How to trade forex professionally during 2023? Have you heard the stories of people who have been able to make a fortune out of economic crises, they said the opposite of the opinions of the masses, ideas that no one could have imagined happened and actually happened, here we are not asking you to trade against the general trend, this is completely outside the principles of trading, but what we mean is People who based their thoughts on logical and real ideas about things that actually happened but “no one noticed” any wrong analysis is only a reflection of the absence of a media aspect in this regard, we recommend watching “Margin Call” and “Big Short” you will understand what we mean Confirmation Then.
How to trade forex professionally during 2023?
We will mention in the following lines how to trade forex professionally during 2023?
Take note of what is written in the text
Your daily routine as an analyst and market trader will not change , every day after you wake up and go to work or start working at home, you should go through the news reports, charts, the most important data, the most important scheduled news, the necessary. Technical analysis, whatever happens Don’t allow events to change Arrange the way you work, this will make you feel more balanced in times of crisis.
If you feel that forex trading at the moment is dangerous, then stop trading, and do not allow emotions to control you, whether to take revenge on the screen after losses, or the desire for an irrational and unreasonable profit return from the crisis.
This will get you out of the market, and we advise you to step away from the screen if you feel you are ill-equipped to deal with these events, and to ensure that not losing in itself is profit.
In times of crisis, it becomes difficult to determine the direction of the market due to high volatility, in this case the general trend will leave your circle of friendship and will be replaced by the demo account, it will be your closest friend, adjust technical trading strategies to suit the new conditions.
For example, try your updated trading style during the European session today on the demo account, and trade it tomorrow on the real account with a risk rate of less than half of your ARR, keeping the demo account trading in another way and so on until you reach the level Balance and professionalism in its use.
Control your emotions
We understand that losing is undesirable, but what would you choose: to lose a small portion of your trading capital? Or do you lose a big chunk?
If any of the trades reach the stop loss levels, do not cancel or remove them. What you studied earlier before entering into the deal is closest to the truth because you are not yet emotionally involved in the deal, now that you have seen the losses, emotions control your decision.
In the beginning, set your goal for small gains. Some people have made millions of dollars trading bitcoin. But like lottery winners, there are also many who have lost all or a significant portion of their money on this investment.
Never buy on the sidelines
When you work on margin, you borrow money to increase the amount you can buy. This is simply the concept of leverage. It is a double-edged sword. If your investment is successful, you can make big profits. But if your investment is wrong. You may owe more than you invested. The wise trader manages the risk, which means not borrowing money to buy cryptocurrencies.
Keep mental stop losses
It is always wise to have stops to lose, but since cryptocurrencies move so fast, “hard” stops are often ineffective (one of the reasons why many platforms do not allow you to use hard stops for cryptocurrencies).
Instead, use “mind” pauses and be disciplined when using them. The alternative method is to “stop time”, i.e. tell yourself that you will sell on a certain day. For example, on Friday. This is an effective way to force yourself to the success of your investment and reduce losses.
Don’t keep losing positions
If the deal goes against you, consider selling all or half. Don’t let small losers turn into big losers. True, those who sold Bitcoin at $20,000 were shocked when it jumped to $60,000. The following rule shows you how to deal with this.