The process of becoming a seasoned FOREX trader is not simple. It takes a lot of time and demands extensive efforts.
To become a successful trader, you need to learn the tricks and knacks of it. Apart from that, you should get extensive free online trading training from some expert.
Above all, you need to have sufficient market knowledge, guts, and determination. The more you deep dive into it, the better you perform.
Are you looking for an opportunity of earning handsome money by online forex trading in india? If yes, then here are a few useful tips.
Like stock market, keep patience in Forex market as well
Yes, the fundamental nature of both the markets is the same. You get various trading opportunities, but it is important to identify which one is the valid opportunity.
You should keep patience and weed out the irrelevant ones.
Keep the right ratio between risks and rewards
You can’t afford to lose your trading capital by taking undue risks. Thus, you will be running out of cash when there is a good opportunity.
Hence, keep the standard risk to reward ratio for a day’s trading. Wait for the right profitable deal. Several trading platforms offer online forex trading for beginners that can build a strong base for it.
Look at the daily time frame
If you look at the 24-hours trading, then you will find that there are different price levels are active in different timeframes. These price levels are known as ‘zones’.
You should know the supporting and resisting price levels. Based on that, traders can take long or short positions.
Since you are trading for profits, maximize it
Yes, the ultimate objective is to make money. Therefore, manage open positions either by increasing the size of position or decreasing it.
You should learn how to use market news. For example, you are expecting high-impact news. Then, the most of the trading starts during the time it is anticipated, and not when the event happens.
Practicing on a forex trading free demo account would be quite helpful.
Come out of the fear of the market
Yes, many traders can’t overcome the fear of the market and premature their profits. They end up with small gains.
The right strategy is; calculate key essentials first, get the risk amount per trade and decide the stop loss levels.
Experts say that forex trading practice account can help in overcoming the fear factor.