Community Forex Questions
What you can do every day to make more money?
Although trading is a difficult and sometimes unsuccessful task, profit-making can be achieved with the assistance of self-analysis and different indicators. There is a simple solution to all these difficulties if we are still unable to manage our business. Look closely at one pair of events and study the event itself. When any news is released regarding this pair, hold your trades. The point at which the trend starts to move in a specific direction and you notice a positive impact is when you should start trading with a standard lot for a short period of time. Close your trades before this news affect closes and ends to ensure your profit. Among major pairs such as Gold and CL, this is a short-term trade that is extremely safe. The GBP currency is also a good option for this strategy. How would you suggest we proceed?
As a trader you will naturally want to make money, and your aspirations will be to gain as much as you can, and possibly never lose anything. Trying to make more money every day may sound great, but is it reasonable and realistic? I hardly think so. I think that it is better to focus on careful risk and money management, and to be thorough with your analysis, so that you reduce the probability of suffering losses, rather than being somehwat greedy in aspiring to make more money from day to day. Having said that what you suggested is a good way to do it but as mentioned it is best to be cautious.
Consistent profitability in trading often requires disciplined daily habits. First, staying informed about market trends, news, and economic indicators is crucial. Allocate time for research and analysis, identifying potential opportunities and risks. Establishing a well-defined trading plan with entry and exit strategies helps maintain focus and discipline. Regularly review and adjust this plan as needed based on market conditions. Practice risk management by setting stop-loss orders and adhering to position sizing rules to protect capital. Continuous learning and refining of trading techniques through books, courses, and mentorship can also enhance skills. Lastly, maintaining emotional balance and resilience in the face of wins and losses is key for long-term success.
Sep 29, 2021 13:33