Currency trading is a losing business for most traders, but anyone can succeed if they have the right plan. This article will focus on 6 points that, if you are able to learn them, will help you get on the path to currency trading success. I have already covered the obvious ones, such as: Don’t trust cheap software or self-proclaimed experts who claim that making money is easy. You must learn how to trade and rely on your skills to win. Here, I will discuss some important points you should know before you trade.
Plan of Action
Once you have a strategy and are confident in it, you will need to create a plan of action. This should include a target for growth for the year. A novice trader should be able to make between 50 and 100 percent. This will put them in the same league as the best traders. That’s about 5% per monthly. There will be months that are losers, but you will find that most of your trading profits are made in the first 2 or 3 months of a yearly period. You must understand that Forex trading is difficult because you have to deal with your emotions.
How can you make losses less painful? You can read books about great traders to see how they made it work. Remember not to trade too often. There are many traders who can trade for weeks without trading, and they wait for the right opportunity. You can’t make money if you aren’t in the market. Your money is at risk if you’re not there.
Fear the Market
Remember to FEAR the market. Although the market isn’t personal by nature, it is all powerful and can harm you if you don’t follow its rules. Trading currencies is somewhat like being a captain of a boat on the sea. A captain of a boat will respect and fear the sea, but he also knows that if he has the right training, it can make him money. The same applies to Forex traders. You can make money on the market, but if your don’t follow its rules and accept its all-powerful nature it will destroy your equity.
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