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Valutrades Forex Trading Blog | Currency Trading Tips and Educational Articles

The 5 Secrets of Forex Trading that Everyone Misses

Written by Graeme Watkins | 06-Jun-2017 06:00:00



Forex trading is taking the world by storm, as millions are now taking up the charge of investing in currencies on both a full-time and casual basis. Odds are if you are new to forex trading, you’ve already scoured the web looking for hints and tipsso you put your best foot forward. While what you are likely to come across on this front will certainly be useful—as any low-level guide to forex should cover the basics—it isn’t going to do is give you the information you need to really be profitable. To help you take that next step and blow the door wide open on the forex market, we explain five secrets of forex trading that almost everyone misses.

Secret No. 1: Create a Trading Journal

These days many traders have opted to abandon maintaining a trading journal, largely as all brokers provide real-time trade records for clients. The problem is that these records don’t catch everything, something that truly successful tradersunderstand. When you start a manual trading journal, you are able to get to down the core of your forex trading efforts; through independent tracking, you can monitor margin usage, profits and losses per trade, buying power, and so much more.

Trading journals aren’t exactly fashionable. However, while they can be time-consuming, they are one of the leading secrets of forex trading for a reason. Taking this old school approach lets you maintain a manual look at your trading history, which helps you spot overall progress between brokers and allows you to address mistakes along the way.

Secret No. 2: Stress Test Your Trading Strategy

Putting it simply, your trading plan is going to be your game plan for success, as it’s a rulebook that is going to dictate what you can and can’t achieve when you trade forex. The problem is that while crafting a trading strategy that