5 ways to be more profitable in forex

If you are contemplating becoming a professional forex trader you are no doubt looking for ways to become more profitable and maybe even hoping to hit it big, never having to work again. The fact is that while this is possible it is by no means easy. Before you become profitable you will have to know some rules of thumb what are the basis for this. For one a solid trading plan and the nerve to execute it to the letter. plus a myriad of other factors. Like a business owner you will have to choose your tools of the trade carefully, count the cost and then see if it will work out for you. So here are some solutions to becoming profitable that you can control.

1. Trading costs. As an active trader you will need your trading costs to be minimal. This is like with every other business, if your costs are higher than income you lose money. A trader can spend thousands or even tens of thousands of dollars on trading costs alone resulting in 10%-100% lower profitability making a good trading system useless.

2. Trade execution speed. It does not stop with pure costs though. Every trade you make can be either executed on the price you asked or miles away. This comes down to the speed of your orders going through. Now it is good to have a fast internet connection with low latency but so the same applies to the brokers connection. A good measure would be having orders executed below 0.2 seconds at minimum.

3. Order fill rate. The other reason you may miss a trade has to do with the type of the broker you have. Is it a broker automatically filling your orders without last look or is there a manual dealer or automatic system gaming you. This is hard to prove but the best bet is to go with a no dealing desk or an STP/ECN broker who will send your orders to a selection of other brokers and banks.

4. Depositing and withdrawal costs. Depositing and withdrawal costs can have a surprising effect on your returns especially if you are regularly adding more funds to your account. Broker offering this for free give a boost to your returns.

5. Shared accounts PAMM and MAM As surprising as it is a MAM account that includes the funds of many investors can give you bargaining power with brokers because the more funds you manage and bring in the lower the cost of trading will be with a broker.

Written by TradeWiseFX Team -

Source - http://www.tradewisefx.com/5-tips-for-new-forex-traders/

We just need to be sensible in how we work and that should be it. If we are sensible in how we work then we will be able to gain plenty. For me, it’s just too easy with OctaFX broker and their lovely educational guidance while there are several other benefits too that I like so much. I enjoy their demo contest like cTrader, as it’s unique with weekly based yet got 400 dollar prize to be won as well, so I like it ever so much.

Everyone wants to be a successful trader, if we strict and go with our plan it can be profitable for us. We need a full-services broker to create the career. I am agreeing with these 5 ways. But the main thing is if you don’t have a perfect broker how can you be successful? I can suggest trade24 broker for all traders who really want to gain success. Because they are offering you all kind of services for your profitable trading career.

Forex market is a place of many traders. Here to become successful each adopts his own strategy. But the most important thing while trading is the selection of a reliable; trusted and regulated broker. Because a good broker will incur you lower transaction cost and commissions; give you low spread, high leverage, fast execution of trade, timely execution of trade, require minimum margin level from you. And all these I am enjoying from AAFX, e regulated platform.

There are some basic principles with regards to technical trading the forex market that simply isn't going to change.

I love trading strategies that include those principles like filtering out the noise of price movements using moving averages.

WRCWRC

Profitable Forex trading can be accomplished in a number of ways, and because the Forex market is so dynamic, more and more profitable trading methods have been developed. It is not always the case that what works in one market will work in another. Furthermore, there is no guarantee that a profit system will always be profitable, so historical results aren't always indicative of future results. The procedures have been found, however, to be effective in helping traders trade profitably.

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1. Understand the Forex Market

Before you can make profitable trades, you need to understand the forex market. This will help you identify opportunities and avoid potential pitfalls.

2. Use a Forex Trading Strategy

Using a forex trading strategy can help you make consistent profits. There are a number of popular forex trading strategies, so find one that fits your trading style and goals.

3. Stay disciplined

If you want to make money trading forex, you need to be disciplined. Stick to your trading plan and don’t get drawn in by the excitement of the market.

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