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.
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!
In the end, it's about getting the right resources to succeed. I, myself, realized that implementing the 5 elements mentioned above had a great impact on my trading.
Having the right support was, for me, the most important aspect of becoming a profitable Forex trader.
What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!