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How to become a full time Forex trader?
Hey,
I know the basics of Forex trading. But my win ratio is not very good therefore I don't want to be a full time trader yet. Does anyone have tips on how to or is currently a full time trader? Thanks
Posted from TSR Mobile
I know the basics of Forex trading. But my win ratio is not very good therefore I don't want to be a full time trader yet. Does anyone have tips on how to or is currently a full time trader? Thanks
Posted from TSR Mobile
Hi, this site has a education section and it literally is like a full course on Forex from highly experienced traders.
The courses go from 1-11 and highlight very important information: It will take you a while to go through it all but becoming a master at trade isn't a short term investment
https://www.babypips.com/learn/forex
The courses go from 1-11 and highlight very important information: It will take you a while to go through it all but becoming a master at trade isn't a short term investment
https://www.babypips.com/learn/forex
Original post by ᒍack
Hi, this site has a education section and it literally is like a full course on Forex from highly experienced traders.
The courses go from 1-11 and highlight very important information: It will take you a while to go through it all but becoming a master at trade isn't a short term investment
https://www.babypips.com/learn/forex
The courses go from 1-11 and highlight very important information: It will take you a while to go through it all but becoming a master at trade isn't a short term investment
https://www.babypips.com/learn/forex
Thank you. I did hear about this website and had a brief look.
Original post by Jahir
Hey,
I know the basics of Forex trading. But my win ratio is not very good therefore I don't want to be a full time trader yet. Does anyone have tips on how to or is currently a full time trader? Thanks
Posted from TSR Mobile
I know the basics of Forex trading. But my win ratio is not very good therefore I don't want to be a full time trader yet. Does anyone have tips on how to or is currently a full time trader? Thanks
Posted from TSR Mobile
You need a good strategy, trading on emotion will make you lose a lot of the time. I would suggest investigating various powerful indicators like the daily moving averages, fibonacci entrancement, bollinger bands, elliot wave and also ichimoku cloud is very good.
You don't need to win more than you lose in trades, you just need to win more in value. So you could win just 30% of your trades and still be successful as long as you're stop loss and take profit / trailing stop is at a ratio of 3:1 or better.
You should also pay attention to market moving events such as fed announcements, non-farm payrolls, unemployment rate and consumer price index etc. These announcements will cause some good volatility in the market and you can make some quick profits if you judge the announcements correctly.
Original post by EternalLight
You need a good strategy, trading on emotion will make you lose a lot of the time. I would suggest investigating various powerful indicators like the daily moving averages, fibonacci entrancement, bollinger bands, elliot wave and also ichimoku cloud is very good.
You don't need to win more than you lose in trades, you just need to win more in value. So you could win just 30% of your trades and still be successful as long as you're stop loss and take profit / trailing stop is at a ratio of 3:1 or better.
You should also pay attention to market moving events such as fed announcements, non-farm payrolls, unemployment rate and consumer price index etc. These announcements will cause some good volatility in the market and you can make some quick profits if you judge the announcements correctly.
You don't need to win more than you lose in trades, you just need to win more in value. So you could win just 30% of your trades and still be successful as long as you're stop loss and take profit / trailing stop is at a ratio of 3:1 or better.
You should also pay attention to market moving events such as fed announcements, non-farm payrolls, unemployment rate and consumer price index etc. These announcements will cause some good volatility in the market and you can make some quick profits if you judge the announcements correctly.
Very true. I struggle a lot to understand the movement during events. I did have a look at forexfactory but do not understand the estimated figures.
Original post by Jahir
Very true. I struggle a lot to understand the movement during events. I did have a look at forexfactory but do not understand the estimated figures.
Most of the time the figures are colour coded. Green is positive, white is unchanged / neutral and red is negative.
This is a good economic calendar https://www.dailyfx.com/calendar Be aware though that positive figures doesn't always translate to increase in price. For example if unemployment is 5% last quarter but this quarter it is 4.9% while this is positive 0.1% it's not really much of a change and so the price may drop for that countries currency. especially if traders are expecting 4.5% or something because often times a result which is an improvement on the old but lower than expected can make a lot of traders disappointed and so they short the respective currency because they were expecting stronger results.
honestly if you wanna be successful learn by yourself. too many people selling their business to 'help you trade' when its all rubbish. I only know babypips.com which teach you basics but not now to trade. Warren Buffet didnt get a tutor and look at him now. Create your own everything. Sometimes you lose to win.
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