Hello Traders,
In today's article, we will be discussing the secrets that many successful forex traders and brokers like to keep to themselves when trading forex. These tips will surely help you in your trading career and should help you produce more profits from currency trading.
Understanding that the Majority of Retail Traders Fail
This isn’t really one of the forex trading secrets, but it is still incredibly important. It is estimated that over 80% of people who will try to trade forex will fail and lose money in the market. The main reasons for this are a lack of education, and being far too greedy trying to make money too quickly. The 20% who succeed are well informed in trading and understand how to manage risk correctly.
You should always be realistic with your profit expectations; most successful traders will aim for approx. 5% a month on their retail trading account. This is something that is achievable with low risk and provides longevity.
LEARN THE FOREX TRADING SECRETS THAT WILL TAKE YOU TO THE NEXT LEVEL
Every Broker is Not the Same!
Different brokers have varying rules and regulations attached to your trading account. Many have licenses from overseas which in this country really don’t mean anything. Imagine if you wanted to withdraw your money and you're having problems; you would have to contact their overseas regulatory bodies to try and retrieve your cash.
If you are in the UK, always ensure the broker you are using is regulated by the Financial Conduct Authority (FCA). If you are in Europe using a European broker then they should be regulated by well-known licenses such as EFSA, CySEC, and ASIC.
Avoid Using the Dealing Desk at Brokerages
Traders will try to use brokers with the lowest spreads thinking that higher spreads will affect profits. But in many cases using the lowest spread broker will hinder as they often have dealing desk execution, meaning an intermediary between you and the market will execute the trade on your behalf. This can cause problems. Oftentimes you will experience issues such as stop losses not being triggered, or trades not even executing at the price specified.
Always ensure the broker you are using is an ECN system which allows you to execute your own trades quickly into the market.
Do Not Rely on Signal Providers
This is one of the major forex trading secrets. There are many signal providers out there that claim to be able to provide you trades that will bring you in profits every day. The majority of these signal don’t work and are a waste of your money and time.
There are very few providers which provide good fundamental analysis and technical analysis, those that do are hard to come by, but always ensure you have the knowledge yourself to analyse the markets and take trades. You could do this by going through a mentoring programme here at Platinum Trading Academy, where we will guide you through the markets in real time, and teach you expert techniques that aren't overly time-consuming.
Have a Trading Plan
This is an incredibly important point. It is imperative that you have a Trading Plan. When it comes to making trading decisions, having a Trading Plan can be the difference between profit and loss. It will assist your money management and will ensure your trading strategies are applied in the most effective areas.
A Trading Plan will help you to plan long term trades and make the best use of whatever trading systems you employ. It will ensure you're trading the correct currency pairs for the week as it will include the various fundamental events that can shake the markets within incredibly short time frames. Not to mention it will ensure the market conditional trades you set up are best placed for entry and exit.
Conclusion
Following a few of the forex trading secrets above will get you on the correct path to trading profitably in the forex market. Be realistic with your trades and profits, understand your broker's platform and trade execution. Focus on understanding the charts rather than blindly following someone else. Most importantly, stick to your trading plan.
If you adhere to these forex trading secrets, you are well on your way to the professional level.
LEARN THE FOREX TRADING SECRETS THAT WILL TAKE YOU TO THE NEXT LEVEL
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.
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