Forex Trading - Strategies to Improve Your Winning Trades and Make More Money

Do you find with Forex trading strategies you win some trades only to find a few losing ones follow? This happens to many traders - you are not alone! So what can you do to make sure you are winning more trades and making the profits you deserve? Well, let me expand on some key areas.

For you to make consistent gains keep your Forex trading strategy as simple as you can make it. You have heard of the KISS strategy right? Keep It Simple and Straight-forward, well this definitely applies to trading Forex.

Forex trading requires good, fast decision making by acting upon your trading strategies. This is so much harder to do if you have many indicators, Moving Averages, oscillators etc to check.

To make fast decisions you need to have a clear head to think and limiting the amount of information you have to process before placing a trade will make this a whole lot easier!

Are you keeping a note book or journal of all your trades? If you write everything down, you will be able to analysis your Forex trading plan. Sometimes you will need to go back to the note book and fine tune your strategy to weed out the indicators, Moving Average settings which may not be working for you.

Another great tip to be consistent is to trade in the same way, at the same time of day over a period of time. Make sure you find out when to expect the results of Fundamental and economic announcements. This will mean you do not get whipsawed out of the market and your trades lost due to bad timing.

Great! So you now have Forex trading strategies with minimal techniques to help identify the trade, now what?

Well, another point about winning more trades is keeping your emotions in check. If you trade differently every time you open a position then you will be inconsistent with your winning trades. Decide your strategy and then trade it. Plan your trade and then trade your plan!

The best way to do this is over time through paper trading first, followed by using a demo account from a reputable Forex broker. Once you have your strategy nailed down, this will give you the confidence to trade with a minimum lot size while you gain experience with the risk factor of trading a live account.

Something which works for me is to think of each trade in pip or point value. So, instead of thinking of how much money you will gain or lose, look at it in a different way. How many pips will you gain or risk with your stop loss. Consequently, money is taken out of the equation together with the associated emotions.

So, in order to trade the Forex with consistency you need to have a simple yet effective strategy with every trade recorded in your Forex trading note book. Make sure you know when to look out for economic and fundamental results which may move the market in an unexpected way.

You have done a great job to get this far!

Have confidence in your strategies. If you are trading a live account, then you would have come a long way in developing your Forex trading strategies and you will be able to benefit from your hard work. Keeping your emotions in check will allow you a clear mind to take those trades and make your profit.