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7 Steps to Becoming a Better Trader

Razvan Mihai


If you are a beginner in trading on the financial markets, then you would like to read what we have written in this article.

The following steps will help traders to structure information so that they can be able to take the correct path for learning how to trade more profitably.

1. Learn about trading

The first step would be to learn more about trading, its implications, risks and benefits. Basic information regarding this domain can be easily found.

2. Learn about Forex Market

If you want to trade on such a market you should learn as much as possible. The opportunities are incredible. There is volatility all the time, the leverage is in favor of the trader and the liquidity is usually very high.

3. Risks and Benefits

There are many benefits and risks associated with financial instruments. One should know them right from the beginning. This is an important step in limiting your risks in the future.

4. Technical and Fundamental Analysis

Technical and Fundamental Analysis in a trading system provides a higher leverage over the market to raise the probability of accessing the winning trades category.

5. Cultivating a Trading Strategy

Creating a trading strategy improves the probability of forecasting market direction to earn more money. A strategy could be based on technical analysis or on fundamental analysis, but the most accurate are based on both types of analysis.

6. Demo Trading

A demo account gives traders a risk free capacity to practice trading in order to better understand the market behavior. At a demo account level, a trader can also test their trading strategy and fine tune their Money Management skills.

7. Real Money Practice

Nothing can be compared with real money trading. One cannot say he is ready to become a full time trader before trading on a real account. Open a real account today and test your strategy!

The Information or materials published or submitted by Forex Rally are exclusively for educational, informative or analysis purposes and cannot be considered recommendations to purchasing/selling/keeping of a particular financial instruments. They are not and should not be treated as indications or tips on trading strategies for real or demo accounts. Forex Rally warns the Users/Clients that past performance of Financial Instruments is not an indicator of future performance. Forex Rally assumes no responsibility for the outcome of transactions based on or influenced by any of the above-mentioned information. Forex Rally warns that Financial Derivative Instruments are complex instruments and leveraged products that involve a high level of risk which can result in high losses, including the risk of losing the entire capital invested by the Client. Such instruments might not be suitable for all Clients. The Client should not engage in transactions with such Financial Instruments unless he/she understands and accepts the risks involved by trading Financial Instruments, taking into account his/her investment objectives and level of experience.

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