Trading in forex is not relatively easy though as you think. As a beginner, you can imagine how hard it is to execute and you did often trading mistakes in this long journey, didn't you?
I know you can not deny it (including every rookie trader). Before you go, start exploring to know yourself in the forex trading atmosphere.
In this article, you will find some useful forex hacks, tricks, or methods to understand trading more advanced.
So without wasting any time, let's bring some points.
 Forex Hack > Basics are the Primary Key
 Forex Hack > Choose a Strong Strategy
 Forex Hack > Find a Trusted Broker
 Forex Hack > Join a Forex Forum
 Forex Hack > You Have to Analyze Forex Charts
 Forex Hack > Write Down a Trading Journal
 Forex Hack > Stick Up to One Currency Pair
 Forex Hack > Always Execute a Plan Which Comfortable to You
 Forex Hack > Patience is Also a Form of Action
 Forex Hack > Set Stop Loss, Stay Tension Free
 Forex Hack > Weekly Overall Analysis
Every day millions of people are trading in Forex.
So you can imagine the competition? HUGE, right?
Absolutely. If you are new to this platform, you have to find out every little thing related to it. That's why I am giving the priority to understand the market very well. Without knowing the basics, trading will be a proper loss project. That's why you have to be clear about the basic ideas in forex trading.
You should simply follow Babypips, Investopedia, or FX Street to get enough idea on Forex trading. Back Top
Every successful trader belongs with a strong strategy. Forex strategy makes trade successful with a perfect plan. Various people are using technical analysis in price action strategy, while others are using indicators to find out the trades better.
Here you can see the BEST 12 Secrets in Forex Trading.
So, you also have to find out the best strategy which suits you. You could research the best strategy which works as a beginner. Back Top
Don't be curious so much when choosing a broker that suits you perfectly.
Before you move into the online trade, you must be with a reputed broker. A regulated and reliable broker allows you to trade with a minimalistic and user-friendly platform. Many authorized brokers can offer you multiple trading advantages such as lower commission, lower spread, no deposit bonus, deposit bonus, demo contest, and live contest. They all are quite beneficial and can bring you to more privilege.
But, please be aware of scams and frauds. How?
Read: How To Get Rid Off From Forex Frauds. Back Top
Forex community is the best place for knowing deep details about trading. In the forum, you can ask or answer any forex-related questions and learn valuable information from veterans.
Also, on forum websites, expert traders and analysts are talking about various topics on forex brokers, fundamental analysis, technical analysis, and many more.
For you, I would recommend ForexFactory, EarnForex that could be a better choice for rising your trading skill. In addition, you should explore free signals and analysis from this group. Back Top
It's time to discuss the importance of forex analysis on different charts. There are THREE main trading analysis:
1. Technical Analysis
2. Fundamental Analysis
3. Sentimental Analysis
Analyzing forex charts will make you understand the chart graph very effectively. You can read where the trend is started and where it is stopped.
Also, you can predict the charts by analyzing the methods. Like you can predict where the graph goes down and where it starts rising. So, in that case, you must know the indicators very well and have to utilize them very well. Back Top
Maintaining a track record is important. But it's a matter of sorrow that most traders nowadays are skipping this issue. When you legally invest money for making profits, why not try more to stay with it. A perfect trading journal can be a guidebook for you.
A trading journal will keep all the information data about your trading. Your trading strategy, margin level, deposit and withdrawal details, trade you win or lose, and many more. You can track these records at a certain time like a week or a month.
Also, a journal will always notify your trading conditions and the strategy you want to use. So, you can recover your losses and make a profitable gateway. Back Top
The forex exchange market is the most ongoing in the world. Its daily volume is 6.5 trillion dollars. Despite liquidity, it has a huge currency pair collection. That's why the market is more complicated now.
Yes, you read that right!
Here are some difficulties--
So, these difficulties will make your plan wrong, if you are unaware of these. That's why it will be good to stick up with one currency pair you are comfortable with.
Here are some major currency pairs which you can compromise:
It will be beneficial if you choose one from the list and stick to it. Back Top
Successful trading is always upon a very good road map. If you create a plan that will work, then don't wait too long. Remember, a good trader always sticks with the perfect plan.
Now, people will ask, “how can we go for a plan, and what will be that?”
Ok, then the first work you have to complete is making a perfect strategy that works best with your trading style. Then, a perfect routine that you are devoted to maintaining regularly. After that an initial capital that you will afford and take a small risk that you afford to lose. Back Top
Now just keep swimming!
Trading is all about temptation and it is. Also, many people think that it is a game of big gamblers. On the contrary, trading will be surprisingly profitable if you look at it as a business, not f***ing gambling. But do we have time to keep patience?
No, not at all!
That's the reason people are spreading rumors that forex makes people proletariat. But, it's not true.
An efficient trading plan and trading with a patient mind make a huge impact. So, overall, my suggestion will be, take the time and get into it. Back Top
In a beginner’s case study, most of the beginners make the same mistake. And obviously, the mistake is trading without a stop loss. A sweet trade can be dangerous in a second if you do not set stop loss.
Side by side you can use set profit. It is helpful while the market price is touching your point line, and you get a sweet profit. Back Top
It will be beneficial if you get some time on the weekend and try making out new strategies and technical analysis. Perhaps, you can try a trading plan for the upcoming week and research upon that.
And weekly analysis is super beneficial with a trading journal. You can track your goal records, profit, and loss, write down a perfect strategy, and so on. But you have to go with patience and eagerness to learn things. Back Top
Before the end, I would confirm that you must follow these forex hacks and also keep practicing yourself.
Therefore, don't lose your faith in yourself. Get focused and grab the following Forex Hacks:
Basics are the Primary Key: Know the basics otherwise trading will be a proper loss project to you.
Choose a Strong Strategy: A successful trader always stick to a decent Forex strategy.
Find a Trusted Broker: If you want to increase your profit ratio then a trusted broker is enough for you.
Join a Forex Forum: Learn the sneaky ways of forex trading through the world giant forums.
You have to Analyze Forex Charts: Without a proper analysis, to be honest, you're still blind on forex trading.
Write Down a Trading Journal: What your next step, which strategy you want to use etc will let you know if you use an actual trading journal.
Stick Up to One Currency Pair: Trading with a single currency pair is so important if you want to run fast.
Always Execute A Plan Which Comfortable To You: A good trader always sticks with the perfect plan.
Patience is Also a Form of Action: Patience is the king of everything, trading is secondary.
Set Stop Loss, Stay Tension Free: Avoid uncertain losses by setting up a stop-loss.
Weekly Overall Analysis: At the end of every week, it's time to track your goal records, profit, and loss. It works as a plus and gives you a clear concept of your overall performance.
So, what do you think?
Technically and promisingly you should get benefits from these tiny trading hacks in 2021.
Let's keep practicing.
Best of luck!