12 important tips to be a good trader

1. Start with the basics.

It is very easy to say that in order to be a trader, you must first know the basic terms of the Forex market. On a regular basis, you will learn things slowly without any haste. Eliminate the thought of becoming a great sage by learning all the things together in one day. Take your time, don't get too excited.

2. Give up the thought of gaining quickly, learn to gain slowly by creating experience.

If you think that Forex is the shortcut and the only way to get rich in less time then you are wrong. First, master the subject in a good way and gain experience. The more time you spend on any career, not just Forex, the more you will benefit. What difference does it make if your friend makes 100 pips at the same time you make only a few pips at the same time? The difference is experience! Your friend has been trading for the last 5 years and you have started those few days.

Remember Forex is a career, not a scheme to get rich overnight.

3. Be an expert.

At the beginning of learning, many people first look for experts, people think that if you get the shadow of an expert, you will become an expert in a short time, I am not completely denying that. But the latent desire to become an expert is one step towards becoming an expert. Another form of expert is the result of your normal learning day by day. Because you can become an expert in the light of experience, so make your dream successful by counting your own experience. Expert's experience is completely his own. Until you cross that path on your own, it will only remain your dream.

4. Use your own analysis.

Following another person blindly will make you blind. Your goal is to be a successful trader so analyze your own trades by mastering the analysis methods well. If you are able to trade in your own analysis, your analysis will make you a professional trader. If you follow a self-proclaimed guru like a blind man, how will you trade when the guru stops giving his tips? So be your own guru.

5. Demo

The best of all is demo trading. Demo trading will help you catch the mistakes of your new trading and help you to give up bad habits in trading. Demo trades are superior to live trades from different brokers. The test of every trading method is demo. If the demo success rate is good, use it in live trade. Use all the styles you have in the demo first. Extend the trades in the demo as you wish. Then select which strategies to use in real trade.

. Learn from mistakes

Take note of the success and failure of each test trade. Retire from trading for some time (may be more) in three consecutive failed trades. And give time again in the cold head after the break. Don't go live thinking about the success of the fourth time in the three times loss trading method. He started the analysis with the loss trades, where the mistake was or why it didn't work properly. Find out the right reason and move on to the next trade in Shudra.

. Create good methods.

Most new traders lose first. The reason is over-excitement, over-demand and pre-trading ahead of time. So, without trading too much excitement, first master the issues well, gain experience and start trading at minimum risk. Before trading every time, check and check if the trading tool (strategy) is correct. Everything you expect from the trade.

. Stick to your own method.

Every trading method has its pros and cons. No trading method is 100% profitable. There are 6 profits and 3 losses in 10 trades of your trading method, you are successful. In case your trading success rate may go down further, don't get frustrated or excited, update the strategy by understanding the market change and stay sticky in your strategy because only you know how fruitful your strategy is.

9. Think of everything simply.

There is no reason to think that your trading is too difficult. Start in a simple way, you will see that it is really easy, there is no need to create a base. Set aside time to trade at your convenience. Give less time but it is Zeno effective. In other words, if you can't give more time, then spend as much as you can for trading. If you want to start a new strategy, just think about it in time, analyze and fix it, make sure the results in the demo. And decide.

10. Trade in a pair.

Starting many trades at once does not put your risk level and extra stress on your head. So choose only one pair for longer trading. Many currencies may seem suitable for trading together, but trade with the currency pair that you have a good idea about. If you trade with 4-5 pairs at a time, you will not be able to understand the character of any pair well. And become a misguided and eventually lose trade.

11. Trade within a certain timeframe.

Practice trading in a specific timeframe, as there are many advantages to trading in a single timeframe, such as trading in a single timeframe where you can fully concentrate where many timeframes can confuse you a bit. A timeframe will help you analyze and make proper decisions, because the same chart will start different analyzes in different timeframes, so trading in a timeframe is very important, especially for beginners.

