Our successful daily Forex trading system
Your Forex trading strategy is important! Here we share our daily trading routine successfully used for over 7 years in the Forex market.
Most Forex brokers will allow you to open a FREE Forex demo account. These “mock” trading accounts have all of the capabilities of a “real” account and are used by many Forex traders to test their trading methods before risking real money in an expensive trade gone wrong!
The Forex demonstration account allows you to learn about the mechanics of Forex trading for free and experiment with your trades risk-free.
It may be tempting to begin trading with real money, but the best thing you can do for yourself is to demo trade until you develop a lucrative strategy before determining if a career path in Forex is a good fit for your goals and lifestyle in the long run.
Forex Trade Execution
If you want to be successful in Forex trading, we recommend not only recognizing potential trades, but also being able to correctly set up the trade when it is time to enter. Keep the following aspects in mind as you prepare your next move:
Before determining whether or not to take a position, you should have a basic understanding of the dynamics of the currency pair and what other Forex traders are watching. Furthermore, keep an eye on volume levels since they may sometimes signal price movement or whether additional supply is coming into that particular market, causing prices to fall even further (or vice versa).
Set a stop-loss order near support to ensure that any losses during the Forex trade do not exceed your risk tolerance level; similarly, set profit targets above resistance areas.
Enhance your edge using your trading journal
So, if you want to be a consistently profitable Forex trader with a consistent set of behaviours – such as avoiding trading when at a disadvantage or doubling down on what works – it’s critical to go review your previous trades. Patterns that are losing money may thus be stopped immediately, while the most profitable trades may remain intact.
End of day data
Successful Forex traders have a unique trading strategy that focuses on end-of-day data. A s a Forex trader, you must focus on the daily chart time frames, then wait until the Forex market closes each day to analyse the watch list.
Some may call it laziness (they are wrong!), but this is what Forex traders consider part-time trading. Reduced screen time allows you to clear your mind and live life outside of the Forex market, which enhances your overall performance over time!