Part 1 Developing your first Forex trading strategy What to do

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Part 1 – How To Become a Pro Forex Trader: Building the Foundation

Building a Foundation for your Forex Trading Career

This week, I am starting a 4-part blog series on “How to Become a Professional Forex Trader”. It will be laid out in a step-by-step easy-to-follow manner. However, before we get started I must issue a note of caution; simply reading this 4-part series alone is not going to make you a pro trader. You have to actually use the information provided within this series and understand that there is no “quick-fix” to trading the market for a living.

Becoming a pro trader is going to take time and effort on your behalf, and you will probably experience some ups and downs along the way. However, you should not be discouraged, because the sooner you accept this reality, the sooner you can get on the path to becoming a professional currency trader. Now, let’s get cracking…

Step 1: Be honest with yourself

First off, let me clarify something; becoming a professional trader is the result of first being a consistently successful trader and building up your trading account and trading skills over time. Thus, your aim as you begin your Forex trading journey should be to FIRST become a consistently successful Forex trader, but that does not necessarily mean you will become a “professional” or full-time trader right away. As I mentioned in the opening paragraph, becoming a pro trader is probably going to take a good deal of time if you are starting from a small trading account, but that does not mean you can’t make consistent money each month in the meantime.

Consistently successful trading and professional trading might sound like the same thing, but they are not. Your aim should first be set on making consistent money each month relative to your account size, not on becoming a pro trader right out of the gate.

You see, if you have a $1,000 trading account for example, you will not be able to make enough money each month to live off of, and if you try to trade your $1,000 account like it’s a bigger account, you’ll end up blowing it out.

So, if you eventually want to be a full-time professional Forex trader, you have to first aim a little bit lower; you need to aim to make consistent money each month while simultaneously implementing effective Forex money management. This is called being honest with yourself about what is really possible given your current financial situation, and many traders simply don’t do this.

You need to think about your trading in terms of dollars risked vs. dollars gained, not in terms of “how much money do I need to make to quit my job and buy a Ferrari”, which is how most beginning traders think. Pretend that you are trading a 1 million dollar account even if your account is only 1 thousand dollars. If you can consistently average a 3R reward each month (meaning a reward of 3 times your overall risk) then that means you are making 3 x 12 = 36R per year. Now, if your per-trade risk on a $1,000 account is $25, that would be $25 x 36 = $900 in a year, or a 90% yearly return; a very very good performance by any professional’s standards. Now, take that 36R and imagine you are trading a $100,000 account; it would equal $90,000 over a year if you risked $2,500 per trade. The return would be $900,000 on a million dollar account if you risked $25,000 per trade.

Do you see my point here? Sure, $900 a year might not seem like a life-changing amount of money, but what you need to understand is that if you are consistently making 36R per year on a $1,000 account for example, the exact same processes and thinking that resulted in that $900 and 90% return WOULD result in a life-changing amount on a $100,000 account. So, the point is that focusing on the actual process and mechanics of trading is far more important than trying to make a lot of money on a small account. If you are pulling a number like 36R or even 15 or 20R a year, you will have no problem finding funding for your account or getting a job with a prop trading firm.

Before you begin learning how to trade or before you open a demo account, you need to sit down with a pen and paper and make a monthly budget. You need to list all the expenses you have each month and then subtract them from your monthly after-tax income, if you have any 100% disposable income left over then it’s OK to use that money to trade with. If you find you don’t have any disposable income left over each month, you’re better off saving your money or finding a different job until you are able to make some money to trade with.

The reason why I am telling you this is because most traders never do this; instead they end up trading with money they really should not be trading with, and also because if you truly trade with only 100% disposable income you will significantly reduce the potential of becoming emotional on any one trade. So, if you really think you have what it takes to become a Forex trader, and you are going to be honest with yourself about what is possible given the amount of starting disposable income you have, then it’s time to move on to the next step of learning the basics of Forex trading…

Step 2: Learn the basics of Forex trading

Next, if you have fully accepted that you need to focus on the process of trading rather than the money, and you know you aren’t going to get rich quick on a small trading account, you should focus on actually learning to trade.

