How To Become A Successful Part-Time Forex Trader

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How To Become A Successful Forex Trader?

• Set Goals
• Right Broker
• Calculate Your Expectancy
• Focus On Your Trades
• Perform Weekend Analysis
• Keep A Printed Record

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Set Goals
It is imperative that you have clear goals in
mind as to what you would like to achieve you
then have to be sure that your forex trading
method is capable of achieving these goals.
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Right Broker
It is important to choose a broker who offers a
trading platform that will allow you to do the
analysis you require. Choosing a reputed broker
is of paramount importance and spending time
researching the differences between brokers will
be very helpful. You must know each broker's
policies and how he or she goes about making a
market.
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Calculate Your Expectancy
Expectancy is the formula you use to determine
how reliable your system is. You should go back
in time and measure all your trades that were
winners, versus all your trades that were losers.
Then determine how profitable your winning trades
were versus how much your losing trades lost.
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Focus On Your Trades
Once you have funded your account, the most
important thing to remember is that your money is
at risk. By focusing on your trades, forex rates
and accepting small losses rather than constantly
counting your equity, you will be much more
successful.
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Perform Weekend Analysis
It is always good to prepare in advance. On the
weekend, when the markets are closed, study
weekly charts to look for patterns or news that
could affect your trade.
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Keep A Printed Record
Keeping a printed record is one of the best
learning tools a trader can have. Print out a
chart and list all the reasons for the trade,
including the fundamentals that sway your
decisions. Mark the chart with your entry and
your exit points. Make any relevant comments on
the chart. File this record so you can refer to
it over and over again.
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