There are certain things every professional forex trader would find out things they wish they know earlier. There are good moments and terrible times, usually denoted by profits and losses, like with every journey in life. Most of the time, the greatest learning opportunities come from our losses. They enable us to assess what we did well and incorrectly so that we can get better at whatever it is we’re pursuing.
But sometimes, especially when money is involved, as it is when trading the Forex market, this chance isn’t immediately apparent. In fact, it might occasionally take us days or even weeks to realise that a setback is a learning opportunity. But no matter how long it takes to become aware of it, there is always room for improvement.
I was assisting some of my more inexperienced members when I got the idea for the ensuing essay. I realised that I take for granted a lot of what I now know about forex trading. Though that wasn’t always the case, most of the actions I take throughout the trading day are now second nature to me.
The list below is what I came up with after thinking about what I wish I had known when I first started trading Forex in response to this remark. This Blog shares you information of a professional traders from their personal trading experience.
Only Basic Price Action is Required
When I initially started trading Forex, my charts were a complete mess. No other way to put it exists. I constantly jammed at least five indicators onto my charts in a random combination. This set of indicators appeared to change every other week.
I was certain that as soon as I set up the proper set of indicators, I would experience a “aha” moment. But instead of having a “aha!” moment, I experienced a lot of discouraging situations.
It took doing the unthinkable and removing every indication from every chart that I had before the breakthrough I was looking for occurred. All of the stochastics, RSI, and MACD are gone! It was in that moment that I gained clarity and six months later I found steady profits as a Forex trader.
Coincidence? Possibly. But it happened in 2010, and ever since then, I have constantly made money. That is not merely accidental.
Big Investors Don’t Use Daily Frames
In the beginning, I traded in 15-minute, 30-minute, and occasionally 1-hour time frames. Naturally, my choice was always shifting because I truly didn’t know what I was searching for besides money.
Since I didn’t know what was superior, I wasn’t using these time frames because they were better. I was utilizing them for three reasons, all of which I believed to be accurate at the time.
The shorter time frames offer more settings, which enables you to generate more revenue.
The higher time frames are only for those with Large Trading accounts.
Even if I had the larger account, the higher time frames are boring.
Of course I later learned that all three reasons are as far from the truth as you can get.
One thing the lower time frames excel at is eating up your trading account. Sure, there are Forex traders who have found success with them. However, I’ve found that far more traders succeed when switching from lower to higher time frames than the other way around.
Anyone who can register a trading account can now access larger time frames thanks to the availability of mini and microlots. Even if the account just has $100.
The longer time frames are only monotonous if you find consistently producing money to be monotonous. Personally, I find it enjoyable.
Spend 90% of your time figuring out how to recognize support and opposition correctly.
This is Not A Lifetime Jackpot Scheme
Contrary to what you may have heard on several pages over the internet, trading forex won’t convert your $10,000 account into a million dollars. More so than the effectiveness of our approach, the amount we are willing to risk dictates how much we can make. Forex trading is a good example of how the adage “It takes money to Make Money” is true.
The fact that many successful Forex traders trade for a living, however, does not imply that it is not a worthwhile effort. The distinction is that they have gradually grown over time and built their account to a point where they can generate steady revenue.
Currency levels of Support and Resistance
From a technical standpoint, perfecting the skill of correctly identifying support and resistance levels should be your top concern. I’m done now. Over the coming weeks and months, your trading will Significantly Increase if you start concentrating on this one issue right away.
Consider it this way if you’re not artistically inclined. A picture in a colouring book where all you have to do is color inside the lines or a drawing you create from scratch—which will appear better in the end?
Most people, I believe, will agree that using the colouring book makes producing attractive results simpler. The support and resistance levels on your chart resemble the lines in a colouring book in a similar way. You get to trade between the lines as opposed to simply colouring within them.
The nice part is that colouring pays more than trading within the lines.
Everyone possesses the ability to be patient. Whether you currently perceive yourself as being patient or impatient, you are who you are because you so choose to be.
When a professional forex trader first started trading, I definitely took this region for granted. I heard all of the “pros” talk about the importance of patience but I figured I knew better and continued in my impatient ways.
I’m here to inform you that developing patience is a key component of being a great Forex trader. Do whatever it takes to cultivate patience—read books, attend seminars—because once you do, you’ll never look at trading the same way again.
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