SECRET STEPS TO A PROFITABLE FOREX TRADING CAREER!

One thing that contributes so much to the failure of many in taking lasting profits from the Forex markets is ignorance about what steps to take when making trading decisions. SECRET STEPS TO A PROFITABLE FOREX TRADING CAREER! 1. Learn to plot the charts. If indeed, you truly want to have an enduring Forex Trading career, there is need for you to learn to plot charts on all time frames. The types of charts to plot are determined by your trading system and strategy. It could often be wise to plot and save your charts as templates so you can always use them whenever you choose. Charts are often easier to plot on the Meta Trader4 Trading Platform(MT4) 2. Understand your set up conditions: These are conditions that you need to spot before you take or enter a trade. This is one area many traders are led astray. This also calls for patience. A trader needs to wait for his or her set up conditions to be in place before initiating a trade. 3. Know your Entry Points: These are price levels which offer high probability entry opportunities with low risks. Certain Trading Tools can be of tremendous help in determining these levels. 4. Please ignore any trading system that encourages you to trade without stop loss. A decent system should guilde you on the best levels to place reasonable stop loss orders with higher probability of winning the trade. You might also choose to use Trailing stop to protect your trading profits. Trailing stops help to adjust your stop loss order as price moves in your favour. 5. Know Your Take Profit: For every trade you must have a pre-determined target. As soon as your trading system generates a trading signal, it should also be able to give you potential targets or better still, potentials of the trades. Guessing can be very dangerous for any trader. You need to run a thorough analysis before accepting to take any trade with high probability. If the Trading system cannot show you potential profits that may accrue to you, ignore the trade. You only take calculated risks. The following tools can be of great help in determining these: Pivot Points, Trend Lines and Fibonacci Retracements and Expansion.