How Can be A Successful Trader?

Successful Trader believes the main key is being consistent not just in trading also in everything in life. In spite of profit, they focus on process of achieving the goal.Nothing in life or in trading comes easily.

Putting much effort you can and being patient for the work to complete is the only way to achieve goals.

Being dedicated to the work, learning about the process of trading and implementing. It into their work rather than being desperate to make money they believe in the performance towards their goal.

Discipline is one of the main fundamental characteristic in trading a millionaire trader sticks to the fixed plan they make.

Own Trading Strategy

Find Own Trading Strategy:

To become a successful trader one has to find their own strategies, without losing a trader can implement his techniques to test this process is called backtesting. The trader has to find their comfort zone as there are so many markets available in trading. They have to know in which path they want to continue either fundamental or technical, long term or short term, low risk or maximum risk.

Manage Risk

Risk management helps to prevent traders from higher losses, it is the most important quality in a good trader. Trader finds a way to minimize the risk of losing money, they make more profit in trading from the others. A successful trader doesn’t afford to lose their game in trading allowing very few mistakes. Risk occurs during a loss on proper check it can be minimized and allows the trader to get profit.

learn from-failure

Admit the Mistake, Learn From Failure :

There is no strategy that is proven to be profitable always. It’s common for a trader to make minor mistakes, it is important for the trader to admit the mistake rather than dwelling on it and move past, analyze what went wrong, and make a process to rectify it. When trader experience bad time they tend to give up but a good trader deals with loss, believes in them takes time, and bounce back.

Prioritize Capital

The capital amount is the amount a trader has to buy and sell.  To protect your capital there are many different choices available like diversifying, stop loss, on-correlation. There will be ups and downs but by Managing the capital you can handle the loss

A protected capital along with good performance gives more profit to the traders. There are totally 4 types of capital investments in trading they are working capital, debt capital, equity capital, trading capital.

Use Stop Loss or Limit Order

Stop-loss is a method to minimize the loss when you fear trade might go downt o. It ccurs with a limited amount of loss with each order. Even if your trade value is rising it is advisable to practice stop loss. For Eg, if you are buying a stock for 1000 Rs and fear there is no raise in the market so you make a stop loss for 900Rs so you won’t lose all the money only lose a small amount that has a no bigger effect on your trade.

A limit order is to minimize the buy price and maximize the selling price; the order will only be executed when the limit is reached. For example, if you want to buy a stock that is 100Rs but you have only 900Rs so you put a limit order to buy the stock at 900Rs, once the stock becomes 900Rs the limit order will buy the stock.

Implement Edge

Edge is simply a trait that helps traders achieve more profit than the loss that separates successful traders from unsuccessful traders. It can be anything like advanced technology, persistence in trading, strategy, risk management, personality simply anything that brings more profit than loss. Having an edge allows the trader to constantly attain a profit.

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What is a Demo Account in Forex Trading?

Forex Demo account is designed to traders for to practice rather than investing in real account. It allows who have no money but always wanted to Practice trade in forex. Don’t know what to do and where to start but have money for investment and trained traders those who want to try out their new strategy.

Beginner traders can make free demo account first rather than creating live trading account. make. Small investments in the demo account it will allow the forex trader to gain experience in real time trading and lower the risks factors.

How Demo Accounts Work

When a client opens demo account they will give you virtual money to trade in the demo of Forex market. Like in real time market there will be no re-quotes and slippages in the demo account. Slippage means the price at execution varies from rate fixed by trader.

Buy and Sell Price difference in demo account and real account. Trading rate always fluctuate in real time trading account ,but in demo account it is fixed. There is no need of risk management as the money used in demo account is virtual and not real money.

Forex Demo Account
Forex Demo Account

 — follow the international News Distractions in regular update

Daily news updates will guide you to gather information’s about changes in the market which helps you to make investments based on market values. 

If you are a beginner trader then you can follow the international news regarding trading that is been updated on daily basis, they can learn the daily changes and development in the market. This helps them to invest in the right currency; makes easier for trader to predict profit and loss in the market.

