If you are forex trading and failing, but you are not making any money, you should try your best to learn why you are failing. If you are not the type who can handle the disappointment of losing money, you should not trade forex. People who trade without strategies are just gambling their money away because they are just throwing their money in blindly. Here are some of the things that you should check if you want to rehabilitate your forex trading career.
Are you educated in being a forex trader?
To make sure that you are not gambling when trading forex, you should make sure that you are properly educated in trading. Forex trading is a dynamic industry so you should make sure to learn all new information about it whenever you have the time. You can learn from blogs of successful traders and signup for their newsletters and seminars. If you have not signed up to a broker yet you should find one that has a free forex training program like IC Markets.
For starters, you should learn the basic terms used in forex trading and you should know how to analyze charts. If you have not mastered these things yet, you should try to have patience and practice with mock deals in forex practice software.
Are you comfortable with your strategies?
The next step is to copy a well established trading strategy or to develop your own. You should read about the different type of strategies commonly used by traders and analyze the strategies if they can be used in your own situation. Many people go into trading without even thinking about the strategy that they will use and they end up losing their money.
You should analyze your present strategy if you already have one. If time passed and you have not made anything yet, you should find out why you are failing. You should learn to be patient with your strategy because most of them make money slowly but surely. There are always new strategies in forex and you should learn about the new ones even if they are just versions of older strategies.
Have a trading routine
Having a trading routine is important. You should know what to do all day long. This will also decrease that possibility of getting addicted with your trading. Past insights should be used to make better decisions in the future so you should take down your trading thoughts.