As a starting point I feel the need to tell you that there is no Saint Grail in trading. I don’t think that there is a single person to have a Secret trading system that it will work 100% of the time, or as well for anyone else that uses it. If a trading system would be given to 10 different traders, it will produce different incomes for each trader, because there are other factors that will mess with the result.
The main idea is that you should understand that you cannot find a special strategy that it will work for you as well as for someone else. You should follow some basic steps to find a good strategy and adjust it so that it will bring constant profits in time.
Trading is a business!
One of the biggest mistakes that novice do is to believe that from this domain anyone can make big and fast money, without knowledge and understanding of the market. Trading is a business! One that would like to invest should take into consideration this fact and invest time in learning and acknowledging the risks that could appear in this activity.
If the risks are full understood, next step would be to learn about the mechanism, understand how the market moves, which motors turn the wheels and move the price. It will still not be enough to find a strategy.
Start learning the basics in technical analysis and fundamental analysis. Apply what you have learnt on charts and start reading the price movements. Get into details and find patterns that will help you forecast what it could happen next. Practice and take your time in understanding each new thing you learn.
It will not take long and you will become very enthusiast and you will try to learn more and more thinking that this is the way to have success in trading. You will find out that learning to much it is also a trap of the market. There so many theories, strategies, indicators, price patterns, candlestick patterns, etc. that at some point will end up contradicting each other and you will end up in complete darkness. Take it step by step and don’t rush into learning to many things at once.
Practice, practice, practice
Each time you learn something new; don’t take it as it is. Start applying it as soon as possible, turn it 360 degrees and understand everything about it. This way it will be very easy for you to know if it will help you in trading or you could skip it. Taking this path, you will see that at a point it will be easy to combine technical indicators or chart patterns and raise the probability to have a successful analysis.
Practicing this in paper trading or even better on demo trading you will see that a trading strategy will emerge. A trading system that is suited for you. It will be tailored for your needs, for your personality and for your risk aversion/appetite.
As you can see there is no short and easy way to get to a good strategy. But you will see that is the one that will bring you satisfaction. Consider investing some time and money in your education. It will be the only way to raise your chances to be profitable in this jungle and avoid being eaten alive. Even if it sounds harsh you should understand that if you do not have the time and money to invest in yourself you should rather consider doing something else.
When I joined the Rally family, I had zero knowledge about forex. I attended their seminars and lectures and it was a thorough and quality experience. Talking about my success in forex , it’s a steady process , I’ve enjoyed lots of profits and a few losses. I’m grateful for the rally trade foundation I have, I look to grow from under the wings of Rally.
I was told I could make money in my comfort zone, then I thought; “this could actually happen in my dreams”. But guess what, I made money and I’m still making money in my comfort zone with RALLY TRADE. To my account manager OLUWASEUN: thank you for keeping to your words and for being nice at the same time, thank you for having my back, you’re the best.To RALLYTRADE: thank you for this opportunity and for letting me know I could do more and better with myself..
I am so much impressed not by anybody's action or motivation to pronounce my encounter with rally trade company. I would love to say this company has done so much in my life; personally. I listen to a radio station programme about a seminar/training on how to trade forex, I planned to attend though I don't believe it will work for me. After the training I got a call from one of Rally trade staff, in person of Tamuno who done so much to convince me to go in for the trade. This young girl have been so impacting since I stated the trade and she has never for once ignore my request for support and advice; I so much appreciate you...
Oluwatuyi Timileyin Samuel
THANK YOU, THANK YOU, THANK YOU Rally trade team for the excellent work you are doing. I recommend rally trade for anyone who want to profitably trade Forex on a consistent basis.
I have been with rally trade broker for one year now, they are reliable broker and they have excellent performance in term of training, customer service and prompt payment of profit withdrawal. Morealso, i am also beneficiary of one of their partner program (introducing broker) which I have been receiving payment for monthly commission on it. I recommend Rally trade to d prospective individual and company that intend to trade in forex . Thanks to Rally Trade