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How to be a Successful Forex trader

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Being a successful Forex trader isn’t always as easy as it looks in that YouTube video or webinar you have attended. The reason why people lose money trading Forex is NOT because the Forex market is any more volatile or dangerous than any other trading market. The majority of it has to do with a trader’s lack of preparation, knowledge of the market, and low barrier to entry to open a Forex account. Too many traders just jump in with both feet and try to figure it out on the fly and wind up losing their money and becoming just another statistic.
At WorldWideMarkets we would like to help give you the necessary tools to provide you with a successful Forex trading experience. Follow these 5 steps and you will be well on your way to becoming part of the successful traders club.

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How to be a Successful Forex trader

  1. 1. How to Be A Successful Forex Trader Provided by WorldWideMarkets www.worldwidemarkets.com Questions please contact: backoffice@worldwidemarkets.com
  2. 2. 2 | How to Be a Successful Forex Trader How to Be a Successful Forex Trader Being a successful Forex trader isn’t always as easy as it looks in that YouTube video or webinar you have attended. The reason why people lose money trading Forex is NOT because the Forex market is any more volatile or dangerous than any other trading market. The majority of it has to do with a trader’s lack of preparation, knowledge of the market, and low barrier to entry to open a Forex account. Too many traders just jump in with both feet and try to figure it out on the fly and wind up losing their money and becoming just another statistic. At WorldWideMarkets we would like to help give you the necessary tools to provide you with a successful Forex trading experience. Follow these 5 steps and you will be well on your way to becoming part of the successful traders club. Here are 5 tips on how to be a better Forex trader 1. Know Yourself/Personality a. One of the most important rules about trading is to know yourself, your risk tolerance and goals. You need to know whether you have the patience to be a longer term trader or if you would do better with a short term or scalping strategy because you can’t sleep at night with trades open. You also need to know what your goals are. Are you trading for long term growth or short term income? All of this will have an effect on your ability to feel comfortable sitting in front of the trading screens. If you are comfortable you will be able to focus better and make better trading decisions. 2. Choose the Right Broker for You a. A Forex broker can either be your best friend or your worst nightmare. When choosing a broker you need to make sure the broker offers the trading platform you want as well as the support that you need. Before you open an account call or email the broker a series of questions asking about their platforms and any other questions you may have. This will help you open up a dialog with the broker and if you ever need help you have a point of contact you can call. In addition, start with a small account and make sure the trading execution is done properly before putting any larger amounts of money in. You can also check deposit and withdrawals with smaller amounts to make sure these are done in a timely manner. The bottom line is to get comfortable with your broker, they hold your money and the gateway to your success. 3. Learn the Trading Platform a. Having been in the Forex industry for over 10 years now, I have worked in every aspect of the business including customer service. You would be amazed how many people called in to say, I have opened a live trade and don’t know how to get out. As a trader you should know every aspect of how to use the trading software, including placing, modifying, and exiting trades. You should also know how to use any of the technical indicators you require. If you need assistance, more than likely your broker should have tutorial videos or you can call customer support. If you know the platform you won’t hesitate when the markets are moving and you need to act quickly to be profitable. 4. Have a Trading Strategy a. Finding the right trading strategy is obviously one of the key factors to being a successful trader. There is no Holy Grail or magic strategy. Start with the basics of support and resistance and then WorldWideMarkets www.worldwidemarkets.com
  3. 3. 3 | How to Be a Successful Forex Trader from there you can add on either technical or fundamental analysis. If you are looking for Forex trading ideas and basic strategies, visit the WWM Blog http://blog.worldwidemarkets.com The key to having a successful strategy is practicing it on a demo account until it is successful. Most traders don’t spend enough time on a demo account or trading small positions. Hypothetically you shouldn’t be trading live until you have a successful demo track record. 5. Have a Trading Plan a. This is the most important part of any trader’s existence. You MUST have a trading plan. The difference between a trading strategy and a trading plan is the strategy is the conditions to enter and exit the market. The trading plan is an overall roadmap of everything you do when it comes to trading. It encompasses your trading goals and trading strategies. The best piece of advice I can give is to write out your trading plan and have it as a check off list that you read every day and before every trade. You answer the question, does this trade fit my strategy 100% exactly and does this trade fit my overall trading plan/goals. If you have any doubts about the trade you stay out of it. Staying out of losing trades is as important as making winning trades. Conclusion This should be a good start to help you to become a successful trader. Make sure you follow the rules, take full advantage of trading in a demo account and the most important rule is don’t risk money you can’t afford to lose. Good luck with your trading and go to www.worldwidemarkets.com and download a demo account today to start trading. WorldWideMarkets www.worldwidemarkets.com

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