use the system on any pair you like. Timeframe for main screen is M1 and M5. TP is 12 pips, SL is 45 pips. I’ve set slower moving pairs to TP 7 also, depends on your expectations. The higher the timeframe, the more profit you may want to take. The best thing would be to exit at the counter semafor … but I do not dare 🙂 You could set quiktrailing to break even at your liked pips or to lock in some profit, if you shoot for more…
Eventually use a second backup screen for higher semafor check on M15/M30, but get your feeling. TRO says trading only if at least H1 shows ANY semafore (1,2,3) in your direction, but I work without that. It would of course give even more safety.
Forex Trend Catcher Trading Strategy With Moving Average and MACD Custom Indicator
Forex Trend Catcher Trading Strategy – Since the system uses a lot of moving averages, placing them manually can detailing them here can be confusing, so using the template provided here is the best solution.
You can always study the setup from your charts directly and investigate into the moving averages and their individidual values. The setup is using 10 moving averages in all.
Then, get a demo account from a decent broker and try to get a feel of how trading works.
Next up, read a couple of. Learn the basics of candlestick charting, price patterns, technical and fundamental analysis, trading emotions, etc. I’ve listed up some great forex books most of them classics in their own regard. To keep an eye on the news, a good is also useful.
You should also start creating your own trading journal with a . The difference between a successful trader and a losing one is that losing traders lack structure. A trading plan and journal provides that structure.
A trading journal should not only be a logbook of the trades you take, but also how you feel about taking that trade, what you perceive as risks and even ongoing emotions as the open trade unfolds. It deals with trading emotions in a systematic way that makes it easier to improve on them.
Ultimately, this will lead you to make the right decisions, achieve consistency and eventually make consistent profits in the forex market.