Do you want to learn trading in less than 6 months? If so, this article is going to change your life. The new traders in Australia are always trying to follow the footsteps of the successful trader. But they don’t understand learning to trade the market requires time. You might make some decent profit by using a predefined trading strategy, in the long run, you are going to lose a big amount of money.
To become a skilled trader in the forex market you must understand the importance of your trading strategy. In this article, we are going to teach you the perfect way to create a balanced trading strategy so that you don’t have to depend on other professionals.
Technical analysis
Before you start developing your trading strategy you need to learn about technical analysis. It helps you to find the potential signals at the critical support and resistance level. Some of you might think technical analysis is nothing but a waste of time. But if you look at the professional traders in Australia, you will understand why they are relying on the technical parameters of this market. To make your life better you must learn the perfect way to find the sweet spots. Open a demo trading account and try to learn the technical analysis. If you start understanding the technical parameters you can easily execute high-quality trades.
Fundamental analysis
Fundamental analysis is one of the most crucial forms of market analysis. To execute high-quality trades in the CFD market, you must know the impact of different news. Things might be hard since you have to process tons of news data. But if you start analyzing the major news and relate the price movement in the demo account, you can expect to master this skill in less than six months. Never think mastering fundamental analysis is the most difficult task.
Development of the strategy
Since you need to learn trading in less than six months, you need to learn a lot about this market. Things might be challenging for the new traders, but with the help of a demo account, you can easily develop your trading strategy. Instead of using other people’s strategies, try to trade the real market in the practice account. Unless you demo trade the market for two months, it will be hard to deal with the real price movement. Learn from the losing trades and try to earn more money taking calculative steps. Once you get skilled at trading, try to trade the real market with managed risk.
Focus on the risk factors
Without analyzing the risk factors, you can’t expect to make big profits from this market. The naïve traders in Australia are trading random trades without analyzing the risk factors. On the contrary, the skilled traders are always executing quality trades by following the basic rules. Try to use a 2-3% risk at the initial stage. But if you keep on losing money, reduce the risk to 1%. By following the conservative way, you can expect to make a big profit in any market condition.
Final steps
The above-mentioned steps should be completed by 4 months. In the 5th month, you should start trading the market with real money. As a new trader, you might feel extreme pressure in the real market and this is very common. Try to earn some money by using conservative techniques. If you lose trade never frustrated. Find the faults for which you are losing money. Fix those issues and you will be able to make a consistent profit. Trading is more like an art. Unless you stick to basic rules, you can’t make a profit. And if you start learning things in an organized way, you can become a successful trader in less than six months. And never lose hope by seeing the results of a few trades.