Who says trading is the most difficult profession in the word? Though 2-3 % of the retail traders are successful it doesn’t mean it’s a very hard skill to master. The naïve traders are losing money since they start their careers without educating themselves properly. They are so much biased with the profit factors that they lose most of their trading capital without even understanding the nature of this market. But if they follow the simple 1% rule of money management, they wouldn’t have lost their entire investment. Developing your skills to trade the Forex market like a pro trader is a very simple process. Follow these below-mentioned rules and you will never have to blow the trading account.
Try to find a professional mentor
The best way to learn the art of trading is by hiring a professional mentor. The professional mentor will give you the perfect guideline to place the trade. As a beginner, you will not understand many key factors of the market but the pro traders will give you very basic information which will help to learn more. However, you must be careful while selecting or hiring professional mentors since lots of scammers are trying to teach trading to the novice traders. The scammers don’t really how this market work and they are taking advantage of this industry to scam people. They are very good at manipulating people. Make sure you the professional mentor has a proven track record in the financial industry.
Get the best demo account
To develop your skills you must use the virtual accounts. By demo account trading you can easily master the art of trading strategy without losing any real money. But the selection of your demo account plays a great role in your success. If you trade with an unregulated broker, you will not the actual price feed. The brokers will manipulate the price to feed slightly and give you more advantages. Eventually, you will win more trades and become a confident trader. But this confidence is based on false information. As soon as you start to trade the real market, you will realize this fact. So, chose Rakuten as your primary broker as they always care about their clients.
Learn about the Japanese candlestick pattern
Instead of using indicators and EAs, you can use Japanese candlestick. The Japanese candlestick pattern has a unique way to express the direction of the market movement. You will get a clear idea about the buyers and sellers. Though this is a very completed process with the right mindset you will understand how to interpret the Japanese candlestick pattern. Using such a strategy is referred to as a price action trading strategy. And the strategy is one of the most efficient ways to make a profit at the complex market condition. So, learn about the Japanese candlestick pattern to improve your trading skills.
Join the social trading network
Many retail traders often forget they live in society. They start living an isolated life and become bored. Being a new trader you should join the popular social trading network site. This will keep you updated with the latest information and you can learn lots of new things from the experienced traders. As a currency trader, you should understand the importance of real-time information. If you fail to keep yourself updated with the latest market news, you are not going to make a big profit in the Forex market.
Developing your skills and becoming a professional trader greatly depends on your approach. If you follow the above-mentioned rules, you can expect to become a successful trader within a year. However, the time frame might vary depending on the trader’s personality and ability to learn new things. But never get upset as a new trader. Deal with the obstacles with confidence and start trading with a positive vibe.