Skip to main content

5 Ways for Profitable Forex Trader

Forex Trading is profitable if the trader has taken care of following points:

Trading style:
Identify what type of trader are you. Both will have different roles in trading.
* DAY TRADERS- Short term trading opportunities, higher risk, quick and responsive.
*POSITIONAL TRADERS- Long term opportunities, patient and emotionally balanced.
Trading Plan:
Having a Forex trading plan is one of the key elements to becoming a successful Forex trader. Many traders never even make a trading plan, let alone use one regularly. It’s very important that you do both; make a trading plan and use the one you make…don’t just make one and then never look at it like many traders do.
Trading Plan Helps you to:
*Assessing your skill
*Set your risk level
*Set yourself goals
*Prepare for trading
*Set Exit Rules

Trading Strategy
A Forex trading strategy is a technique used by a Forex trader to determine whether to buy or sell a currency pair at any given time. Forex trading strategies can be based on
  • Technical Analysis
  • Chart Analysis
  • Fundamental Analysis
  • News-based Events.
The trader’s currency trading strategy is usually made up of trading signals that trigger buy or sell decisions.
Emotional Balancing
All successful traders have come to realize, it is of utmost importance to have a psychological edge in trading and the ability to control your emotions and stay focused.

Market Fundamentals:
As the largest financial marketplace, forex is affected by an incredibly diverse amount of factors. These market fundamentals are the key pieces to determining when a currency is going to rise in value and when it's going to fall. Trading on the fundamentals – also referred to as trading the news, is the study of news events and economic statistics to determine trading opportunities. These traders pay close attention to changes in economic indicators such as interest rates, employment rates, and inflation. By assessing the relative trend of these data points, a trader is analyzing the relative health of the country’s economy and whether to trade the future movement of their currency.
Join 300,000+ traders who stay ahead of the market, submit your details with us by filling our CONTACT FORM.
For the Best Forex Signal| Accurate Stock Signal| Profitable Comex Signals,Try Equidious Research Services. We have a team of best and well experienced Research Analysts.
Trading is an art of making handsome amount.
Enjoy Trading!
Labels:

Comments

Post a Comment

Popular posts from this blog

Learn Forex Carry Trade Strategies

What is a Carry Trade? A  carry trade  is when you buy a high interest currency against a low interest currency. For each day that you hold that trade your broker will pay you the interest difference between the two currencies as long as you are trading in the interest positive direction. Carry Trade Offers Two Ways To Profit The forex carry trade is a type of strategy in which traders sell currencies of countries with relatively low interest rates, and use the proceeds to buy currencies of countries that yield higher interest rates. Forex carry trading leverages the differences in interest rates between countries. For example, one country’s central bank may lower interest rates in order to create economic stimulation, while the central bank in another country maintains higher interest rates. In effect, the forex trader borrows money in one country with a lower interest rate, and invests it in another country with a higher interest rate, and keeps the differ...
Post a Comment
Read more

How Macro-Economics Affects Forex?

As the prefix “macro” in the name suggests, macroeconomics deals with the bigger picture. It is not only one specific economy that traders consider, but the implications in the overall global picture.  Forex market is primarily driven by overarching macroeconomic factors. These factors influence a trader's decisions and ultimately determine the value of a currency at any given point in time. GDP- Gross Domestic Product This is the measurement for goods and services that were finished over a period of time. GDP may be the most obvious economic report, as it is the baseline of a country's economic performance and strength.  The GDP is broken down into 4 categories: Business Spending Government Spending Private Consumption Total Net Exports Inflation Inflation is also a very important indicator, as it sends a signal of increasing price levels and falling purchasing power.  This is the measure of increases or decreases in pricing levels over a ...
Post a Comment
Read more

What Are Currency Pair Correlations?

What is Currency Correlation? Currency correlation depicts an extent to which two currency pairs have moved in same, opposite, or totally random directions over a period of time. Thought Process: Why a certain currency pair rises, another currency pair falls? Why same currency pair falls, another currency pair seems to copy it and falls also? This is because of correlations between currencies. Correlation is the numerical measure of the relationship between two variables. The range of the correlation coefficient is between -1 and +1 . Positive Correlations: A correlation of +1 denotes that two currency pairs will flow in the same direction. For Example: Correlation between EUR/USD and GBP/USD is an epitome as if EUR/USD rises then GBP/USD is moving the same direction. Negative Correlations: A correlation of -1 indicates that two currency pairs will move in the contradictory direction 100% of the time. For Example: Correlation between EUR/USD and USD/CHF is an epitome of n...
Post a Comment
Read more