Currency trading is one of the most sought after professions today. All over the world, people are getting tired of working hours and narrow huts, limiting their ambitions for a more relaxed and fulfilling working life.
To start trading Forex, the new trader doesn’t need a fortune or good contacts on Wall Street allowing him to be part of the selections. All the new need for Forex traders is seed capital (as low as $ 100, but an amount of about $ 5,000 more would be recommended) and the free Forex trading platform that will be provided by the Forex broker.
But it is one thing to start trading Forex and another is to become a profitable Forex trader. To become a profitable trader, the new trader will immediately discover the urgent need for accurate market knowledge and an understanding of Forex technical indicators. Concepts such as moving averages, Fibonacci levels, Bollinger bonds, etc. This is the basic knowledge that every trader should have.
Online Forex Trading
This basic knowledge is certainly important, but once for the trading station, with real money online and open trading exposed to fluctuations in the foreign exchange markets; Things will get tricky even if the basic technical concepts of Forex trading are understood from the start and sometimes even by the experienced trader.
Knowledge will begin to blur through one of the most basic instincts we humans have. Fear causes operators to enter the mind, and if the inexperienced operator lets it in, it will make critical decisions difficult and many negative trade movements can follow.
It is very natural to be afraid and let fear take over if we are not really sure what we are doing or if we cannot afford to lose a cent in a bad thing; Or from another point of view, the trader is so enthusiastic and perfectionistic that he will not let him lose anything and will take him very seriously if he loses a trade.
Anxiety is one of the worst enemies of Online forex trading. In order to become a profitable trader, it is important that the person involved in the transaction understands to put aside the fear and adhere to the commercial plan he has previously prepared and organized, always understanding that the loss of trades is coming for everyone and are still part of a profitable business career. A Forex trader must learn to use his stop profitably without significantly endangering the capital of his trading account, that is to say that he must play safe, but must realize that a calculated risk must have been taken to maximize profit.
In short, fear is a natural feeling that all people have provided the right environment that is present; therefore, it is the trader’s obligation not to organize a “terrifying environment” around him and to be psychologically prepared for the fortunes of trade. No one is perfect and it is an even deeper truth in currency trading.
5 secrets for successful Forex traders
Forex trading is not difficult. But only if you do it right!
If you’ve been studying Forex for a while, you probably already know what to do.
However, the real challenge is not knowing what to do, but doing it right.
Let’s see what professional Forex traders do to earn a very comfortable income at home…
- They don’t try to predict the market
Professional forex traders know they cannot predict the market. And unless you have some kind of psychic power, you won’t either.
What successful Forex traders also know is that you don’t have to predict the market to take advantage of it.
Currency trading is a game of chance. To win it, you need to have a system that allows for bigger gains than long term losses. Which brings us to the second point…?
- They have an established system
Foreigners are not players. They don’t have surgery because they think it will go the way they want!
Instead, Forex traders use their experience and data to build an accurate system that lets them know when:
– enter the trade
Outside the trade
– Take advantage of the benefits.
Note that everything is configured in advance. They already know under what conditions they will end trading. The important thing is that you always follow your rules.
Intelligent operators build highly accurate and rigid systems that allow them to eliminate emotions!
- They leave their emotions out of work
You have certainly read it before. But do they really act without emotion?
Basically, working without emotion means you just have to track your system even after a series of losses.
Emotion-free trading also means that you are in control at all times and never go to “betting” because you “feel” the trading.
Successful traders never rejoice in the winning trade. They rejoice in victory (the system)!
- They understand the value of experience.
Most hopeful dealers are looking for the magical system that will make them rich overnight. And if they can’t make money during their first trading month, they eventually say that forex trading is just a scam.
But right now, it’s the traders who make huge sums of money day in and day out. Why?
Because they learned from experience. They adapted their business and gradually made money.
They understood that losses were part of the game and that their experience was necessary to become professional traders.
- They have realistic goals.
Compared to the previous point, most traders want to make millions within a few months, starting at $ 1,000. It is not going to happen.
A successful trader knows what he is capable of and adjusts his objectives accordingly.
Of course, you increase your goals month after month, year after year as you learn and improve your system.
In fact, Forex traders don’t have to worry about the money they make at startup, but about the return they can make.