Five top tips to progress your trading
Understand how expanding your trading horizons and participating in different markets can help you build a more holistic approach to trading. We’ll review the markets outside of forex that you may be missing.
1. Educate yourself
Education is key to success in any endeavour and trading is no exception. You may already have a skill set and psychological bias that means that you have a natural ability to trade successfully and to profit. However, innate skills combined with early success – without adding any significant education and know-how can be a recipe for catastrophic losses down the line.
At Hantec Markets, we are committed to education and research.
2. Have a strategy
You need a strategy to trade forex successfully. Without one, what you are doing is closer to gambling than trading. Randomly buying or selling a market with no set plan for entry-level, target level, or stop-loss simply doesn’t make sense. It is only by defining a plan or strategy and testing it over time that you will be able to see if you have the potential for longer-term success.
This is best achieved by first trading and testing your strategy on a Demo Account.
Open one here, it’s free.
3. Explore multiple asset classes across global markets
Although you may have entered forex trading because a certain market or asset class attracted you, there’s no need to limit yourself. It is often useful to explore different markets, as you may find that your trading style is best suited to a market you hadn’t previously considered.
Knowledge of different markets can help you build a more holistic approach to trading. Have a look at our section on Other Markets to see what you might be missing.
4. Try different time frames
Temperamentally and psychologically you might be more suited to trading longer or shorter time frames. You only find out by experimenting and testing strategies across different time frames.
5. Get a mentor
Finally, get a guide. This may be easier said than done, but if you have friends or family that have traded successfully, maybe approach them to mentor you as you begin the trading journey. You might also join an online trading community and find someone whose guidance you trust.