The Forex could be a funny and amusing world as long as you have clear in mind what your goal is. This is the simplest but probably the most important part of it. Money does not come easily, so do not trust people who promise that. You need to be patient and focused to be successful, you must have a plan and must stick to it as long as it proves to be successful and profitable.
Keep your plan and your strategy simple. There is no need to complicate your life. Choose what kind of trader you want to be, also according to the time you can spend in front of a PC studying the charts. If you are a part-time trader then your strategy cannot probably contemplate many intraday operations. Perhaps, a medium / long term strategy might be more suitable for you if you only have few hours in the evening to have a look at the charts on your trading platform and to read the news.
Do not forget to set Take Profits and, most important, Stop Losses. Although seeming weird, you must accept your losses as one of the way to make money. If you do not do so, what could be a small loss would become an unaffordable one that will sweep away your account. Try to avoid to be too greedy, the success is something that you should build up brick by brick, otherwise you should rather try the fortune wheel (Rome wasn’t built in one day).
Keep the risk reward ratio as much at the advantage of the reward as possible. In this way your losses won’t harm your account. And never risk more than 3 per cent of your equity for each trade. As we said, there is no rush.
And our most important advice is: do not lose money you cannot afford to lose.
In this page we would like to share some posts of the most important and successful trading strategies we have come across in these years, trying to keep them as much simple as possible. We hope that they will be of your interest and that they will be able to help you in your path to become a successful trader.
Thanks for your attention!
The Lucidix4forex Team