There’s a lot to know about trading, and a lot to learn.
These 4 steps will help make a better trader:
- Plan Ahead – Some currencies rise and drop and lot, some don’t move that much. Decide which ones you are more comfortable with. You should also know your goals ahead of time: ask yourself when are you willing cash out if you win and when will you cut your losses and get out if you lose.
- Follow the Market – There are many things that can happen which will affect the market. Follow the news as much as you can to get an advantage about certain currencies.
- Start a Forex Diary – It’s hard to notice your mistakes without remembering everything you do. Writing a diary will help you see when you lose or won money so you can later make conclusions for better trades.
- Maintain a good state of mind – Losing money can cause you to be upset and lead to more losses. If you find yourself losing trade after trade, try to take a break. Sometimes taking a break and clearing your head will help you make better decisions.
If you have any questions or anything to add please let us know in the comments below :)