In this article I am going to tell you what to do and what not to do in order to become a successful trader. Everybody can be a trader but being a successful one requires learning and understanding. Maybe you are new to forex trading or maybe you have spent some time learning it. Anyway, before I explain what to do, I will show you what I observed during my trading experience. This is what %95 of traders do:
1- Do not use high leverage. Risk and money management are important part of trading. There are times it takes less than a minute for a currency pair to rally or dive 50+ pips. If you are on the wrong side of the market at that moment, it could wipe your account. Since high leverage brings high risks, such trades affect your emotions and therefore either you profit less or you close trades, which could bring lots of profit, early and take the loss.
2- Do not trade against the trend. Trend is always our best friend and we will be following its direction.
3- Follow the system. Stick to the trading method, do not make predictions, trust the charts and price action. People lose because they do not follow the rules. Whatever system, indicator, style you are using, if you break the rules and trade randomly I guarantee that you will lose your account. Ah and one more important thing; never get motioned from other trader’s calls, only trade what you triggered by yourself, it is the only way to learn mastering your system and be successful.
How to use Tutorials:
Most of the forex brokers offer MetaTrader 4 as trading platform and this program is the most common platform used by traders. Therefore I will be explaining trading strategies on this platform. The indicators provided here work on MetaTrader 4 platform. You have to copy indicators to “indicators” folder and template files to “template folder”. For example: Indicators go to “C:\mt4\experts\indicators” folder and templates go to “C:\mt4\templates”.