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Six steps to improve your currency trading

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Forex is short for Foreign Exchange and refers to a decentralized market that spans the globe and is considered the most liquid worldwide. Exchange rates fluctuate continuously due to ever changing market forces of supply and demand. Forex traders buy a currency pair if they think the exchange rate will rise and sell it if they think the opposite will happen. Unlike the Stock market, the Forex market never sleeps and remains open around the world for 24 hours per day and 5 days a week.

Before the Internet revolution only large players such as banks, hedge funds and extremely wealthy individuals could participate. Now retail traders can buy, sell and speculate on currencies from the comfort of their homes with a mouse click through online brokerage accounts. There are many currency pairs that can be traded and an average online broker has about 40. One of our most popular chats is the public Forex chat where traders talk in real-time about where the Forex market is going.
Successful professional traders do three things that amateurs often forget. They plan a trading strategy, they follow the markets, and they diarize, track, and analyze each of their trades.

Plan How You Will Trade
You may have heard the adage, "if you fail to plan, you plan to fail." This is particularly true in Forex speculation. Successful traders start with a sound strategy and they stick to it at all times.

Choose the currency pairs that are right for you.
Some currency pairs are volatile and move a lot intra-day. Some currency pairs are steady and make slow moves over longer time periods. Based on your risk parameters, decide which currency pairs are best suited to your trading strategy.

Decide how long you plan to stay in a position.
Based on your currency pair selection, plan how long you want to hold your positions: minutes, hours, or days. Remember that depending on your account type, having open positions at 5:00pm Eastern Time may incur rollover charges.

Set your targets for the position.
Before you take a position you should establish your exit strategy. If the position is a winner, at what rate will you cash out? If the position is a loser, at what rate will you cut your losses? Then, place your stops and limits accordingly.

Follow the Forex Market
Use Forex charts and market analysis to monitor market information and technical levels that affect your positions.

Use Forex Charts
Charts are an indispensable tool to improve trading returns. You can easily recoup the money spent on a charting package from a single well-placed trade based on the analysis from professional charts. Check out XE Charts. Please keep in mind that forex trading involves a high risk of loss, and no guarantee is made that the investment on the charting applications will be recouped.

Market Analysis

XE Market Analysis provides breaking currency news and in-depth analysis where the currency market is, where it's going, and why it's going there. You can access detailed market commentary and trading strategies from experienced Forex traders.

Keep a Forex Diary
Most traders fail because they make the same mistakes over and over. A diary can help by keeping track of what works for you and what doesn't. Used consistently, a well-kept diary is your best friend. When keeping your diary, make sure that it contains at least the following:
The date and time you took the position.
The rate at which you took the position.
The reason you took the position.
Your strategy for the position.
The date and time you exited the position.
The rate at which you exited the position.
Your profit/loss on the position

Why you exited the position. Did you follow you strategy?

Once you learn to recognize successful trading patterns, you will be able to spot them when they return. With Axis forex online send money in 100+ currencies at any bank account in the world. Buy forex card for hassle-free & cashless travel. 24X7 availability!

Source : http://www.xe.com/currencytrading/improve.php
Added 8 days ago
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