The title Strategies for Profiting in Forex Trading sounds so hopeful that you might think in this blog we will discuss 100% profitable strategies. 

NO. 

Not even a single strategy is 100% profitable. But that doesn’t mean the blog is fake. We will discuss strategies that are 70% up to the mark for profiting.  And the rest is all on you. Let’s dive into the most awaited blog- 

Profiting in Forex trading requires a lot of knowledge, experience, and failures. Yes, failure, you have to fail and learn until you gain experience and won’t repeat the same mistakes. As long as you are following your self-learned lessons you will do good. 

1. Educate yourself-  

The first thing you are going to start with is educating yourself. The basics of trading like candles, highs, lows, supports, resistance, etc. These things are the basic and the most important of all. You can gain this basic knowledge through YouTube channels or books that I already mentioned in my previous blog. 

2. Money management-  

After learning the basics you must know how to manage money. For example; You had $50 in your trading account, and the first trade you took must be less than $2, Why? Because the less you invest during your initial stages the more you learn and grow. 

Remember, it’s not about how much profit you make, it’s always about how you follow the rules. Big money is a myth (beginners paste it in your brain). 

3. Risk management-  

Risk management and money management are like two hands of your body that are equally important throughout the process of taking a trade and exiting. Risk management is a risk you’ve calculated before taking a trade, and this must be followed otherwise there’s no way you will become profitable in Forex trading. Stoploss plays an important role in risk management. The more you exceed your stop loss in the hope for profits the more you are allowing yourself to blow the account. 

4. Fundamental analysis- 

Fundamental analysis is all about staying up-to-the-date with regular news, and GDP growth. This does affect the market at a certain level. Economic data and interest rates are two major aspects of Fundamental analysis. 

5. Technical analysis-  

Technical analysis includes chart patterns, Support, and resistance, and Indicators. 

6. Kind of trading-  

There are generally three kinds of trading- 

1- Day trading (Intraday).

2- Swing trading. 

3- Position trading. 

7. Discipline-  

If you are not disciplined about learning and experiencing then how will you grow? Discipline is a must thing to do, you might lock in the timings for your trade and you are good to go. 

8. Control of emotions- 

The toughest of all is controlling emotions. You might think that it’s easy but you are wrong. When your P&L goes red, your heart just stops beating. Yes, that is when the lack of control of emotions you will feel. 

By mixing all of these you will become a profitable trader but not 100% keep this thing in your mind. Make sure that you properly use these strategies otherwise no energy or course in the world could help you grow.