But if you read this article very carefully you will understand how to make a huge profit from this market without losing your investment. As an investor, you need to follow some basic rules. Trading is often called as the most complex business in the world.
You need to fight with your emotions to execute the best trade at the most extreme market conditions. Now let’s learn about the key steps which will help you to become a profitable trader in the Australian trading community.
Do you really want to become a trader?
This is is the most important question you need to ask yourself? There are many challenges you need to overcome to become a successful trader.
Can you really take this heat? If so, trading is the right profession for you. Though 90% of the traders are losing money there is nothing to be afraid of.
Those who trade the market with 2% risk factors will never blow their account. But there a slight change to the universal 2% rule of risk management. Instead of risking 2% per trade you need to risk 2% per week.
By this way, you will be able to stop overtrading the market. Focus on quality trade execution in the higher time frame.
Find a professional trader
Finding a successful trader is very hard. But if you want to become successful within a very short period of time you need to find an expert Aussie trader who will guide you the initial path.
Things are really very easy in the Forex market but if you don’t trade with discipline it won’t take long to blow your account. This is where the professionals will help you.
Forex trading is nothing but dealing with your emotions and managing your trades in a very organized way.
Demo trade the market for six months
You need to use the demo accounts for at least six months. Those who start trading with real money doesn’t really understand how this market works.
Learning from your mistakes as a new trader by losing money continuously is very hard. But if you simply use the virtual dollar you can trade as long as you want. This is just like your practice field where you can learn about the complexity of this market.
Some professional brokerage firms have limitations on the demo accounts but this is absolutely fine. Demo trade the market with the average brokerage firm to learn to trade.
Once you develop a stable trading strategy switch back to your real account and start executing quality trades with managed risk.
Stop being a trade addict
You need to stop being a trade addict or else you will never succeed. Some traders always stick to their chart and things this will help them to better understand the market.
But in reality, this things always make things worse. You have to trade in an organized way. Follow a trading routine and you will be able to learn the details of the market.
Majority of the traders don’t know the importance of different trading sessions. They are always taking a huge risk at the wrong time. But if you chose the correct pair in the correct trading session you will have higher chance to win trades.
Forget about EAs and bots
Last but not the least you need to forget about EAs and bots. No bots have the capacity to predict the price movement with 100% accuracy. Those who will guarantee 100% profit, stay 100 feet away from them.
Try to learn the manual trading strategy as it is one of the best ways to find good trades. Be a conservative trader and you will see significant improvement in your trading system.
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