Forex Trade Forex Successfully: A Few Tips to Follow

It is often seen that almost every forex trader starts their trading with a fully incorrect mindset. In fact, not only the novice traders but also the experienced people focus on the wrong process from the starting to the end of forex trading. This obviously results in a great loss of money.

A few tipshavebeen discussed in this article that can act as a complete tutorial for the niewbies as well as the experienced traders. The following information will definitely help a trader to understand what to do before starting as trade, during the trade and after the trade is completed. Always remember you need to make and also maintain a forex trading routine before, during and after the trade is over.

1. Before starting a trade:

¨ As a trader, the very first thing you need to do is to prepare yourself mentally as well as physically. Make yourself prepared for the fact that trading is nothing but a game and you may lose it. Once you have made up your mind to enter the trade while there is a great probability of price action trading set up in the foreign exchange market, you need to know some basic points, and also, you have to proceed with keeping these points in your mind.

¨ The next thing that you have to do is to place your stop loss after calculation. It should never be placed based on your greed. You need to place the stop loss strategically and it should never be placed very close to the entry point for a bigger position size.

¨ Spend 90% time of your time to research and 10% of your time to execute the trade. Researching more will make you more knowledgeable about the current position of the market. It will also enable you to know the trade requirements, according to which you can trade successfully. Be as slow as a snail to understand every trick of the forex market.

2. During the Trade:

During the trade you should have a proper mindset. Following the live currency rates chart is really important this time, as this will indicate if your trading idea is right or wrong. Don’t leave your goal and stick to your stop loss level. During the trade, your goal should be doing nothing, which means you should leave the trade alone. In this way your trading edge will be able to work on behalf of you.

3. After the trade is over:

· Once your trade is over, the very first thing you need to do is to relax yourself. Just forget everything about the trade, whether you have won or lose it. If you lose it, that means you have definitely gained experience, and experience can make you a winner the next time. So don’t break down emotionally and learn from your mistakes.

· And, if you win the trade, be happy, but don’t be overwhelmed. Just note down the strategy that you have followed last time, which will help you to achieve another success in the next trade.