How To Become A Successful Forex Trader
The Keys to Success in Forex
The key to successful forex trading is to specialize in the currency pairs that trade when you're available for trading, and to use your strategies that don't require constant portfolio monitoring. An automated trading platform may be the best way to accomplish this, especially for new traders or those with limited experience. (Check out some common mistakes that often trip up forex traders in Top Reasons Forex Traders Fail.)
Find the Right Pairs to Trade
Although forex trading occurs 24 hours a day throughout the week, it's best to trade during peak volume hours to guarantee liquidity. Liquidity is a trader's ability to sell a position, which is much easier to do when the market is most active. Assuming that you work a nine-to-five job, you'll be available for trading either early or late in the day. Depending on the currency pairs you're trading, high volume may occur at either end of the day. Either time may be the right time to trade.
For small traders with mini accounts and beginners who lack experience, experts advise trading U.S. currency against various foreign currencies. Even more experienced traders prefer trading U.S. currency against other foreign currencies, although many knowledgeable forex traders will also trade foreign currency pairs.
The great majority of dollar volume traded on forex markets occurs in the currency pairs below. Because of good liquidity in these pairs, it may be wise for part-time traders to restrict trading to these briskly traded currencies. (For more information on global currencies, read Top 9 Most Tradable Currencies.)
USD/EUR
USD/JPY
USD/GBP
USD/CHF
USD/CAD
USD/AUD
EUR/JPY
AUD/USD
EUR/GBP
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