I don’t think that there is something that can hurt me more than losing the money I invested in the forex market. But trading in the forex market is not always easy and you must lose if you want to win. Getting the basic skills to be able to trade in the forex market can be easy but even if you have the real forex millionaires skills to trade you can make mistakes and lose, the game is hard but if you learn how to play it that you can be in a safe playground.
After 2 years of trading in the forex market I got a very important conclusion that having the right alerts when the market changes are a crucial thing. However mastering the market changes is very hard mission. This is the reason that most of the people drop the forex trading very fast they want to make millions of dollars over night and they don’t understand that they have to learn how to find the right forex news alerts in the right time so they can earn dollars. There are people who rush to spend their money in the forex market and lose it instead of learning the old and good tactics that made people hundreds of thousands of dollars. It is very important to learn the basics of trading the forex market online before you start to invest your money in it, just follow the methods that made people money and you’re on the right track to make some decent amounts of money. As you probably know the forex market is flooded with money that you can earn with just a few clicks of a mouse you can make 1000 of dollars and that’s the beauty of it but you need to have patience to wait for the right moment and not rush to do things that will leave you with an empty pockets. Remember the difference from a successful trader to the unsuccessful trader is a state of mind and a self control to wait for the right moment!
Of those three areas, your mindset and your ability to control it are by far the most important! The key is that your mind drives everything you do in your life and trading is no exception. Below is a brief outline how a forex trader advances in his skill. Beginner Trader – To study and paper trade for a minimum of one month with imaginary money, gaining the experience required to establish a track record of profitable performance.
Advanced Beginner – To trade one or two lots with real money, working through emotions and establishing a track record of making money. Competent Trader – To trade in control with equity management, achieving a financial return. Proficient Trader – To trade based on my belief, education, and experience and achieves a financial return. Expert Trader – To mechanically execute profitable trades with no emotion. You can sill visit this site. I have noticed that most forex traders fail not because of the trades they take but often because they have not developed the traits required to make a success out of what they do. It looks like what most of us do is wake up in the morning, say a few prayers, rush to the computer, open our platforms, put up some indicators, place trades and start hoping that the market move in our direction.
We check to see if there was any news. Ok we start hoping it will reverse and come back to give us profits. But to our greatest surprise it doesn’t. I know this picture aptly describes most of us who say we are trading forex. The problem is that this keeps repeating itself over and over until we get a margin call.