How to be profitable in Forex Trading

Be honest with yourself and ask yourself if you really are making money from Forex trading or not? If the answer is no, why not? Sit down and think for a while, and I’m sure that will realize after a while that the reason is because you are not doing enough pips per trade

I would like to introduce some money making concepts here:.

  • Discipline,
  • Psychology
  • Money management.

 

(1) Discipline

One of the hardest things to train as a trader is ‘discipline’. But it is also the most important element to build a merchant. No trader can be poorly disciplined in their trade and still be able to make money. Fortunately, discipline can be trained, while it takes time and effort, it is better to train the discipline at the start of waiting until you lose your mind then train.

 

(2) Psychology

Psychology of trading is the next important element for a trader to master. Basically, 2 harmful emotions that affect traders fear and excitement. When you are afraid that you will lose money, often make poor decisions. When you are excited often take bigger risks. The only way is to make the trade in mechanical and hopefully you can get to the stage whereby you can make your automated trading. Automated not mean you get a managed service for it for you! Which it means that trade on autopilot and form an emotional detachment for their operations.

 

(3) Money management

Money management is the last piece of the puzzle. To practice money management in Forex is easy. The hardest part is when traders become lazy or can not adhere to the rules because of discipline problems. When this happens I assure you, you will see a steady decline in earnings. Money management is the most important factor if you want to make your account grow steadily.

Conclusion….

In conclusion, to constantly build your account you have to shoot daily gains. No matter if you make one pip a day! Remember, at least, is a profit of 1 pip; It is much better than 1 10 pips or 100 pip loss! To be profitable in Forex trading you have to take all trades as they come. But you will have to negotiate with the trend and not against it.

The problem comes when traders start to be creative and mess around with their plans after leading many headaches. So use your brain before and after the operation, during operation of just following the sidelines and take it easy. If you have done your planning properly regardless of the outcome it will still be profitable at the end of the day.