Many people are wondering how to get good at forex. Forex is very easy, the discipline to do what you need to do in forex when you need to do it is what is hard. I always talk about discipline in forex, today I want to talk about how You get good at forex.
The first thing I want to suggest is to STUDY!
Study and learn your candlesticks/bars, it doesn't matter which one, although your candlesticks provide more of a visual signal than your bars. This is the language of your charts, learn it well! Get to know the language of the charts like you get to know a lover. You can not be successful in forex without a deep understanding of chart language. Both the internet and your library provide some valuable inexpensive material on your candlesticks and bars. I picked up Steve Nison's Candlestick books at my local library.
You have to learn to be a chameleon. You have to have the ability to switch sometimes very quickly as price may change from it's course and choose a new course. Forget the "Trend is Your Friend", "You need to be the Friend of the Trend", when it changes, You'd better change too!!!!!
You must be confident.
You need to observe price movement and study past charts.
You have to take baby steps and keep going forward. Trade tiny amounts first; get your feet wet before jumping in the pool.
Open one position at a time until You are proficient and disciplined enough to handle more.
You have to be able to WAIT (for a proper trade set-up)
You have to be in the market, even if it is with a penny. You have to trade so that you can learn to deal effectively with your emotions.
You must learn to control your fear, and take risk on good trade set-ups.
You have to believe that you can trade successfully, I have made every mistake in forex that can be made, more times than I dare to think. I am no smarter than You. I have probably just gotten my butt kicked a lot more.....lol (^_^).
My success has come through GOD's grace and persistence on my part. A Trader is much like a Doctor or Lawyer. We are Practitioners always perfecting our craft.
The 5 things that are going to make You successful in forex are these
YOU CAN DO THIS (^_^)
Learn the language of Your charts
Wait for a proper trade set-up
Cut bad trades quickly, then wait to see where the market is going and follow profit once the trend has revealed itself
NEVER LET THEM TRAP YOU! it is better to be tricked than to be broke
YOU CAN DO THIS (^_^)!