How to become a successful forex trader in the style of world master trader Boris Schlossberg?
Every businessman certainly wants success in his business, as well as business people in the forex trading world who are commonly referred to as forex traders.
Some of the keys to a successful forex trading business are mastering the mindset / mental in controlling emotions, determining trading transaction decisions and financial arrangements in trading.
One way to become a beginner trader to be successful is to learn from the experience of successful traders in the world to always profit.
There are many stories of successful traders who can be role models so that we can also be successful, even though it all comes back to ourselves, but it is better for us to learn from other people's mistakes, than for others to learn from our mistakes. .
This time we will learn tips and tricks in forex trading from world trader Boris Schlossberg.
Boris Schlossberg has made a long history in his work as an expert forex trader, with 20 years of experience trading on Wall Street.
From that experience, he found various powerful weapons with many trading strategies to bridge the gap between retail traders and institutional traders.
Want to know more about the trading strategies he used to make him successful in the forex world?
He has extensive experience in trading various assets ranging from Equities, Options, Futures and Forex. From there, Boris Schlossberg was able to understand and understand the problems that traders often face in dealing with the cruelty of the forex trading world.
Boris Schlossberg reveals the secret to success as a retail trader in competing with institutional traders.
If we often feel confused or excited when trading forex, it would be nice to listen to these tips and suggestions from Boris Schlossberg.
Why Almost 90% of Retail Forex Traders Lose?
Boris Schlossberg said that most retail forex traders often make mistakes in their trading. What mistakes traders often make, here's an explanation:
Common Mistakes Retail Forex Traders Make
Here are some mistakes that traders usually make:
1. Ignoring Fundamental Factors (Economic reports and news)
In his article he wrote, ''The 5 stupidest words retailers say''(5 stupidest words retailers say) the reason many traders suffer losses is their indifference to fundamental analysis.
Not a few traders say ''I don't care about news'' (I don't care about news), because according to them technical analysis alone is enough as a guide in determining open trading positions.
Indeed, fundamental analysis tends to be difficult to apply to trading with a short period of time (scalping), because pros and cons can occur in the assessment of economic data reports.
But that does not mean fundamental analysis can be ignored without consequences.
“Retail Merchants are Merchants who trade through Brokers”
2. Not Consistent with Trading System
Most retail traders (usually novice traders) often get caught up in the habit of copying other traders' trading systems by not taking into account the risks and controls for entry and exit.
Which in the end they make a ''blunder'' by doing overtrading while hoping to get a profit, even though they have realized that the amount of margin on their trading account is close to the Margin Call limit.
Very different from institutional traders, they always have clear instructions on when to enter and exit the market, especially in no-entry conditions, they already have instructions.
3. Isolated Trading
No matter how great a retail trader is, there are times when he will make a mistake in determining the opening of a trading position.
There are still many retail traders who carry out all trading activities based on their own decisions without considering the advice and input of other traders.
If you still make a profit, that's fine. However, if a trader suffers consecutive losses, it can be frustrating.
One head/mind is not enough to dive into such complex forex trading. We still need the help of advice and ideas from other expert traders in breaking the deadlock in our trading system.
It's not enough to just discuss mistakes without solutions, here are solutions that can be applied to become a successful beginner retail trader.
Forex Trading Success Solutions For Retail Traders
The following are solutions and tips for success in forex trading in the style of Boris Schlossberg:
Even though traders actually have limited capital and infrastructure, with the advancement of IT technology and many open access to the Forex Industry, these limitations can be overcome, here are the solutions and tips and tricks;
1.Follow the Latest Economic News
We will need a forex calendar and news feed to keep up with every release of the latest and hottest economic news reports.
Don't worry, all of this can be obtained for free because there are many sites that provide news and economic reports that can be accessed for free.
The tips are:
Watch for potentially high impact report releases (3 stars/3 bull heads.etc) in the forex calendar and news feed.
That way we will be more alert to the various possibilities of the volatile forex market after the release of important economic news.
We can also get a picture of a country's economy based on the news as a reference for opening long-term trading positions.
2.Build a Consistent Trading System
Basically to create / build a trading system is very simple. Do not imagine that we will need a lot of money to be able to build a perfect trading system.
Boris Schlossberg in his writing ''The Easy Way To Trade Like Soros'', he said that a simple trading system that we can create only by writing disciplinedly in a trading journal, which we will use as evaluation material.
Write down all the reasons why we didn't enter the market then, or the reasons why we enter the market today, writing down all of them specifically. Conduct periodic review/evaluation of trading journals.
3. Join a Merchant Community
There are many online trader forums available, we can exchange opinions, ideas and trading signals with fellow forum members.
Some brokers also provide social trading features, to make it easier for member traders to communicate with each other, build networks and get extra profits in every trading activity.