10 Steps to become a successful trader

Trading in the financial market is very challenging at times and as such you will need to acquire enough knowledge about the foreign exchange market before jumping directly on the market. Here are our top 10 steps to become a successful trader.

Here are 10 essential steps you need to take to succeed with your BinaryOnline trading account.

Be patient with your trades

It takes time to become an expert trader, you will need to practice regularly to develop more skills. For example, you can monitor your trade and close it if you see you are making too many losses.

Use BinaryOnline’s leverage

Leverages amount can be 1:50, 1:100, 1:200. You can ask the customer support to change this for you. This gives you the ability to control large dollar amounts of security with a small amount of capital. Leverage is basically the ratio of the amount used to the required security deposit or margin.

Control your trades

In forex trading, there is no perfect trade or profitable trades and as such no system of 100% winning. Therefore, the key to profitability remains in the management skills of the trade. That is why we always advise you to select your Stop Loss amount so that you can lessen your losses at the earliest.

Develop a trading plan and stick to it

If you are still having any difficulty while forex, you don’t need to panic anymore as this will only worsen the case. Come up with a plan or strategy, for instance you can choose to trade only on one major asset first and analyse its trend daily to know what moves to take. As such, you will become more confident while trading and this will also help you make best decisions for you. However, if you are still in doubt, you can always message use your queries.

Focus

Once you have registered an account, you need to remember that your money is at risk and hence it you need to focus more on your trades and develop a positive mindset

Don’t risk over 2% of your margin.

Leverage your trades to a maximum of 2% of your account, trade shorter time frames or decrease your leverage.

Stay Updated

As a trader, you always need to be updated about the latest news impacting the financial market and the important economic events that might impact assets.

Winning and Losing is part of trading

Even expert traders make losses sometimes, so don’t lose hope; learn from your previous mistakes and make maximum use of information and online resources to analyse the trend of an asset well.

Trade when you feel it’s the right moment.

Never trade to compensate for previous losses, learn through your mistakes and trade when you can. Do not haste while taking your trading decisions, get help from your agent if you don’t know which path to take.

Start with a single currency

The currency trading world is complicated sometimes due to the moving markets, participants involved and news impacting assets. It is thus advisable to begin by focusing on one major pair such as the EUR/USD or USD/JPY – one you can update yourself and trade accordingly.