For diverse forex traders, the hopes of making millions of dollars overnight are long gone, and all they wish to do now is to turn their trading accounts around and start making money. This article is going to cover the things traders can do to turn their accounts and performance around.
CHOOSE A TRADING METHOD AND PERFECT IT
Look for a procedure and technique that gives gradual success and settle into learning that method which can be used for the long term.One method that can be used to trade the market profitably is Price Action Trading. It involves learning to read the raw price on a chart and focusing on high-probability price arrangement that reiterate them. Price action is a very simple method that most traders can easily understand. Heretofore, if a trader has chosen the method that best suits their trading style and pattern, they can start perfecting the trading method. Chopping and changing trading methods only leads to confusion and frustration.The only means to perfecting your chosen trading method is to totally commit to it, and practice until it is perfected.
LEARN TO TRADE ON HIGHER TIME FRAMES
Many traders have the misapprehension that the lower the time-frame chart, the more chances they have to make trades, and thus, make money. Traders usually get more signals on lower-time-frame charts, it is also true the lower the time frame, the more false signals there are and the harder it becomes to make money. Traders can begin turning their trading around by taking just this point on alone.Trading should be done for beginning traders mostly on the higher time frame charts.One of the main reasons the daily chart is a lot more effective than a lower-time-frame chart such as the one-hour chart is due to the time that goes into making the signals. An example of this is an inside bar.
STOP WATCHING CHARTS ALL DAY LONG
Once a trader is focused to trading only the larger time frames for instance, on the daily chart, it is now time to get rid of one of the most widespread trading mistakes which is Watching the charts all day.
This trading habit is very common among traders. Monitoring the charts all day is fine, but from monitoring the charts all day, traders tend to start making mistakes likeEntering trades when they shouldn't, Taking trades off when they shouldn't, and Taking profits when they shouldn’t, Tightening stops when they shouldn't. But when a trader has committed to trading the daily charts only, they only need to look at their charts once a day. That is it.
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