Each of us comes to the forex market with one single goal – to make money. But not everyone succeeds in achieving this goal. Statistics show that a successful trader is rare. Usually they write about 5%. But I have not seen any confirmation of this statistics. Nevertheless, I will not argue. The share of successful traders among those who are trying to make money in the market is really small. The reasons can be different: lack of knowledge and unwillingness to learn, lack of discipline, problems in the field of psychology. But even those who put in enough effort do not always reach the level of stable earnings. Perhaps they lack knowledge of some of the secrets of successful trading. Today I want to share them in this article.
The benefits of drawing up a trading plan have been proven in practice. However, many traders ignore this recommendation. A trading plan allows you to systematize your trading, which is important for making a stable profit. Besides, it will relieve the trader from nervous tension. Excessive emotions ruined many deposits.
For successful trading, you always need to look for confirmation of the signal to open a trade. The signal generated by the indicator cannot be considered qualitative if it is not confirmed by other technical analysis tools. There is no need to rush to open an order. When a signal appears, it is necessary to conduct additional market analysis. And if other data are found in his favor, then you can enter the market. For example, if the indicator recommends opening a buy order and the price bounced off a strong support level, then the probability of a profitable trade becomes much higher. Besides, one should not forget about fundamental analysis. When deciding on opening an order, one should take into account the news background.
Any strategy provides for specific conditions for opening deals and the rules for setting stop loss and take profit. A successful trader strictly follows them and does not interfere, even if the market situation begins to develop against an open order. In practice, it sometimes happens differently. The trader, under the influence of panic, closes the deal as soon as the price starts moving against the active order. And as a result, he loses profit. Rollbacks are possible in the market. You just have to be able to wait.
Above I wrote that any signal must be confirmed. For this, you can use filter indicators. But this does not mean at all that there should be a large number of them. A chart overloaded with indicators becomes difficult to read. This can lead to the opposite result. Instead of improving the quality of signals, the trader will receive an increase in the number of unsuccessful trades. It is recommended to use no more than one or two indicators as filters.
Attitude to trading
Initially, you need to take trading on the market as seriously as possible, like work or business. If a trader perceives trading as a game and counts on luck, then earnings will remain just a dream. A successful trader is the result of a lot of effort and patience.