Now, it might seem obvious that you should learn the basics first, but most beginning Forex traders simply have no clue what they are doing as they learn to trade. Many of them ignore the basics of Forex trading and of learning how to trade; this is a big mistake because if you really want to become a professional at something you have to start by understanding and building a foundation on the introductory concepts. You should first get a solid education in the foundational concepts of Forex by taking my free beginners Forex course. After you have done this and you thoroughly understand what the Forex market is, why it exists, and how to make sense of it, then you should move on to learning a real-world trading strategy like price action.

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I can assure you that if you take this one extra step of learning the basics before you start buying trading systems and strategies, it will save you a lot of frustration, time and money, as well as put you far ahead of most beginning traders who simply dive-in head first without first building a solid foundation to trade off of.

Step 3: Learning to trade with an effective strategy

After you have completed steps 1 and 2, it’s time to learn some real-world trading strategies and really start getting into the “meat” of Forex trading. Now, there are thousands of different ways to trade the market out there, but if you want to learn how to read the raw and natural price dynamics of a market, I suggest you learn to trade forex price action strategies. By making price action trading your primary trading strategy, you will develop chart-reading skills that will last a lifetime and make any other strategy or system you use even more effective. As you probably know by now, I am a huge proponent of “pure” price action trading, and I really feel that it’s the best way to trade the Forex market.

The price action strategies and methods that I trade with and teach my students have served me well for many years now, and it’s because there is nothing complicated about them. I simply use my ability to read and interpret the overall market structure to find high-probability price action setups, and I watch for these obvious price action setups forming at key chart levels. Thus, there is no confusion or uncleanliness to my trading approach; it’s all about taking advantage of high-probability price action events in the market and knowing how to make sense of and read the ever-changing market conditions.

In Part 2 of this mini series (click here) – I am going to share with you guys the importance of testing your trading strategy as well as how to track your progress and develop a trading plan. These next steps are critical in refining your trading approach and developing an organized and structured trading routine that will guide you when you switch to real money trading and help you avoid becoming an emotional trader. If you want to learn more about my price action trading strategies after finishing steps 1 and 2 in today’s article, check out my Forex price action trading course and members’ community.

Trader Psychology – Applying Your Strategy – Forex Trading Strategy

The first article was about identifying what type of trader you may be. We wrote that might want to take a personality test to see where you stand in the continuum along impulsive to conservative. In the other article, we presented the readers with some forex trading strategies explaining which was most suitable for each type of forex trader psychology.

It´s not important how many trades you win, but how much you profit when you do

In this article, we will take a look at the next logical step in forex trader psychology: applying your trading strategy. This is a very important part of forex trading, if not the most important.One of the most famous quotes from trader George Soros is “It´s not whether you´re right or wrong that´s important, but how much money you make when you right and how much you lose when you`re wrong”. These are wise words from a successful forex trader/speculator. He’s a household name in forex. These words came to my mind as he decided to sell the Australian Dollar against the US Dollar about three years ago when this pair was trading around 1.05. His strategy was fundamental; he predicted a decline in commodity prices and a tightening of monetary policy by the FED. Two years later, AUD/USD found itself about 35 cents lower and rumours were that he made more than a billion USD on that one trade.

As we know, the forex strategy is important and you can be wrong sometimes but the most important thing when trading is the implementation of your strategy. If you apply correctly, your wins will be larger and your losses smaller. But, how can you implement your forex strategy in the best way possible? Here are a few tips:

First Step is the Biggest – One of the biggest reasons for losing in forex is hesitating to pull the trigger when your forex strategy indicates that you should open a forex position. If you look at the EUR/USD weekly chart below, the 100 moving average (MA) in green clearly rejects the price at the black arrow. Both the stochastic and the relative strength index (RSI) are overbought and that week´s candle closed as an upside-down hammer, meaning a possible trend reverse will follow. All of these indicators show that EUR/USD will fall back down. Besides that, the area between 1.15-1.17 has provided resistance so many times in a one-year period. As you can see in the next three weeks, the price has moved down about 500 pips. Now that´s a 500 pip loss, and your forex account would have been 500 pips larger if you had taken that trade. On top of that, forex traders tend to chase the price and enter in late when they have missed a good opportunity because they get frustrated, so they end up selling near the bottom or buying near the top. This would obviously result in a loss. So, if you see a perfect setup according to your forex strategy don´t hesitate too long.