Following daily updates about trading makes the trader more focused on the current market, making it easier for the trader as they know in which stock to invest in to gain profit and avoid stocks which can be a loss.

The daily news usually updates the ups and downs in the market, when a trader constantly follows these news feeds they sometimes tend to understand the strategies on rise and downfall on the market, which helps them to gain more profit in the market.

Being in a regular update with news on trading you can learn more about the strategies ,get some help on trading, gain more ideas about the market.

 — calculate the random possibility of trading strategy

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How to Dominate Your Trading

Focus on one single trading strategy or chart pattern until you completely master it.

Single trading strategy :

All successful traders have one or two strategies. But not more than that as many implementing strategies will only lead to loss in the market. There are different trading chart available, but choose one chart and implement the strategy you have learned so far in trading. And observe the results maintain consistency until you totally understand the working of that trading chart and completely understand when to use which strategy. Whatever your strategy can be it is attained by experimenting and it is in your comfort zone which will help you be more attentive in the market and gain more profit in the market.

How to make single strategies or chart pattern:

As you follow only one strategy for all markets it gets well practiced for you to implement the strategies in different markets, hence many risk factor in the market will be reduced. Take more time to understand and master that one strategy which is going to be the main reason of your profits.

Focus on single strategy and be committed to it don’t switch to different strategies once you loss in the market. There is no fixed strategy that makes only profit in the market. Definitely there are going to be ups and downs in the trade, but you have to be discipline your plan. There are many different strategies available in trading but focus on something that suits your characteristics. This is main reason to gain constant profit in the market.

milliva sell and buy

 Reduce the time you spend trading, and increase the time you learn about trading

Spending too much time in trading

Trading runs 24/7 unlike other business it have no time constrains, so traders are likely to get more addictive either they can be gaining more profit or can be losing  more, to avoid this don’t buy any stocks when there is absolutely no necessity for it. Most of the successful traders spend less time in the market. Rather than simply spending time in trading and loosing; the trader should learn the process and working then implementing what they learn into action will make you a successful trader. Spending too much money in can lead to loss more than gaining profit.

Spend more time learning in trading

A successful trader spends more time to learn the process. Learning means understanding the working procedure, markets available in the market. A trader must think of as education, as is about understanding and learning it lifelong.  Doing more research in this makes your instinct stronger about the market, learning about trading allows you to understand the difference in the markets. You have to work on past and present strategies you used in trading to paint clear picture on yourself discovery in the process of learning the.

 Don’t miss trades in right time

Trading can be as simple as spending less time at the market. You don’t have to spend all your time in trading market. Observe the market and analyze the timing strategy of the market. Invest in the right time to gain more profit as not all the timing in the trading will be profitable. There are different timeframes of available in the market they are short term, long term, medium term. Short term trading a strategy followed by investors either individual or company, short term trading done either within a few days or several days.

A short term trading involves many tools and different methods, the investor need a fixed strategy to succeed using this strategy. Long term trading is a strategy follow by the investor as individual or company; they hold the investment for over long period of time it can be one year or more than one year. Simply when a trader buys a stock they wait for the maximum raise in the price to sell the stock. Long term in company refers as the company holds to the trade or stock or assets they bought for over a long period of time.

Long term in individual is saving for future as there are expenses that need more time to acquire the amount. The client decide their time frame according to their personality .Each time frame ups and downs accordingly there is going to be a period of time in which the market is going to rise and the client will get more profit if they sell their stock during this period, the knowledge about the timing only known when the trader focus and learns more about right time in trading.

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What is Trading Strategy in Forex?

What is Forex Trading Strategy?

A trading strategy is nothing but a plan that helps you to achieve anything. A trading strategy is a plan that helps the client to achieve more profit. The strategy someone uses has to be fundamental and technical or even both.

Different types of trading strategies they are scaling, day trading, swing trading, position trading Strategy is important in trading. Traders must experiment with their own strategy and find proper strategy that works for them. Each trader has a different trading experience.

