7 Keys to Becoming Better at Trading Forex

Becoming a better Forex trader is not easy, everyone trading forex wants to get there. Consistent profits on the long run are needed to be able to trade for a living. Here are 7 tips that will help you get where you want.1. Stop expecting your account to double each month.I’m sure that many say or advertise that they do this all the time. I’m not saying it’s not possible. It surely is, you can even triple or quadruple it monthly. But if you want 100% gain, you must prepare yourself for 100% loss too. That’s the way it is: you win some, you lose some. The important thing is to win more times than you lose. Get realistic.2. Size your positions correctly. Don’t get exposed to risk you can’t sustain.Leverage is a double edged sword – it helps you increase profits but it also increases your risk. And small accounts can get wiped out really fast in unfortunate market conditions. You don’t want to be exposed to that, so don’t trade big with your Forex trading system. Use 1:1 leverage at the beginning. If your account is $10,000, trade with mini lots ($10,000/lot). Increase size as your trades get better and you become a better trader.3. Understand that you don’t always have to be in the market.If you don’t really know what is happening in the market at that time, if you don’t understand why the price is moving, if you’re not aware of the long term trend or upcoming news, stay out of the market. Just watch the price, read what you have to read and be an informed trader.4. Stop looking for forex signal trades, let the trades find you.If you have that desire to trade all the time, no matter what, your brain starts to find patterns in the market and possible trades even if they aren’t there. You think there’s a high probability trade coming only because you want to open a position. Breathe some air, walk around the room and try to analyze the market as it is, not as you want it to be. Be patient and the high probability trades will come to you.5. Check the forex calendar before placing your short term trade.Don’t open a trade 10 minutes before a report release. You don’t know what the numbers coming out are and won’t know until the market already started to move. Don’t let it get you on the wrong foot, especially when you can do something to prevent this. Just check the calendar and make sure there’s nothing coming in the time interval you’re about to trade.6. Don’t get emotional. Don’t check your trades every minute.Getting emotional when trading is just about the worst thing that can happen to you. Plan your trade and trade your plan, that’s what traders say. Checking your trades every minute can get you a wrong feeling about the market, small retracements can get you frightened, emotions intervene and wrong decisions can be taken. Be patient, let the trade take its time, let it breath and it will touch your profit target.7. Get involved, but get a life.Always keep learning. Try new things, read stuff. Learn about macroeconomics, know what moves the markets. You can’t improve if you don’t give yourself the time it takes. That may be several years from now and you must not lose your confidence. Learn as much as you can, but don’t forget about what really matters in life: people surrounding you – your lover, your family and your friends.