All the indicators were pointing down four weeks ago

Build a risk-free trade – Risk-free?! How can trading forex be risk-free? Well, a forex trade can´t be risk-free when you open it but it can evolve into a great experience. If we take the EUR/USD example again, imagine you opened a sell forex position at the 100 MA around 1.1610 with a stop above 1.1730 (the high in August the previous year). Now, when the week ended the price was at 1.14, 200 pips lower and the weekly candle closed as a reverse hammer. At this time, you´re pretty sure the price will continue lower in the following weeks. You can now move the stop loss at breakeven or even at 1.1510, which means that you would win 100 pips even if the trend reversal scenario didn´t materialize. So, building a risk-free forex position is an important part of your forex strategy. But you should apply it cautiously, you can´t move your stop loss to breakeven once the position is 5-10 pips in profit. You must be patient and wait until the price moves at least 50 pips away from the entry point. Then you can move the stop loss to break even and turn your forex trade into a risk-free position.

Placing Winners – Sometimes the direction is very clear. Take, for example, the EUR/USDpair. It was pretty clear that the price wouldn´t stretch much further above the 100 MA in green. So let´s assume you opened a sell forex trade at 1.16. Then, by the end of the day, the price ducked again back below 1.15. At this point, the odds the price will keep moving down are about 80%. What do you do? You open another sell position the same size as the first one. As we can see from the daily chart below, the price moved down in the following days and closed the week at 1.14. By this time, the odds the price will move further down in the coming weeks increase even more. As we mentioned above, the weekly chart closed as an upside-down hammer and the indicators were overbought. So again, you open another sell position and move the stop loss for every position to breakeven – then you can lock in some profit as the price moves down. As George Soros said, it is how much you make when the trade goes in your favour garners profit, so on such occasions when the direction is clear you make the most of it. Don´t hesitate… just apply this method.

It was clear that the price would move south when the daily candle formed an upside-down hammer

Losing Out – We know that your forex strategy won’t always point in the right direction. Even when all the indicators are pointing in one direction, something might happen in the forex market which changes everything – and your perfect setup turns into a failure. The problem is to recognize the failure and accept the loss. When you first plan your trade, you pick the take profit levels according to your strategy. When I opened the sell forex trade in EUR/USD near 1.16, I placed the stop loss at 1.1650, about 30 pips above the 100 MA. I did this because the indicator I chose for my strategy was based in this MA. I saw the 100 MA as the line in the sand; once it would let go there was no other resistance nearby to stop the uptrend. Fortunately, the price went in my direction but if it hadn´t I would accept the 50 pip loss. Some traders keep moving the stop loss further and further away and end up losing their entire account. You can´t hope for miracles to happen in forex and turn a trade in your favour. If your strategy showed a decent stop loss level then stick to it, we can´t win every single trade!

So, a forex strategy is very important, you can´t trade forex without a strategy as you can´t go to war without a plan. But often, implementing your strategy is more important than the strategy itself. In fact, more often than not the strategies work just fine, it´s the forex traders that implement them in the wrong way… it’s all a matter of human psychology and fear. So, if you want to be successful in forex you must apply your strategy correctly, respect the stop losses, add to the winning trades, build risk-free positions when possible and, of course, step in when your strategy tells you to do so.

How to Become a Successful Part-Time Forex Trader

Many people are drawn to the idea of Forex for living. In fact, the Forex market offers some great lucrative opportunities for supplementing an income, no matter how much you want to be involved with trading Forex. Forex trading can be an equally successful niche if you do it part-time or invest your time, energy, and hard work into evolving it into a full-time job.

However, for the average investor in this market, Forex trading is more like a part-time endeavour or even a hobby they aim to exploit along with their original full-time career.

Indeed, this is one of the main benefits of trading with currencies, the fact you can trade on a scale and schedule that fits your needs and lifestyle and the opportunity to still become a successful part-time Forex trader without sitting on your computer round the clock. With a market open and operating 24/5 and offering a lot of opportunities for potential profit, successful part-time Forex traders have enough hours in the day and night to work their way to a consistent and enjoyable income.

So Forex for living may not be the right option for you and quitting your 9 to 5 with the hope to gain a significant amount of profit almost immediately as a successful trader sounds really optimistic but is proven to be a failing plan.

Forex trading beginners can fully enjoy the heart-throbbing rush of adrenaline of trading with foreign exchange and being involved with a market that is risky yet empowering and potentially highly profitable without leaving their careers and the security of monthly earnings.

