Once you become your own Forex trader, you are independent to make your own decisions.
You can easily identify the common mistakes you do and rectify them. Choose to do things that suit your personality.
To trade you don’t need to be an inventor, all you need is to learn the basics of trading then grow your discipline and start making money.
Most of the successful traders use different methods to trade.
We at least discussed the best patterns/indicators you can trade and the good news is, no fee for using them to trade.
You just have to learn, master it and apply it any way you want.
In other words,
To become a successful forex trader does not mean you have to do exactly what your mentor does or your friend or a neighbor.
Just because someone is successful trading a certain strategy does not necessarily mean you will also be successful when you trade the same strategy.
There is no magic in any kind of strategy. You must put other factors in place. For example your trading style.
How to become your own Forex trader
First,
Write down your own trading plan.
Your trading plan should define your trading style, trading strategy and how you intend to implement it.
Set some rules for your self to trade. For example, when to trade and when not to trade. what to trade and how much time you can devote to trading.
Secondly,
Write down the amount of capital/money you want to start with and how much you can risk on each trade.
Thirdly,
On your list, you should include your pre and after trading routine and how often you should review your trades.
This will help you to measure the success rate for your strategy and identify the common errors if any.
Why you should become your own trader
In life we are never the same, your life style can never suit someone else perfect.
Take an example, our likes and dislikes; levels of understanding, perceptions and perspectives and character, it is all different.
Also when it comes to Forex trading, things work differently.
For example, your patience, how you views and analyse the market, risk taking and tolerance, experience and exposure.
The way you look at charts is not the same way another forex trader does, neither is the time you take to analyze and interpret charts.
After all this is not a perfect world, no Ms /Mr. Perfects.
You don’t have to copy and paste, it may not work out, do some editing and make your own trading plan. Take only what suits your personality and practice only that to become your own forex trader.
This will help you to know the kind of trader you are. You will also be able to follow your trading plan since it is designed out of your true personality.
You should make it a point to follow your trading plan rules. This will enable you to trace the performance of your strategy, consistency and trading discipline.
How long should you hold an Open Position ?
How long you can hold an open position in forex, is a personal thing for all traders. The decision is all yours. You know what your goals are as a trader, the kind of strategy you use to trade. All this starts from what you are? and What you want? If I am to answer,...
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