The top 5 percentile of foreign exchange rates traders are forever on the hunt for ways to improve their ROI (Return On Investment). Currency trading is a vocation that can be incrementally tweaked and improved over time. From the technical to the psychological, there is always some missing piece that can make you a more complete trader with better ROI. Here are some guerrilla tactics that could help you do just that.
5 Ways To Spruce Up Your Foreign Exchange Rates Trading ROI
1. Trade Foreign Exchange Rates From A Conducive Environment. If you’re trading from home, have a stable and mentally stimulating environment from which you can command positions and lead your equity into battle. A dedicated office is important – especially when you need to analyse markets or are in the process of timing your trade entry and exits. Your office should be devoid of clutter, and be a place where you’re happy to spend a good eight hours of your day.
2. Have A Clear And Focused Strategy Of Learning. With such an overflowing well of trading information available online, it’s crucial to chalk out in advance what you need to learn and how you will attain that knowledge. This applies as much to advanced traders as it does to newcomers. One of the most damaging things you can do to your ROI is to learn from a jumble of unproven sources. By identifying your trading education needs in advanced, you can focus on developing the skills you need and then implementing them to improve ROI.
3. Have A Budget Outline For Your Trading. Dealing in foreign exchange rates is no less a business than opening up a pizza franchise. Identify the amount of “relaxed equity” you have available and then determine how this will be spread out over your various trading activities. Relaxed equity is simply capital that can be lost without consequences (ie not needed to pay rents, fees, food shopping etc). A small amount may well be set aside for premium education and other tools/resources, but to maximize your ROI, the lion share of your equity must be invested within the markets.
4. Address Your Timing Skills. Timing accounts for a great deal within currency trading. Traders who are able to understand the broad trend and time their entry and exit with skill will always make money. Indeed, this simple logic is all you need to perfect in order to turn a positive ROI with your currency trading business.
5. Invest Much Time & Effort In Perfecting Your Trading Plan & Strategy. New traders should set aside a lot of energy to establish a strategy and trading plan that can deliver right from the start. Even established and advanced traders must periodically evaluate how their strategies and plans are faring within real market conditions. When ROI is positive and consistent, by all means stick with the formula that’s working. During times of negative ROI it’s time to pick apart your trading policies to see what might be causing any losses. Markets being what they are, sometimes even the best traders with the best strategies just go through a bad spell – however, it’s important to look under the hood sometimes to ensure that there’s nothing which could be changed in order to return to more consistent profits.
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