Even with successful traders, Forex trading remains just a way to get some nice income on the side.

However, it is still a great opportunity you don’t want to miss and here is where the major concern for part-time Forex traders comes into place.

How to become a successful part-time Forex trader when you are afraid of the missed opportunities to buy and sell considering how fluid and dynamic the Forex market is?

How to trade sporadically throughout a small portion of the day or night and still be able to make a profit on the side?

You see, you don’t have to be in front of the charts all day long in order to be a successful trader and enjoy Forex for living.

In fact, not being in front of the charts round the clock can be a huge advantage for you! Let’s find out more!

Why part-time Forex trading?

Ask how many part-time Forex traders about the reasons their day-to-day life is not fully dedicated to trading with currencies and you will get a plethora of reasons.

However, here we are not discussing the reasons why someone can be a part-time Forex trader only, but about the reasons that can actually make someone choose part-time trading over full-time.

First of all, “less is more” is a concept that is proven to be effective and very true when it comes to Forex trading. There is no doubt that the much you are obsessed with trading currencies and doing it all the time, not missing a chance of a good trade, the likeliest it is to fall into the trap of emotional trading, rushed decisions or those made out of frustration, experiencing a lot of loss and failure, and overall overtrading.

This is the main reason why professionals would advise you to enrich your investment portfolio or dedicate only a fraction of your day to trading in general.

Low-frequency trading is not equal to missed opportunities but to better exploit opportunities and you can read more on this topic in one of our previous articles here.

However, the major reason why you would not like to give up on your dream to become a successful trader and explore your chances for Forex for living just because you have a busy day-to-day schedule is that part-time trading can actually fit around your schedule and daily tasks conveniently.

As a part-time trader you can trade currencies whenever you want and have enough time and still be able to work your full-time job, study, have a social life, etc.

At the end of the day, becoming a successful part-time Forex trader does not mean that you have to give up on everything in life and only prioritise the Forex market.

How to trade with Forex part-time?

Trading part-time requires you to fit your trading strategy, analysis, and routine around your 9 to 5 and daily schedule. This is all it takes and despite the fact that it takes some practice in the beginning, it will soon become easier for you.

Becoming a part-time Forex trader means that you are good at exploiting the opportunities available at the time you are trading, not exploiting all opportunities available in Forex in general.

So let’s say you have the typical 9 to 5 job. You can run through the charts in the morning and in the evening and make a quick analysis, it shouldn’t take you more than 20 minutes once you build up your routine.

As a part-time Forex trader, you will mainly be concerned with end-of-day trading and analysis and it is important for you to find the right platform providing you with daily chart time frames or the chart time frames you are most interested in so you are able to catch high-probability end-of-day price action setups.

In a nutshell, your goal is following the charts and make an analysis in the time frame that is convenient for you and fits your trading routine.

You can then potentially place orders if you find the market conditions appropriate or you can make orders two times a day – in the morning and in the evening.

So make sure to explore what is the most convenient trading time frame for you and use the proper tools and charts to help you along the way.

In addition, in order to be able to become a successful part-time Forex trader, it is essential to have a good and efficient trading plan. Your trading plan is something you will be able to develop and build after you master your trading strategy.

If you are just starting with Forex trading and as a novice, you are unsure how to build a good trading strategy and plan, Trading Education’s course is your helping hand. Our ultimate guide to Forex trading basics will help you get familiar and understand all of the fundamentals of the market and the process of trading. The best part is that you can enjoy it for absolutely free once you register on the website.

Your part-time Forex trading routine

So let’s hypothetically assume that you are a London-based trader with a typical 9 to 5 job and an overall busy life so you are fitting part-time trading around your schedule. Here is a classic example of a routine you can adopt completely or modify as much as you want so it fits your lifestyle.

