Expect To Take Losses When You Are A Forex Newbie
This article is an awakening to many of the hopeful traders that I have met in my life as a mentor and professor in trading. Several of these people had extraordinary ideas about the market and have developed a few intriguing theories on how they can squeeze out as much cash as they are able to from the trade market and especially the FX trade. These traders lack the basics in trading and are simply hoping for the big score.
I would like to greet the roughly 99% of newcomers to the market, the people who help the professionals and giant firms generate so much money daily. These traders from all over the globe surrender a few hundred million dollars to those who actually use their heads.
Instead of trying to score the next big thing new traders need to develop their single-mindedness: knowing what you want, doing the training and studying necessary to learn your profession and coming up with intelligent ways to get it. They also need to develop lines of assistance: from fellow traders, technology and information available; really looking at all angles before jumping in blind.
There is no point in jumping into the investment world if you only focus on the unrealistic and catchy and fail epicly in the end, much to the liking of other traders.
Traders becoming investors, holding on to massive amounts of money, yet having no clue what to do with it is another trend Ive been seeing, and while its smart to hold onto your money if you can, effectively snowballing what you have into something more wont be possible for a few decades at least, when the next big economic shift happens.
Consider what you want from your career. The time has come to pay attention to people who know what they are doing. These people have lots of experience in the trading market and can point out the errors you are making.
Earlier the second thing I mentioned you need to know is help and help can also come in two ways, either mental or technical. Right now I want to talk about technical help which can be either Forex systems or EAs. EAs have lately become a sort of fad in todays market. Investing your money in a low level EA may be to your advantage. They are sold over the internet, just buy one and use it on your live account.
From personal experience testing several EAs I can say that its a worthy use of your time and money and while some did lose me money, most actually made me more money steadily over time. Some are also trader dependent, making how you trade equally important as your trade can be amplified by a specific EA. Keeping these tips in mind can keep you from missing out on the FX trade and from making unnecessary mistakes in the market. - 23210
I would like to greet the roughly 99% of newcomers to the market, the people who help the professionals and giant firms generate so much money daily. These traders from all over the globe surrender a few hundred million dollars to those who actually use their heads.
Instead of trying to score the next big thing new traders need to develop their single-mindedness: knowing what you want, doing the training and studying necessary to learn your profession and coming up with intelligent ways to get it. They also need to develop lines of assistance: from fellow traders, technology and information available; really looking at all angles before jumping in blind.
There is no point in jumping into the investment world if you only focus on the unrealistic and catchy and fail epicly in the end, much to the liking of other traders.
Traders becoming investors, holding on to massive amounts of money, yet having no clue what to do with it is another trend Ive been seeing, and while its smart to hold onto your money if you can, effectively snowballing what you have into something more wont be possible for a few decades at least, when the next big economic shift happens.
Consider what you want from your career. The time has come to pay attention to people who know what they are doing. These people have lots of experience in the trading market and can point out the errors you are making.
Earlier the second thing I mentioned you need to know is help and help can also come in two ways, either mental or technical. Right now I want to talk about technical help which can be either Forex systems or EAs. EAs have lately become a sort of fad in todays market. Investing your money in a low level EA may be to your advantage. They are sold over the internet, just buy one and use it on your live account.
From personal experience testing several EAs I can say that its a worthy use of your time and money and while some did lose me money, most actually made me more money steadily over time. Some are also trader dependent, making how you trade equally important as your trade can be amplified by a specific EA. Keeping these tips in mind can keep you from missing out on the FX trade and from making unnecessary mistakes in the market. - 23210
About the Author:
To learn more about getting a forex trading education, take a look at this website: Forex Millionaires.
posted by X - Men @ 8:38 AM
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