Hey traders,
In this educational article, I will share with you very useful tips how to improve your profitability in trading Forex and any other financial markets.
1. Decrease the number of financial instruments in your watch list. ⬇️
Remember that each individual instrument in your watch list requires attention. The more of them you monitor on a daily basics, the harder it is to keep focus on them.
In order to not miss early confirmation signals and triggers, it is highly recommendable to reduce the size of your watch list and pay closer attention to the remaining instruments.
2. Avoid taking too many positions. ❌
For some reason, newbie traders are convinced that they should constantly trade and keep many trading positions.
Firstly, I want to remind you that the management of an active position is a quite tedious process that requires time and attention.
Therefore, more positions are opened, more time and effort is required.
Secondly, if the newbies can not spot a good setup, they assume that they are obliged to open some positions and they start forcing the setups.
Remember, that in trading, the quality of the trading setup beats the quantity. I advise taking less trades, but the better ones.
3. Let winners run if the market is going in the desired direction. 📈
Once you caught a good trade and the market is moving where you predicted, do not let your emotions close the trade preliminary.
Try to get maximum from your trade, closing that only after the desired level is reached.
4. Open a trade after multiple confirmations.✅
Analyzing a certain setup remember, that more confirmations you spot, higher is the accuracy of the trade that you take. In order to increase your win rate, it is recommendable to wait for at least 2 confirmations.
5. Don't trade on your cellphone. 📱
A good trade always requires a sophisticated analysis that is impossible to execute on the small screen of the cellphone.
A lot of elements and nuances simply will not be noticed. For that reason, trade only from a computer with a wide screen.
Relying on these tips, you will substantially increase your profits.
Take them into the consideration and good luck to you in your trading journey.
