People are always trying their best to make their life beautiful. They are doing the hard work all day long still failing to support their family. But if you look at the skilled trades, you will be surprised to see their accuracy. Most of the skilled traders can make a consistent profit since they have precise knowledge of the Forex market. Being a new trader, you might think it takes a year to master art trading. But following specific guidelines, you can expect to make consistent profit in less than six months. If you follow the guidelines of this article, within a year you can become a successful trader.
Educate Yourself Properly
Theoretical knowledge is very important in trading. Though trading is a very popular business in Australia, very few people have in-depth knowledge of the Forex market. Most of the retail traders are executing trades with emotions. If you intend to change your life, make sure you are never trading with emotions. Educating yourself properly depends on your patience level. The naïve traders don’t want to spend enough time on education. To learn the technical and fundamental details, 2 months is enough. But these two months should be dedicated to the trading business.
Trade In The Demo Account
After developing the basic skills and gaining decent knowledge on the theoretical part of the trading business, it’s time to trade in the demo environment. Demo trading is often termed as a waste of time by many traders. But this is the only way by which you can understand the true nature of CFD markets. During the demo trading stage, make sure you noting down the mistakes. Some of you might not be able to filter out the bugs in the strategy but there is an easy solution to this problem. Start using a trading journal so that you can analyze the losing orders in your spare time. It will help you to find the faults and you can easily fix the issues.
Trade With Low-risk Exposure
After demo trading the market for one month, you start to feel excited to trade the real market. But still, it’s not the right time to trade the real market. You have to develop a unique risk management policy. Following the 2% or 1% risk in each trade is not going to work. Based on the quality of the trade setup you need to find the faults in the strategy. Though you will not feel the real heat in the demo environment, still you need to trade with low risk. Taking too much risk can ruin your career. In the fourth month, your prime concern should be on the safety of your investment. Though we will be trading the markets in the demo environment, you should consider it a real account.
Starting To Trade The Real Market
In the fifth month, you should start trading the real market. This is where things will get interesting. Most of the time traders fail to control their emotions and start taking too much at risk in each trade. Never forget the fact, trading all about risk management. If you trade with high risk, a few losing trades will ruin your trading career. Being a full time trader, you should think about the conservative trading technique. Get ready to lose some trades regularly. Things might be challenging at the initial stage but once you learn to trade the market with proper discipline, you won’t have trouble making a profit. Trading should be done in a hassle-free environment. Try to keep calm when you lose a few trades in a row. Take breaks so that you can refresh your mind.
Start thinking like the professionals and follow the guidelines of this article. Make sure you not paying attention to emotions. Look for the high-quality trade setups in the higher time frame and you will be able to make consistent profit from the sixth month.