1.Types of Forex Trading

2.Forex Scalping

Scalping is short-term trading that happens within seconds and minutes. There will be a large volume of forex trading with smaller profits throughout the day. The trader mostly invests in major pairs.

Day Trading in Forex

Day trading is short-term in forex trading which ends within one day as the trader enters and exits the market. The result of the trade will be either be profit or loss, the client usually holds the stock for a few minutes or hours. Day traders must concentrate on fundamental and technical analysis of the market that helps them to gain more profit.

forex trading

Swing Trading in Forex

A swing trading is usually short or medium-term trade as it can take several days or months. Traders will hold the stock for days and months which will be no need for the trader to sit and watch the market . This trading style is most common with people who want to trade as part-time.

 — Avoid Sense of Desperation or Urgency to Trade

position trading
Position Trading in Forex

The position trading is a long-time trade and a client holds the trade stock for weeks and years as they expect more marginal profit. A long-time trader uses technical analysis and fundamental strategy in trading. They usually don’t concentrate on small losses. They analyze and evaluate the market on weekly and monthly charts.

Desperate Trading in Forex

In forex trading when traders lose in the market continually they usually tend to get more desperate in gaining the lost money. Sometimes the trader focus on earning more money which makes them desperate, often this makes many traders fail.

Earning more money or gaining the money back that is lost makes a trader desperate, then they lose the fundamental logics and strategies they are using and sometimes make more trading which is overtrading or making bad investments buying or selling stocks that can lead to more loss to them.

Sometimes rather than waiting and analysing the market chart, they tend to get bored sitting in front of the market they get the urgency to trade at the moment which can lead to loss of money.

How to Avoid Desperate Trading in Forex:

You must develop your own strategy on the basis of fundamentals and technical which you must stick to it at any cost. Make your own rules set goals within the rules to understand your trading method. Have a more positive mindset and realistic goals.

Admit to the loss, don’t get greedy or lose hope always believe in your instinct. Take time from loss and bounce back stronger rather than stressing yourself about loss.

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What Should I Know Before Trading Forex?

Beginners will find it difficult to learn more things that they are not familiar with about the market (forex Trading). Before beginning to trade you know about trading, how to trade and what strategy to imply these are the most fundamentals of forex trading.

Set Goals and Strategy:

The beginning of any journey starts with the idea of the destination and how to reach the destination. To be a successful trader you must have certain aspects of goals and strategy to achieve the goals. Trading is a tricky business you must imply different strategies to different platforms to get successful.

Choose the Right Broker

Choosing the right trading broker is most important in your trading journey, there are many brokers available out there you have to know the difference between them, their policies, and how they act in the market. Researching this will help you the most. When you choose a certain broker you have to be familiar with their platform.

Opening a Demo Account:

As a beginner opening, a demo account is more important every broker offers a demo trading account that is completely free. In the demo account, you can learn about the platform, choose currency pairs, and develop strategies. The most familiar platforms are MTA 4 and MTA 5. Trading in a demo account will help you to trade in the live account without risking losing money.

Start Trading
Start Trading

Have Consistent Method:

Decision-making skill is most important in trading. You must make the right decision when to enter and exit the market, how to execute the trades.  Methodology you choose must be adaptive to different platforms. You must be consistent about your method.The market’s dynamic keeps changes you must be certain about how you’re handling it.

Learn About Forex Trading :

There are going to be different factors that will lead up to success in trading. When you get profit learn which strategy you used. What decision you took when you enter and exit and the platform. There are so many things you have to know and thought. But in real-time there are going to be differences, you will understand once you enter into real-time trading.

Ability to Acceptance of Challenge:

Trading is the platform for self-development and self-discovery, you will face many different challenges, sometimes you may even struggle to understand and overcome them. Successful traders know the consequences and are ready to accept challenges, imply new strategy learn the consequences and that is how you will learn and get success in trading.

