How to increase monthly Profit up to 50 %: Forex Success Rule part.1


 

  1. Trade Forex as a Business – You wouldn’t dare to start a business without preparing what’s necessary. Yet, many people trying to become a successful trader, just jump into the market without investing in proper equipment. Be sure to have access to infrastructure that supports your business on any ongoing and emergency situation. This means that you must invest in the best computer, signals, communities and data you can afford.
  2. Do your Homework – In Forex, you are not the only one aiming for profit. You must dedicate yourself to put down extra hours of studying market and strategies. You are responsible for better you.
  3. Take care of yourself –If trading business, your body and mind is the building where the business takes place. Since you are liable for all the decisions you make, maintaining yourself to keep the consistency in logical trading is critical. If you are sick, distracted, or is going through tough times in life, do not force yourself to trade for Forex Success.
  4. Befriend the Trend –Market can last much longer and go further than you expected. You have to admit that estimating the tops and bottom is loser’s game.
  5. Limit Losses—As you initiate a position, you are ought to put protective stop below the recent support line (for longs), or above recent resistance line (for shorts). These setups are usually below the lowest bar (for longs), or highest bar (for shorts). If the limit losses are greater than 5% of the currency value, do not risk more than 5%. Swing trade is bound to create small gains with occasional homerun. To achieve success in Forex, you must use protective stops on every trade. Try to avoid being careless, because each trade shouldn’t be taken lightly.
  6. No ticket, no trade—Swing trade is all about detecting short-term support and resistance line and finding if how likely the market is to re-assert itself. It is not about finding tops and bottom, so you must wait to follow through before trying to enter a trade. For example, if the market moves in sustained continuous pattern, your goal is to find resumption of original uptrend. Until that uptrend starts to resume, you should not buy any order. For long, you are waiting for the market to turn back up. For short, you are waiting for the market to turn back down.
  7. Take partial profits fast –For swing trade, the profits are small and have potential to wear away.
  • as soon as the profits are equal or greater than the initial risk,
  • you should lock in half of your profits
  • move the stop loss of remaining orders to break even line where you originally entered the position.
  1. Take advantage of unusual or sudden profits –When windfall profits happen in parabolic pattern, you should lock in all or significant amount of profits. After all, other traders will realize about the profit and will start to sell off, because people are likely to go for small profit rather than expecting it to continue the uptrend. Swing trade is about understanding mass psychology, which is about thinking in other trader’s viewpoint.

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