  • Waking up at 8 am in London means that it will be still 3 am in New York and the USA markets are pretty sleepy and not very active until 8-9 am New York time. However, since you are not day trading, there is not a problem that you will be at work when the best movements occur.
  • By the time you wake up, you want to already be prepared with your major market analysis that should be done during the weekend when the Forex market is closed. The weekend is your time to find key levels, analyse trends, and take notes for the upcoming week. If you are not completely confident in your technical analysis skills, you can benefit a lot by learning all the fundamentals of Forex technical analysis by enrolling on Trading Education’s course here.
  • So once you are back from work in London, you still have enough time before the New York market closes. At around 5 pm New York time you can finally sit on the computer and analyse the daily chart time frames. At this point, you are checking what has happened on your favourite markets during the day. Now you can compare the price movements against the key levels and trends you have concluded over the weekend or what is your trading plan. See if any obvious price action trade setups have been formed that day.
  • You can also check the forums or other platforms you are using and following and check other traders’ ideas and conclusions of the day. Despite the fact that you don’t have to follow what everybody else is saying and sharing as listening to too many opinions is a rookie Forex trading mistake, you may be able to spot a similar pattern or trade signal in someone’s else analysis and this can give you more confidence that there is a potential for a trade.
  • The next day, while you are at work at 11 am, you can check the opening of the market. There is nothing wrong in checking the market once while you are at work. You can do that on your laptop or smartphone, just don’t fall into the rabbit hole of checking all day. Make sure you stick to your trading plan and the pre-defined times a day you allow yourself to check the market. Normally, once in the morning and once in the evening is enough.
  • Make sure to memorise the price action setups and different market contexts you are interested in trading.

The benefits of part-time Forex trading

Forex trading is a craft and as such it requires mastering. Just like a fisherman can find their way in the sea by reading the stars, you want to learn how to read and understand the market’s mechanisms, the reasons for its transformation, be able to read the signals between the lines and make predictions.

Ultimately, your goal as a successful part-time Forex trader is not becoming a millionaire or not missing a single opportunity.

In fact, most of the time you spend trading is not involving having trades on. Most of the time you are learning, studying, and analysing the market, otherwise, all you are doing is over-trading and at some point getting addicted to executing trades.

Part-time trading is an effective cure to the danger of over-trading and being hyperactive in front of the screen all day. The emotional trade sabotage is a big danger and a trap many fall into and a major failure or loss of money is just one step further. When checking the charts just once or twice daily and placing orders less frequently you are naturally eliminating the danger.

How to be a successful Forex trader in general

Becoming a successful Forex trader and a successful trader, in general, is greatly based on these four practices:

  • Observe – Take your time to observe the manner of movement of the market, the reasons why the market is moving, the respond of the market to different events in the political and economic world, ranging and trading in the market.
  • Study – A good education is a crucial factor in the context of Forex trader. A good and high-quality Forex trading education is not what will necessarily make you a successful trader, but there is no successful trader without a good educational and training background. We at Trading Education recognise the importance of a good, up-to-date, and high-quality Forex trading course and this is why we are providing you with many opportunities to learn about Forex trading. Make sure to check out our courses along with a plethora of Forex trading articles, videos, quizzes, webinars, and more.
  • Analyse – For someone who wants to succeed in Forex trading, it is essential to learn technical and fundamental analysis and implement them in your trading strategy and plan.
  • Practice – No matter how much you read and memorise, you will not be able to become a complete Forex trading without enough experience. Take your time to gain a lot of experience through a live account and practice all the techniques and strategies you have learned during your training.

