Simple Forex Trading Strategies
The moment you are learning something new, you are excited, ready to take on the world, the learning curve is steep and you are ready for action! Then you start hitting a few bumps in the road and your energy level decreases as you go. You know you have to fight through these tough times of adjusting, incorporating new knowledge and defeating fear and doubt, but sometimes it feels too much, too overwhelming. That is when you should apply simple Forex trading strategies to keep you afloat until this ‘storm’ passes.
As long as you keep your target in mind, you will be able to fight through all of the fear and doubt and come out at the other end, experienced, tough and ready to trade in the currency exchange market successfully.
How not to lose sight of your target:
• be around like-minded people
• always be in contact with a Forex Successful Trader
• have a Profit Protection System in place
The easiest way to be around like-minded people and be in contact with a Forex Successful Trader is to enroll in a currency class, a workshop or a seminar. Any of these will open up the gates to a new world for you where Forex traders of all levels, from FxNewborn to FxMastery, are there to share their knowledge and experience.
If you are not part of a FxST Community yet, you need to sign up for one and be in contact with the members of this community as they will keep you focused, because their target is the same as yours and as always two heads are better than one and three better than two…
A Forex Successful Trader will be able to look at your trades, if you keep your Profit Protection System updated, and tell you how you can improve your trading. It is always easier to know where you are heading if you can visualize the end of your journey and with a Forex Successful Trader present in your daily trading life will most definitely keep that vision alive and thriving.
At the beginning you should trade simple strategies that you learn in your currency class. Follow a couple of indicators and try not to open more than one position at a time. You need to learn how to walk before you can run!
The most basic and important thing that you will learn in Forex trading is to identify the entry and the exit points. Once you master those you are a rock star! But even if it sounds easy, it takes a little bit of time, practice and professional guidance for you to reach that point.
A currency course will most likely give you access to a Live Trading Room where you can witness a Forex Successful Trader execute trades on a daily basis. He will walk you through the steps of how he reaches a decision based on when he opens or closes a position. After watching that for a while, you will start to see a pattern and the most important rules of trading will be embedded in your brain so deep that they will come to your mind automatically.
After that all you need to do is exercise in your demo account until you know you have the rules and discipline down and you are ready to go. Your trainer will let you know if you are ready for a live account. So, trust yourself and start trading at that point!
Remember to set your stop-loss levels and never ever brake them! Do not learn this the hard way because it is not worth your time, money and effort. Trust the advice that your trainer gives you and follow it closely.
Plan your trade and trade your plan! Always!