How Can I Start Making Money on Forex? (part 2)

Develop Your Strategy: 

This is the most important step to master the Forex market. You can use your technical analysis skills to define a trading strategy from scratch. Define it and test it deeply before you commit real money to it. 

You can also visit some websites in order to learn their own strategies and techniques.

Test Your Skills With Virtual Money: 

Before you commit your hard earned money on a strategy or system, you should test it on a demo account. With this test, you will be able to know how good your strategy is and you won’t risk a dime. Visit a Forex broker and open a demo account. It’s 100% free and it will allow you to grow as a trader.

Keep a Trading Diary: 

Keeping a detailed trading diary is what makes you grow as a trader. This is what allows you to learn from your experience. Good traders usually have great trading diaries while bad traders simply don’t care about them. On your trading diary, you should annotate all your trades as well as describe all the reasons that made you take the trade. You should also annotate your pace of mind when you entered the trade and during the trade. Was there any economic release while you were holding a trade? If so, annotate it on your trading diary. The technical indicator that you were using gave you an exit signal, and you ignored it? Well, don’t be ashamed. Write it on your trading diary, and learn from your mistakes.  

All traders make mistakes. The difference between winners and losers is that winners tend to learn from those mistakes. Losers prefer to forget about them… 

If you want to be a winner, you’ll need to build a great trading diary and make it as much detailed as you can. You can even take some chart snapshots at the moment you entered and exited the trade and post them on your trading diary so that, in the future, you can see the reasons why you made your decision about a trade. 

In the future you can read your trading diary and learn about some mistakes that you made. This will allow you to correct these mistakes on your future trades.