Forex Trading is a viable and good money source provided if the correct strategy set in place. Like any other trading, forex trading comes with risks. Due to forex market volatility, forex trading sometime give people the impression of ‘Mission Impossible’ to make money from it. I will share with you in this article 3 easy ways to increase your bank account through forex trading.
Failure in forex trading is often associated with the lack of knowledge and experience. This is normal for every newbie traders who is just started out to trade forex. The important thing for traders to do in order to succeed is to acquire the capacity to constantly reinvent one’s self to keep up with the changing forex market.
By following these 3 easy steps, all newbie traders will increase your bank account through forex trading.
1) Plan your trade. One mistakes almost every newbie traders make is failing to plan. There is a saying “Nobody Plan To Fail but Everybody Fail To Plan”. It is true, touch your heart and ask yourself, did you sit down and plan every single trade you do? I seriously doubt so. With a proper plan, you will be ‘driving’ within the lane allowed.
2) Always trade what you can spare. I mean that you got to fund your trading account with ‘extra cash’ you have and not only cash you have. Always fund your trading account with surpluses so you do not have pressure to ‘perform’. You will not be under pressure when you take up any positions because you know that you already take care of your end needs.
3) Greed is a ‘Sin’ to all trading. Let me illustrate you a scenario, your initial targeted profit is $200. Suddenly, market move in your favor and now your profit is $400. Wow but you did not take your profit and market retraces back to close to your initial profit of $200. But your mind kept thinking of the $400 profit and you did not act to take your planned $200. The market suddenly turn and your position ended up a Loss of $200.
This is very common for traders. So this story show you that do not be greedy if you’re plan target has reach, just take it, if there is bonus good if not stick to your plan.
Simply follow the 3 easy steps closely and you will be increasing your bank account through forex trading.