When the author decided to work in the world of trading, the question arises "what is my first step in order to be able to trade? ". This question is a very reasonable question and unfortunately the answer is rarely found and reviewed in logic in similar books or even other forex training. Many have suggested a "learning by doing" or "let it flow" approach that the author says is a bit misleading. If a trader is seriously involved in forex trading, then treat forex as a business. Learn this business by starting from knowing what it is forex from various sources. The author does not advise the reader to quit his job or die a business that is now undertaken.
Readers can take this personal decision of course after being able to benefit consistently and feel the fit with this forex trading business. If you already consider this a business it means you have to think and act properly as a businessperson. Suppose you are planning to run a business in the culinary field. The question is, are you going to open the restaurant next week and expect customers to come and your food will be sold out? A businessman, usually going to the market with his business plan. Here are some steps that need to be passed, so your forex trading business can grow.
1. Preparation
Before you start your business in the culinary field, surely you will try to find out about the ins and outs of the business by asking friends or relatives, reading a book or website or following a training. Then surveyed by trying competing products and services, asking the guards or the customers who are in place of competitors with the intention to take a positive value owned competitors. For forex trading, unknowingly similar to the business - business in general including the culinary business. You may hear from friends or relatives who have succeeded in this business, and readers want to feel the same. The drive from within to try and do not want to be left behind makes the reader remain optimistic to understand more deeply about forex trading business. (read: What is Forex anyway?)
Ingenious business people usually do not jump directly into the business without training or trying on a small scale first. You should try trading manually using a demo account. This will usually take several weeks to several months until the reader has a consistent level of success and increased confidence.
2. Inauguration
Once you feel you have enough preparation, you can get ready to run the business in real time and start right away. Start by deciding on a strategic business location and preparing for material needs such as tables, plates, cups and more. The next step may be to obtain an official business license and start looking for employees when needed. Likewise with forex trading, once you feel confident with your trading skills by using a demo account, then you are prepared to start the real business in real account. Prepare the equipment needed to boost your trading like a computer/laptop, internet connection and a forex broker you can trust.
3. Routines
After the inauguration phase is over, the period of routine over the coming months will largely determine the success of any type of business. Just like a culinary business, you will definitely create a daily agenda to record your daily performance whether the food you sell or not and how the strategy for the future. Likewise, with forex trading, you should create a daily agenda about your trading performance, so you can monitor the results of your business. The author advises traders to read the fundamental news at least once a week for the preparation of the next trading and traders are also required to perform technical analysis for the pair you choose for your trading every day.
4. Growing
Once the forex trading business runs smoothly and provides regular income then it can start developing your business. To increase the amount of profit, please try another currency pairs with a similar strategy. Another way is to increase the size of the lot for example from 0.1 lot to 1 lot, but this required considerable mindset and money management. It is highly recommended not to easily switch strategies until mastering the strategy in depth. You do not need to master too many strategies because there is usually no correlation between the number of strategies with the amount of profit. The simpler a strategy, the better it will be.
Conclusion: Trading forex is very similar to other conventional business that must be run seriously and wholeheartedly. Do not jump into this business, halfheartedly, because it will be bad for your trading performance. With enough preparation and unyielding spirit, you will succeed in this business. Happy trading