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038: 5 Elements To Go From Start To Profitable Forex Trading

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5 Elements To Go From Start To Profitable Forex Trading

In episode 38 of the Desire To Trade Podcast, I share the 5
elements I have applied in my trading journey so far to go from
scratch to profitable Forex trading. Read the whole article as I
share the 5 elements with more details.

 

I see that a lot of aspiring Forex traders spend a lot of time
looking at trading as being just entering and exiting trades.
However, I know that profitable Forex trading requires more than
that. Not anyone can start to trade and make money, but those who
apply other elements to trading increase their chances to
succeed.

Cheat Sheet

The 5 Elements

  • Set your requirements: decide on the type of
    trading you are going to perform based on your preference and
    available time.
  • Create a money management plan: decide on what
    is going to be your maximum risk per trade, and maximum drawdown so
    you never run out of money…EVER!
  • Plan your market analysis: focus on ONE
    thing to trade. It’s totally fine to try things and throw them away
    if you don’t like them, but you must focus at some point.
  • Get the right support: find someone or a group
    that can help you in hard times and good times.
  • Review: review your trades to find patterns
    among the good/bad trades and focus more on the good to replicate
    it. Track everything!