Track Each and Every Trade:

Tracking each and every movement in trading will help you the most at times of struggle.  This is not just journaling about the journey also it helps to rectify your mistakes from the past and make most of them. When you’re facing a situation you felt so stuck which is similar to a past situation the strategies you used in a situation that helped you can help the same situation keeping a journal about it can help you solve the problem.

Trading with Profit
Trading with Profit

Make Investment

To start any business the initial capital amount is the most important part of it, so you need to keep a determined amount ready to invest in trading. Time and effort you put to understand the market learn new things plan your moves is also investments.

Patience is the Key:

Trading will not make you instantly rich giving more and more profit. In reality, there are going to be so many ups and downs you’ll face as a beginner. Being more patient in every situation is important early stages are the learning process when you’re new to something you should understand how it works, what works and not work for you put lots of effort into discovering your own path into the trading world. All of this will cost you lots of patience’s

Analyze Weekend Performance:

During weekends learn the weekday’s chart; understand the working pattern or news of the platform that affects the trading. Determine the platform understand how it works make plans accordingly to it, derivate new strategies, and try implementing it. This will help you further achieve more profit.

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10 Things To Know Before Trading in Forex

Beginners will find it difficult to learn more things that they are not familiar with about the Trading market. Beginning to trade you must know the strategy to imply

Set Goals and Strategy:

The beginning of any journey starts with the idea of the destination and how to reach the destination. To be a successful trader you must have certain aspects of goals and strategy to achieve the goals. Trading is a tricky business you must imply different strategies to different platforms to get successful.

Choose the Right Broker:

Choosing the right trading broker is most important in your trading journey, there are many brokers available out there you have to know the difference between them, their policies, and how they act in the market. Researching this will help you the most. When you choose a certain broker you have to be familiar with their platform.

trading in Forex

Opening a Demo Account:

As a beginner opening a demo account is more important every broker offer a demo trading account that is completely free. In the demo account, you can learn about the platform, choose currency pairs, and develop strategies. The most familiar platforms are MTA 4 and MTA 5. Trading in a demo account will help you to trade in the live account without risking losing money.

Have Consistent Method:

Decision-making skill is most important in trading. You must make the right decision when to enter and exit the market, how to execute the trades.  The methodology you choose must be adaptive to different platforms, you must be consistent about your method, and the market’s dynamic keeps changes you must be certain about how you’re handling it.

Learn About Forex Trading :

There are going to be different factors that will lead up to success in trading. When you get any profit learn and note which strategy you used, what decision you took when you enter and exit and the platform. There are so many things you would have known and thought but in real-time there are going to be differences, you will understand once you enter into real-time trading.

future of trading
future of trading

Ability to acceptance of challenge:

Trading is the platform for self-development and self-discovery, you will face many different challenges, sometimes you may even struggle to understand and overcome them. Successful traders know the consequences and are ready to accept challenges, imply new strategy learn the consequences and that is how you will learn and get success in trading.

Track each and every trade:

Tracking each and every movement in trading will help you the most at times of struggle.  This is not just journaling about the journey also it helps to rectify your mistakes from the past and make the most of them. When you’re facing a situation you felt so stuck which is similar to a past situation the strategies you used in a situation that helped you can help the same situation keeping a journal about it can help you solve the problem.

Make investment :

To start any business the initial capital amount is the most important part of it, so you need to keep a determined amount ready to invest in trading. Time and effort you put to understand the market learn new things plan your moves is also investments.

Patience is the key:

Trading will not make you instantly rich giving more and more profit. In reality, there are going to be so many ups and downs you’ll face as a beginner. Being more patient in every situation is important early stages are the learning process when you’re new to something you should understand how it works, what works and not works for you put lots of effort into discovering your own path into the trading world. All of this will cost you lots of patience.

Analyze weekend performance:

During weekends learn the weekday’s chart; understand the working pattern or news of the platform that affects the trading. Determine the platform understand how it’s works makes plans accordingly to it, derivate new strategies and try implementing them. This will help you further achieve more profit.

Visit us : www.milliva.com

 

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