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Secrets to becoming a successful trader in Forex market

The new traders are always thinking that is there any secrets to spread betting. After losing huge money they often think that the professional UK traders have some secret ingredients to trade this market. Indeed the expert traders have some secret ingredients but this doesn’t mean you can’t decipher their secrets. In this article, we will share some amazing tips which will help you to become a successful trader in the spread betting industry. But before we start your trading career, you must have a financial backup for at least three months. If you start trading under mental pressure you are not going to make it in the long run. The new traders often trade with a big lot to earn decent money to secure their monthly income. But if you are under such pressure you will end up by over trading the market. Once you have a financial backup for three months, follow the tips mentioned in this article end you will see a dramatic improvement in your career.

 

Bring variations to your lot size

Many people often say the famous 2% rule of money management is the only way to save your investment which is not true at all. You need to bring variations to your lot size to make consistent profit from this market. For instance, if you feel confident in a certain trade setup, you can easily risk 2-3 % of your account capital. This will magnify your profit factors to a great extent. Similarly, when you are confused about the market movement you should trade with a small lot so that you don’t lose a significant portion of your investment. Dynamic variations in your lot size are very crucial to your success.

 

Never try to win trades

This might sound a little bit confusing but this is the hard fact about spread betting. If you become desperate to win trades, you are bound to make mistake. Many retail traders in the UK financial spread betting industry have lost their investment due to poor mental setups. They were eager to win trades all the time. After facing few losing trades, they become frustrated which eventually force them to break their rules. You have to stay in the market to make a profit. If you are out of this game, you have no chance to make a profit. Be more concern about your investment. Trade with high-risk-reward ratio so that a single winner can cover up few losing trades.

 

Be patient

Holding on to your patience is very hard in this dynamic market. By seeing the price movement of the financial instrument it’s very natural to execute low-quality trades. This is where we need to improve significantly. Be patient and wait until you get the best trades. Start using the three major form of market analysis to find the best trades. If you focus on the lower time frame data, it’s very obvious you will get many trade setups. But what about the quality? Lower time frame always generates false trading signals. So you must trade the higher time frame to find the best trades.

 

Importance of psychology

Psychology plays a great role in your trading success. After losing few trades, the rookie traders become restless. They try to recover their losing amount with big lot trades. This is often known as revenge trading. You have developed the strong mentality to deal with your losing trades. Focus on the high-risk-reward trade setups and consider the probability factors of the spread betting industry. You can’t win all trades regardless of your trading skills and experience. So always be prepared to embrace losing trades.

 

If you can follow these rules, you can easily become a successful trader. But following this rules is not all easy. Never take trading profession lightly. This is one of the most sophisticated business in the world. Every step that you will take will have an outcome in this market.

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