We know that many people trade in Forex but not all of them are lucky. Most of their dream does not come true and they have to trade again for making money. If you are practicing vigilantly but you are not getting your expected result, you should read this article. This article will tell you how you can grow your profit and what is wrong with your trading strategy. Sometimes we have problems in the basic and we do not realize it. We come further without correcting it and we are at an advanced level, we realized something is not right. We become mad trying to figure out what went wrong not knowing it started from the beginning. This article will give you some advice if you feel you are not getting justice with your trades. If you only trade in a month and have no plan, we suggest you stop reading this article. It is only helpful for the hard-working traders who practice but do not get their expected profit.
Know your goals
Majority of the traders in the United Kingdom don’t have any written plan. They are just trading with their technical skills and losing money at the end of the month. In order to establish yourself in the retail trading community, you must have a specific goal. As a trader, your first priority should be saving your investment. Never run after the big trades as it will cause catastrophic loss. Setting a realistic goal is one of the key ingredients which will keep you a disciplined trader.
Learning your past trades
You have a lot to learn from your past trades. Even if you lose few trades in a row there is nothing to get frustrated. In fact, the experienced traders in the spread betting trading industry consider this as an opportunity to learn. You might have a fixed goal but this doesn’t mean you will be able to full fill your milestone in every month. The outcome of each trade is completely random and you will have to go with the flow of the market. Go through your journal and try to filter out the exact cause for losing the trades. Bring positive change to your system and become a better trader.
Have you checked your strategy?
The first thing you need to do is check your plan or the trading strategy. It is the lifeline of your career and a small mistake can cost your money. After you have checked the strategy, try to find out if the stop-loss and take-profit have been changed with the latest trends. Most people set a stop-loss in their early lives and they forget to change the position. Depending on the trends, you should change your plans to adapt to the volatility. Also, check if you are using the proper plan with the volatile trends. You need to trade with a long-term strategy if the trends move slower than the other market.
Are you practicing in the right way?
If there are no mistakes found in your plan, the next thing you need to do is check your practice. It may sound weird but many people practice in the wrong way. They work so hard in their practice in demo account that they strongly believe it is the right way to place their trades. It becomes hard to convince them they were wrong from the start. See if you are practicing using the proper techniques. The basic error can also become an obstacle to achieving your desired result.
Are you organized in your trading?
You need to be organized in your profit making trades. You cannot simply place some random trades and hope for the best. Be practical and prepare yourself to trade in volatility. Keep your chart clean and free from indicators that you are not using. Make a routine and always follow it. Not following your routine may cost you a portion of your profit.