As a forex market day trader, it’s important to understand the differences between trading long term, and trading in the short term, as well as how you should approach trading aspects like your stop loss, your risk management, your technical analysis, and when to close the trade.
As an intraday trader your day trading strategies are the tool that will determine your success, and so practising these strategies on a demo account for a number of months is necessary to determine profitability. There’s a high risk associated with using strategies you haven’t practised before on a demo account and can lead to you losing money from an unexpected price movement.
Forex trading requires diligence and discipline. When you open your trading platform, and look through your charts, from daily charts to your preferred intraday charts, the bottom line is that you begin your trading day fresh and ready to trade. If you are experiencing stress, then take a step back, and try to compose yourself. The market doesn’t care how you’re feeling and will be as relentless as it has always been.
If you approach the markets from a position of dismay, a single trade on any of the currency pairs can begin a domino effect as you can become prone to revenge trading, turning that single loss into a vast swathe of losses, which will be a large detriment on your personal earnings report.
If you would like to know how to intraday trade foreign exchange like a professional on-par with the forex traders in the biggest banks in the world, then the first step is to book your all-important consultation with our very own expert foreign exchange traders: https://www.platinumtradingacademy.co…
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