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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

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.

Read: Why Should Trading Forex

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.

Set profit targets. For example, you have a target of $5 per day. Stop trading if you have reached the target. Even though 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.

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.

Read: Trading 2 Hours Earn 10 Dollars Per Day

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 to lose. 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.