We all strive to be successful in life but how is success defined?
In terms of Forex trading, we can define success as being profitable. But what steps can we take to make ourselves profitable on the way to becoming successful traders? That is the question.
Experienced traders will tell you that to get yourself on the path to profitability, a range of strategies can be deployed - as well as doing your own research. A successful trader stands out from the rest by not sticking to one strategy but using a healthy blend of research, analysis and a variety of trading styles.
There are many trading strategies and research methods that can be deployed on the path to success whilst considering the platform you choose to trade with should not be underestimated. Careful thought and consideration should go into why you are choosing a broker and what the broker can give back to you to set you on your way to profitability and SUCCESS!
Scalping is used by traders wanting to get in and out of a trade quickly and profitably. With the use of high leverage, a small market movement in a volatile market can quickly become profitable.
Some brokers do not allow scalping so check with a broker before depositing if this is your desired strategy. It is also worth pointing out that brokers charge a commission for closed trades. With this in mind, find out how much commission you will pay and consider the size of position being opened. If a trader is micro lot trading yet the broker charges $5+ commission per trade, your profit line may be consumed by fees in the shape of commission.
This strategy is adopted to minimize risk. More positions are opened to protect an investment in the market if the movements are going against an initial investment.
As with scalping, check with a new broker if they allow hedging. Scalping and hedging rules generally go hand in hand.
Many indicators can be deployed on trading platforms such as MT4 to help you see areas of divergence to help determine whether to submit a buy or sell based on trends indicators show. Bollinger bands and moving averages are 2 very popular ones.
There are many, many indicators that can be used on professional trading platforms but one that may suit one trader may not be favored by the next. If you can find a broker that offers a free demo account, then you can practice laying down indicators on certain instruments to find one most pleasing to your trading style and vision.
Traders should use a range of analyses from different sources to ensure to make as much of an informed decision as possible on where the market might move. Fundamental analysis is key. This is the analysis of social, economic and political trends.
Keeping up with the latest global news can really give an added edge. Many good brokers will offer news pages including daily market analysis to help keep you informed as well as economic calendars for you to see the latest events which may affect the markets ensuring you can plan well ahead before opening a position.
If you have an existing online following or have a vast network of friends on social media or even an extensive email contact list, then referring these people to a broker which use s a sure-fire way of maximizing your earning potential.
Many Forex brokers offer an affiliate reward scheme but it is important to find one where you will get the most rewards out of the scheme on offer. First, you should look out for how much commission will be paid per referral. Also consider the terms of payment i.e. $5 per traded lot, per referral. Take note of how long the scheme will last for with the ideal time being forever, or at least as long as the referrer continues to trade.
A good broker will give you exclusive access to an affiliate executive who can assist you with your marketing campaign and be there for your general affiliation queries - every step of the way.
If a broker can offer you additional marketing materials than just a signup link then this is an added bonus and will guarantee to make your campaign more successful with a clean, professional look. Any added banners or email blasts will ensure more clicks meaning more cash for you!
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