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Posted By mackukas : 01 September, 2020
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A profitable trading strategy is the single most important thing that any trader must have when trying to earn money through Forex trading. Without a proven, successful trading strategy you will never be able to make any long term profit. I believe that finding and developing a winning trading strategy should be all traders number 1 priority. The Zero to Pro Forex School would like to share with you the top 5 tips that any trading strategy should have. Whether you use the trading strategy that we teach in our school or you use your own, it is essential that you include these top 5 tips in your trading plan.     Focus on Supply and Demand – The key driver of price movement The secret to a successful trading strategy is that it should be based on how the Forex market really works. Only when you know why the price is changing you can predict how it is likely to change in the future.   Many traders look at price charts and think in terms of price going up or price going down. This is fundamentally the wrong way to look at the charts and it is the reason why many traders fail. Price movement is a result of changes in supply and demand of the currencies traded. Traders should be looking at price charts and using the information to try and interpret how supply and demand is changing and what that means for future price movement. If we can identify when there is high demand and low supply we know that the price may rise and when there is low demand and large supply we know that the price may fall.   In practical terms, it is possible to identify the flow of supply and demand by looking at historical price data. Taking the example of EURUSD in the chart below. The chart tells us that demand was initially greater than supply and this caused the price to rise. This is equivalent to saying that more traders wanted to Buy EURUSD than Sell it. But as the price increased, traders began to consider the price of EURUSD to be too expensive and therefore the demand for EURUSD started to reduce. Traders also started to sell EURUSD and cash in on any profits they had made. This increased the supply of EURUSD. The overall results caused the price to start going sideways and eventually fall when the supply over took demand.     By careful analysis of price movement it is possible to interpret how the supply-demand imbalance is progressing and use this information to enter and exit trades. This involves combining chart patterns with support and resistance zones to identify the supply-demand processes that cause these price movements. There is not the space within this article to go into these areas in detail but any good Forex school should be able to explain these in full.   Time of day With any trading strategy, we are looking for indications from the market that price may start to move upwards or downwards. However, when these indications occur is of extreme importance. A price movement will only continue if there is sufficient volume of trading to keep it moving. Forex is not traded through an exchange which means that it is difficult to get reliable volume data. However, with each Forex pair their will be clear times of day when there are high volumes of trading and low volumes of trading. London and New York are the worlds major Forex trading centers so Forex pairs like EURUSD will be most actively traded during the business hours of those locations. It is those times that we want to focus on looking for trading opportunities on EURUSD. When it is the middle of the night in New York or London then the trading volumes of EURUSD are likely to be low and interpreting the price charts is less reliable.     Buy Low – Sell High It is a trading and investment cliché but the principle of Buy Low – Sell High is lost on many new Forex traders. More often then not beginners will enter a trade too late to make any meaningful profit. Beginners usually wait for price to rise, end up Buying at a relatively high price and then getting stopped out as the price starts to fall. If this sounds like you then you need to focus on getting a better entry price. Rather than thinking “price is going up, I need to Buy”, traders should have the attitude of “My analysis indicates that price may rise, I want to enter a trade at a low price to maximise my profit”. In reality, this means focusing on specific chart patterns and using candle stick analysis to get smarter entry prices.   Combine time frames A clear result of what we have learned already is that we need to be combining our analysis from different time frames. We first need to look at the longer term time frames to identify whether we expect demand to outstrip supply (or vice versa) causing the price to rise in the future. Based on this analysis we can them move to a shorter time frame and wait for a good low entry price so that we can yield the maximum profit if price does start to rise as expected.     Risk management Any professional trader will tell you that risk management is critical for long term success at Forex trading. Risk management is a broad term that covers many areas but in this article I will cover risk per trade. What I mean by this, is the amount of money that would be lost if the prediction for price movement was incorrect and the price reached the stop loss. All traders need to know how much money they could lose before entering a trade. This amount will depend on the Lot size, the stop loss, and the Forex pair. There is not the space to go into the calculations here but there are many resources available that can show you how to calculate this. I personally make sure that for any trade I enter my trading account will fall by at most 2% if the trade is closed at the stop loss. This may sound like a very small amount, and it is, that is the point. Even with the best analysis there will be losing trades, the key is to manage your risk sufficiently so that even with a few losing trades you are still able to continue trading and wait for the winning trades to come round again.   I hope this knowledge will help you become a better, more focused trader. There are many aspects that make a successful trading strategy but if you are serious about taking your Forex trading to the next level then I believe that it is essential that you include my top tips into your trading plan.

