How do you make a stable income when joining the forex market?
This is a very interesting topic isn't it, my friends?
When I started writing about this topic, I wondered what to start with. Should starting from a technical problem or a psychological problem? With the current trading method, you probably have a lot of money from the forex market in a short time. There are times when you lose a lot of money because of that method of trading. In sum, you are the loser. Forex costing you money, but like to meet a nice girl, you still find it charming.
Have you ever found the answer to the question: What makes you lose money, technical problems or psychological problems? If you ask me, I will answer is: both.
Of course, in order to make a profit from forex, we need to have good control of three factors: psychology, technology and capital management. At the beginning, we usually focus on technical analysis. Psychological issues, we often have the thought that: trading in long enough, the transaction psychology will gradually improve. This concept is quite popular!
Before answering the question: "How do you make a stable income when joining the forex market?", let's talk about the purpose of entering the market. If you want to make money fast and stop participating in the forex market, the answer will be different. The answer I give in this article is for those who want to enter the long-term market.
To be long-term, in my opinion, what you should think of first is to find a simple trading method. Complex trading methods with a lot of indicators are factors that make your psychology difficult to stabilize. The fact is that technical factors and psychological factors are closely related. When using multiple indicators, they sometimes give you opposite thoughts, buy / sell? Not to mention the many indicators that will cost you a lot of time, feeling tired. When you are tired, you can not go far! Occasionally, even though all the indicators give you the same trading trend option, but when you follow the results are not as you expected.
What should you do now?
My answer to this question and the question in the article title is just: find yourself a simple trading method.
What is the way I'm doing it?
I would like to share some experiences as I approach the forex market, hoping to help you solve the issue of stable income.
1. Filter out the indicators!
You should only select a few indicators that you feel are most confident in providing trading signals for you.
2. Learn how to avoid the effects of news!
When I see the news at https://www.forexfactory.com, I noticed daily, weekly there are many news related to the forex market. In addition to the information posted on this site, there are many other news that a normal person like you and me can not reach soon. So why are you trying to control it?
I solved this problem by avoiding trading currency pairs related to news. The time to avoid is about 1 hour before or after the news.
3. Select day trading method!
With this method of trading, I know immediately that my trading order was winning or losing. This method helps me get comfortable psychology, avoid the time of news. Another good point is that with this method, the stop loss level of the order is usually small (I usually put SL = 20 pips), so if your order is lost, you lose a little money. :))
What signal do I use to enter the trading order?
My trading signal is very simple. I entered the order when the price hit or break the trend.
For example:
However, what is the right trend and what time frame to enter the order is what you need to practice and test. In addition, if you have experience looking at the chart, with the same signal, you will limit the trading orders that are likely to lose high.
Wish you have good trading orders!!
I think who needs this kind of advise will be eaten by the market
That is very easy to happen! :))
I used to lose a year because I was looking for answers to those problems!
But now, with my very simple trading method, I have created a stable income! The way for newbies do not lose money during this period is to practice with a demo account. Create confidence before starting with live account. However, if you have the ability to synthesize good news, that is very good for your transaction.
Maybe I'm a lazy man, so I accept a certain percentage of loss orders instead of spending a lot of time researching the information. This will reduce the number of winning trades, but overall, I still get what I want.
There is another problem I have not mentioned above, which is to choose the appropriate time to execute the transaction! I usually make orders in the New York session.
Every day, I share my personal trading plan! If you have any reference, try to analyze why I made that choice. This will help you get active in your trading soon. And then, if you continue to see my share, please help me with further comments so that I can improve myself. Thank you! :)
This method is suitable for me, but maybe not for you. You should consider doing it, because the money is yours, I can not pay you money if you trade with this method and lose money! :))
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