Top tips for becoming a successful part-time Forex trader

  • Pick a trading style that matches your schedule – Being a part-time Forex trader means that you have a limited time to work with every day but your time frame should be just about enough if you have the right trading style and strategy. Before you pick out a trading style make sure to iron out your schedule and stick to your trading plan.
  • Get the most of your trading time – When there are no great opportunities for making a trade during the time of the day you have dedicated to Forex trading, you may be tempted to leave and do something else. However, your trading time is already limited and you want to utilise it the best way, so this is the time to practice and practice. Do chart reviews, dedicate some time to journaling and reviewing your trades, success, failure, use your time for backtesting.
  • Maintain a Forex trading journal – It may seem like too much hassle to maintain a trading journal but this one simple tool has a lot of importance for achieving your goal to become a successful part-time Forex trader. Use your journal to keep track of the trades you have made in the past, draw conclusions, and review your strategies and the outcomes.
  • Trade with the right mindset – Do not get frustrated by the idea you are missing opportunities just because you are not in front of the screen 24/7. Instead, make sure to use your time and energy for developing a profitable setup that works perfectly with your trading schedule.
  • Don’t let Forex trading be your only priority – Forex trading is most definitely not your main source of income and this is why you should not approach it as such. Remember, your day job is your main focus and Forex trading will not make you the millionaire you aspire to be.
  • Pick the right time for trading – Once you find the right time and the right currency market to trade (they will be highly determined by your career and busy life schedule), make sure to maximise success by sticking to your trading plan and consistently trade during this time window.
  • Don’t plan too far ahead – Since your trading time is limited, make sure to pick currencies that do not require planning and extensive watch. Successful part-time traders stick with currencies that yield immediate attainment and trading strategy that provides immediate results.
  • Stick to the beaten path – Stick to the tried-and-tested currencies that are most commonly traded. Other Forex pairs may be more valuable and potentially offer more chance for a better profit, however, they usually require more time and attention to trade right. One of the most frequently traded currency pairs is USD/EUR and experts advise part-time traders and beginners to stick to this pair.
  • Find the right currency pairs – Depending on the currency pairs you choose to trade, high liquidity will occur during a specific time of the day. Make sure to determine the best and most liquid pairs to trade with depending on the time of the day you are trading and match your trading time to the peak volume hours for the currency pair of your choice.
  • Have disciplined decision-making – Discipline is essential for everybody in order to become a successful trader but especially for successful part-time Forex traders. One of the reflections of discipline in part-time trading is taking profits once they materialise instead of anticipating wider spreads and bigger profits. It may be very tempting to widen a favourable spread but the trend can turn around very fast and since your trading time is limited you will not be able to keep track and notice all the signals that show a sudden and unforeseen change. In addition, part-time Forex traders are recommended to start trading small amounts of capital and open a mini account.

What do you need to learn before you become a successful part-time Forex trader?

  • Discipline – Make sure to have your own criteria on when to trade, how to trade, and what to trade and trade only when your criteria are met. Sticking to your trading plan is essential and, additionally, it prevents trading with fear and hesitation, so learn how to build a trading plan.
  • Money management – One of the most important factors for becoming a successful part-time Forex trader is having a good understanding of money management. You should know when to exit all trades and terminate trading for the day once you lose above a certain amount of pips. Know when to stop by putting a stop-loss if the profit is above a certain number of pips.
  • Use analyses – Make sure when are the correct times to use fundamental or technical analyses. Once you are able to define a trend with the help of fundamental analysis, you can then continue using technical analysis. Make sure you have a good understanding of both analysis methods.
  • Technical indicators – Use technical indicators appropriately in order to be able to identify trends and volatility of the market. Take your time to learn more about ADX, Bollinger Bands, Fibonacci, etc. and how to use them.
  • Non-emotional trading – Unemotional approach is essential for becoming a successful trader. Learn how to control your emotions, enter a trade with the right mindset, understand more about trading psychology and how to keep your expectations realistic and reasonable.

What about your goals?

Before you start trading on the Forex market you should be entirely aware of your realistic goals so you can outline your milestones and develop a trading plan and strategy that help you achieve what you are aiming for. As a part-time Forex trader, your goals will be also determined by the time you have for trading. Once you figure out what you want to accomplish with trading outside your day job, it will be easier for you to focus on actually accomplishing it and not expecting unrealistic success within a limited time frame. Your goals should always be reflected by a timetable. Setting yourself milestones will help you measure how well you are doing and whether this investing endeavour is worth it for you. Once again, your milestones should be realistic.

If nothing works, have a plan B

Compared to other investment opportunities, Forex trading is relatively safer but this does not eliminate the fact that trading with currencies can still be a very risky and uncertain endeavour. It also does not mean that you will be a successful part-time Forex trader. There are many things you can learn, do, and undertake in order to increase your chances of becoming a successful trader and even exploit the opportunity of Forex for living in future, however, when it comes to trading you are never guaranteed.

Losing some trades is certainly going to happen and you should be prepared for that scenario and be ready to bounce back. You should also be prepared to stop trading if necessary and take control over Forex before it takes control over you.

Part-time Forex trading can be a lucrative economic venture but it also can mean a major failure so make sure you have enough assets outside it to feel secure and comfortable. Whenever you decide to start on this path of becoming a successful part-time Forex trader, remember that it always involves a lot of studying, practising, planning, and careful consideration.

If you enjoyed reading this article from Trading Education, please give it a like and share it with anyone you think it may be of interest, too.

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