Forex Trading: Powerful Ways to Profit Daily from Forex

Forex trading for some people is a business that promises profits in just a short time. This is true even though it is not easy because not everyone can consistently profit from forex. Why? Based on experience playing forex, not being able to control emotions is a trigger for forex traders to fail to make profits.

In addition, rushing to trade forex without understanding forex itself is also the reason many fail. Although I am not an expert, but based on personal experience I certainly know where the mistakes that often occur that make me lose money.

Therefore, based on the experience of playing forex since the last few years I want to share here how to make a profit every day from forex. Before that, make sure that you have learned the basics of forex because here I share for beginners who have just started trading, for those who have never been in real trading, you should learn the basics and terms in forex first.

Effective Ways to Earn Daily Profits from Forex

Forex Trading

The goal of trading is definitely profit. To achieve this goal requires a mature trading strategy and plan. Where can you get it? Of course, from the experience of forex traders like me, as well as from your own experiments that you must make. Because, everyone has their own trading strategy and plan.

Set profit target

Most forex traders fail to profit because they want to get big profits with small capital. There's actually nothing wrong with wanting it because everyone wants it. However, you need to know that for big profits you need big capital.

For a beginner who plays with capital below Rp. 1 million, there is no need to think about big profits, so long as you are consistent, you are already a successful trader.

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Set profit targets. For example, you have a target of $5 per day. Stop trading if you have reached the target. Although it's not wrong and no one forbids you to continue trading and making profits, but by obeying the targets you set at least you can commit. This will later be very important to train yourself in controlling emotions.

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Use 1 hour time indicator

In viewing the movement of the pair on the chart (candlestick), use only 1 hour. During this time there will be ups and downs. Take a sell order if the candlestick shows a downward direction. Don't linger, you have to pay attention to the direction behind the candlestick. In other words, when it starts to reverse you close the order.

Do not rush to order the other way around (buy). Give a pause of a few minutes to make sure the candlestick moves up. After quite sure, order buy. You can apply scalping techniques as long as you don't wait for big profits. Because in this strategy there is little profit and many orders are made, the important thing is profit. Little by little the profit target per day that you make will be achieved.

Don't place a lot of orders

I recommend only doing 2 orders, it can be a maximum of 3. This is more effective and you can trade with ease. Many orders will make it difficult for you to control the movement of the currency pair which results in you closing the order. Movements can change drastically in seconds. Therefore I do not recommend you to do a lot of orders.

Doing a lot of orders has the potential for losses. For example, one of the orders has lost and you don't want to cut the loss so you decide to place an order on another pair or order the same pair in a different direction. If this happens, you will definitely get a loss.

Choose a popular pair

In forex trading my favorite pairs are USD/JPY and USD/EUR because the pair moves fast. I can do up to 10 open and close orders within 1 hour. You can also look for your favorite pair that you have more control over. Do not choose a pair that you do not master at all. Choose a pair that is already familiar so you can focus on analyzing the pair.

Controlling emotions

Even if you are in a loss position, you should still be able to control your emotions. There is nothing wrong with closing orders and placing orders on other pairs. Do not rush to order reverse direction. For example, you lose on your sell order and then place a buy order. Leave it alone, find another pair. Check forex news before deciding to place an order on another pair.

Forexheavily influenced by news, so you have to keep reading the news to determine which one to order. Because of the magnitude of the influence of news, if there is negative news on the finances of a country, for example, Japan. So in no less than 5 minutes the JPY will go down so that on the USD/JPY pair you have to order buy.

The forex trading tips above are what I usually do and have proven to be consistently profitable even though it's only $10 per day because that's my profit target. Even though it has earned above $50 per day. However, I didn't make it a profit target because it took me all day to get $50 with a capital of Rp. 1 million. While I only trade 2 hours per day. Profit or not I still close the laptop and start trading tomorrow.

Even though I chose to stop trading today, I still watch the news so I don't miss any information.

Hopefully what I say here can be useful. If you have any questions, you can comment and we will learn together because I am also still learning. There are no experts in forex because this business is not an exact science, the market is constantly changing, so there is no exact science in this business.

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