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FOREX trading is like one of those roleplaying games where you need to keep leveling up and upgrading your character.
While it may not be for everyone, traders that will endure the initial phase and gain enough experience are in for a great time!
Becoming an expert FOREX trader can feel like a grind at first, with negligible profits or stressful losing streaks, but those who can learn from their mistakes and the available information will find themselves in a great spot for a career.
If you feel that sounds good, then read on, we have something to tell you!
1. Take Your Time To Analyse Your Studies
Don’t read articles and blogs just to kill time or to memorize numbers and lines; you must be able to internalize and completely comprehend everything you’ve read.
It’s often better to read two daily articles instead of five, just so that you can understand them instead of forgetting everything you’ve read a couple of days later.
Hand in hand with that, make sure to go to your demo account and your charts and apply everything you’ve learned for the day.
2. Practice More Than One Type Of Analysis
Traders often make the mistake of choosing whether they’re technical or fundamental analysts. The approach depends on your objectives, but there is no reason to neglect one for the other.
If you can understand the news and events, you can still take trades based on chart patterns and technical indicators. For example, if you are long some pair on macro fundamental drivers you can still short scalp on the side, and vice-versa.
Essentially, you will be missing out on many trading opportunities by limiting yourself to one type of analysis.
3. Take Your Virtual Account Seriously
It’s easy to play around with an account of $1,000,000 in equity that you get for free and see it just as a game. Probably anyone who’s ever used one went through this experience.
The important part is to overcome that way of seeing the demo account and be able to treat it like you have real money invested in it. Study your trades, don’t just take them randomly. Analyze the graphs, give yourself goals, and develop your own strategies and investment models.
Your virtual account should be treated as a real account, and every win and loss should be counted as a real one.
4. Save Up And Go Real As Soon As Possible
Since most of your experience will be gained as you start winning and losing for real, you should start a savings plan while you study and train yourself so that you can invest in a real account as soon as possible.
Do note that I said “possible” and not “when you’re ready”. That’s because you’ll probably feel unsafe or fearful about risking real money, but you still need the experience regardless.
5. Keep A Good Information Source Nearby
You will find yourself having to take a quick glance at some previous lessons or articles, or perhaps you want to keep track of certain political or economic events.
No matter the scenario, you should always have a reliable source of data and information by your side for any necessary confirmation or for refreshing your knowledge. A good example is FX Trading Revolution for everything related to news, learning material, or Forex indicators.
