Good Morning Platinum Subscribers,
First and foremost welcome back to the platinum forex blogs. Today instead of just talking about forex trading strategies, technical analysis, technical indicators or fundamental analysis. We want to give you tips and tricks that will enhance your ability to make profits like a professional, profitable forex trader. Don’t forget Forex trading can be a lucrative profession if you learn to trade the markets with professional traders!
In the near past, one had to become a full-time financial trader and trade on the floor to gain access to foreign exchange markets. However, the time has moved on, and with the internet proliferating offices and residences the world over, the world today has become very small. Virtual offices are replacing real-life ones, and this has proved to be an advantage to individuals thinking about taking up forex trading as a profession.
Rather than doing tedious office chores from 9 to 5, the world of forex trading offers exciting money-making challenges that can entice people to skip traditional jobs and opt for reliable and sustainable sources of income where you’re your own boss and get to decide how much you desire to earn in a single day.
If you’re new to forex trading, here’re a few trading tips to help you master currency trading and become a good forex trader.
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1. LEARN TO CREATE THE PERFECT WORK-LIFE BALANCE
Not all forex traders trade the currency markets all the time. A large percentage of forex traders invest only a few hours each day to do actual trading. This is because many individuals prefer to trade in their free times while several trading professionals allocate fixed time for their trading activities. A large majority of traders take up forex trading to generate additional revenue streams. At our online forex trading academy, we have turned the part-time forex trader into a full-time professional trader by implementing our forex trading plan which has been adapted according to the Platinum Methodology.
To trade effectively and generate profits on a regular basis or create a secondary income, you need to have a sound trading strategy and dedicate a fixed number of hours each day. It’s important to be consistent rather than spend several hours at a time and do sporadic trading.
It’s very important to match your working schedule with your trading activities. A perfect balance between work, trading and personal life can go a long way in sustaining your revenue streams.
At our online forex trading academy, we have turned the part-time forex trader into a full-time professional trader by implementing our forex trading plan which has been adapted according to the Platinum Methodology.
Best trading tips: As a veteran trader I can tell you that You only need to make 5000 pips a year and need 10 Forex strategies that will make you 500 pips a year. Do not use forex signals as they will never have consistency use a Forex trading methodology that suits your daily structure.
2. EFFECTIVELY UTILIZE YOUR TRADING TIME
If you’re a retired person interested in speculating how the forex market works or you’re financially well-off, you could afford spending limitless time on the trading floor. In that case, you wouldn’t have to worry about time factors and do things as per your comfort levels.
However, in real life, this does not happen. Time is always a valuable asset and people are always short of it. You need to utilize your time in the best possible manner to gain maximum productivity out of it. The same rule holds true for forex trading. The more time you can invest in your forex a and respond in time to trading tips, the more profits you shall make.
So try to schedule as much possible time you can afford to spend, or rather invest, in your trading activities. If you can’t invest more hours, try to speed up work or optimize your work processes so you can gain more trading productivity out of your limited trading time.
Daily Forex Trading Tips: Plan your trade and trade your plan is one of the most common pitfalls of an unsuccessful forex trader as in once a trader is successful he starts to look for more and more opportunities in the foreign exchange market and in the ends up utilizing his/her trading time in the wrong way. Do not take the easy way out by following trading tips or forex signals learn the methodology.
3. MAINTAIN A TRADING JOURNAL AND IMPLEMENT A TRADING PLAN
Humans tend to have short memories. In addition to that, many individuals find it hard to remember numbers. Forex trading, like any other forms of trade, involves numbers. To become a master trader, you need to remember all the important trades are done in your past, what mistakes you made and the things that you did right which fetched you good profits. You need data to do your technical analysis and fundamental analysis. The information that you can avail from your trading journal can also help you prepare your daily chart, understand the price action in a much better way and focus upon your favorite currency pairs. Valuable data availed in time can help to stop loss from occurring, so you can’t afford to lose it.
Forex traders have two major trading tips. Either remember all important trading events – both good and bad ones – or retain them somewhere so you can analyze them as and when you want. It’s mandatory to retain all data as you’ll need it to make future trading predictions.
To be on the safer side, a trading journal can work wonders for you as you don’t have to depend much upon your memory (it can fail you if you’re overstressed or very tired) to retain all important stuff. Just record it in your trading log book so you can be complacent about your data – It’s not disappearing or going anywhere. You’ll find it exactly where you’ve kept it.
Forex Trading Tips for the day: Successful Traders always maps their charts on a Sunday and prepares for the whole week in advance within his forex trading plan.
4. PRACTICE DISCIPLINE AND HAVE A PROPER MINDSET
Just like any other form of sport or physical workout, you need to practice forex trading daily to become good at it. It should become a routine exercise. You need mental discipline and a proper mindset to practice trading and become and proficient forex trader. After trading with some of the best traders in the financial market a major trading tip is to make discipline your primary objective.
Lack of discipline or disorganized working can make you lose out on trading opportunities and deplete your profits. It’s important to capitalize on each opportunity that comes your way, so you can add on to your profits. As a part-time forex trader to earn a passive income or a consistent secondary income, It is a necessity to understand the psychology of Successful and proficient Financial Traders. Keeping the balance of good money management, utilizing the trading time appropriately and implementing professional forex trading strategies can be a handful hence the reason for you to undertake professional forex trading education is almost compulsory.
Trading Tips Today: Always Practice on a Forex Demo account and gain consistency before moving on to a live trading account.
5. THINK OUTSIDE THE BOX- IS FOREX TRADING JUST ANOTHER PASSIVE INCOME IDEA
After many years of working with financial traders and teaching people how to trade forex, I can tell you that you have to treat this passive income idea like a full-time business. Those individuals that just see forex as a get rich quick scheme are more likely to fail as they treat this only as a means to earn extra cash. Our objective at our online forex trading academy is to create a business and not just a part-time income via our online trading courses.
Investing for beginners or learning to trade forex for beginners has two initial pitfalls. Chances are you’ll have to initially invest a lot of time to understand the trading strategies and master how to trade forex. Also, you wouldn’t be making much income out of trading while you’re learning how to do it. Secondly, if you already have a main job and are trading part-time to generate additional sources of income, you will still have to deal with two professions simultaneously.
The bottom line is even after putting in their best efforts, many individuals still fail as forex traders and quit. If forex trading can’t help you earn enough to sustain yourself or your family, you might seriously consider taking up some other profession to generate additional sources of revenue.
Hopefully, you have enjoyed today’s article.
Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.