The foreign exchange market or Forex has the incontestable advantages thanks to those everyone regardless of location, education and income, has the opportunity to trade. All you need is a computer and an internet access. Forex is the biggest market that develops dynamically due to some fundamental advantages over other financial markets. These advantages include the high liquidity, operating time 24 hours Monday to Friday, low cost deals, margin trading and many others.     Now we are going to describe in detail each of them.   High liquidity The Forex market volume of trade is about $1.5 trln per day that is 50 times more than the one of the New York Stock Exchange. The high liquidity allows traders to make a deal of a different volume for the same market quote. Moreover, the big volume of trade does not permit the major traders to make the market to be in their own interests. The high liquidity means that Forex is always attended by the great number of traders and buyers, and there is no difficulties to open or to close position. Trader has an opportunity to get the quote with the minimum spread. The market liquidity provides the rate flow even at the time of economic crisis.   Round-the-clock operating Forex market works 24 hours Monday to Friday that allows the traders all over the world to have a deal at any time. Unlike other financial markets, the Forex market participants do not have to wait till they can respond to the particular event. Forex gives the opportunity to its traders to take a decision and act right after the important news comes up. The traders of other markets who are provided with the same information and the same solution, have to wait till the stock opens.   No limitations Forex as distinct from the stock markets is independent, i.e. the prices are formed in accordance with demand and the supply. Usually that causes the strong trends that may provide the great profit.   Unlike on the stock, where the trade can be stopped upon the occurrence of certain conditions, trading on Forex never stops, because it does not have any regulators. Forex works every day except for the weekends and international holidays. There are also no limits to currency rate movements.   Margin trading Forex has a margin trade scheme that enables the traders to make deals, which value significantly exceeding their startup capitals. The successive deal brings a great profit.   Furthermore, the trade is conducted without real currency delivery to their buyers that reduces the additional expenses and lets to open long or short position.   High dynamics The foreign exchange market supposes to get the quick profits. The trader can earn in several hours from the position opening position or even in few minutes. The fast speed of the currency rate movement means that the risk on Forex is much higher than on other financial markets. However, the availability of short-term deals attracts a lot of people, who ensure the high liquidity. That state of affairs reduces the trader's risks.   Wide choice of trading instruments Forex offers a great choice of trading instruments. Every trader can choose the one that suits his personal purposes and preferences.   Thousands of shares on stock markets are traded only by specialized funds and organizations, which have their own traders in each state. These traders purposefully trace the certain set of shares. 

When one wants to enter the trading world, there are two things which are of utmost importance – the trading platform and knowing the ways to trade. Basically it is easy to find a good trading platform by reading the reviews or asking friends about the trading platform they use. What is difficult is to make profits by trading. For a novice, the world of trading is full of surprises and so instead of making profits, the person may actually end up in huge losses.     The best way is to overcome this problem is to use the concept of copy trading. This kind of trading allows a trader to copy the trades of other traders who are more experienced and so well acquainted with the rules of the trading world. Thus it has many advantages. These can be enlisted as   - These signals allow even a new trader to be able to trade with the efficiency of an experienced trader. The new trader obviously has no knowledge of the technicalities of trading and so by copying the experienced trader’s moves, the new trader is able to trade in a similar manner.   - Working with mirror trading is indeed very simple. Many of the trading platforms allow one to carry out this form of trading in just a few clicks. No special information or knowledge is required. One simply needs to have a trading account with their desired broker and then install the trading client. Then all one needs to do is to select a trader to be followed and the software will take care of the rest.   - Also, there are options of following a trader for free for s certain period of time and only when one is satisfied with the results of account monitoring could one opt to pay for the trading signals.   - Another advantage of using these trading signals for metatrader is that while one gets the profits equivalent to that of an experienced trader without having to gain nay knowledge, it is made sure that there is no risk of one’s account becoming zero or less due to the trader making trades beyond one’s price range. The trading volumes are determined by the amount of money one has in their account. The trades will mirror the selected trader’s account only proportionally.   - The biggest advantage trading signals is that is shortens the time one requires to go from a novice to an experienced trader. By interacting with other traders, watching their trading pattern and duplicating their trades, one is able to understand the tips and tricks of trading. This is also called social trading.   Thus the trading signals for metatrader come with a lot of advantages and it can help any novice trader to be able to trade like an experienced one and so make huge profits. Not only this, it helps one to learn how to trade in a short interval of time because learning by example is the best and the fastest method of learning to trade.

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