We have a huge market where we can trade while bidding on the various currency pair. This is a rewarding business online. This platform is very easy with no entry barriers and extremely rewarding Forex trading market is open Monday to Friday and almost 24 hours (because this market is open in various countries according to their respective times of opening so if it is somewhere surely open even though it is close in somewhere else). In the Forex market, the returns are high and quick.
So the traders who are trading in this segment should be in profits and should be extremely rich, isn’t it? But this is not true.
There are traders who have made profits barely or maybe in losses but trading for a long time. So what is Stopping them? This question can strike in mind that why this is so.
In this blog, I am trying to answer this why?
I want to attract your attention to some facts regarding this market.
See For each and every trader the market is the same. The currency quotes are similar with open choice timing is same according to the respective countries they are trading in. So what is making the difference that some traders are doing wonders and some are continuously incurring losses or not able to make money?
There are some Do’s & Don’ts which are making difference, Let’s have a look and start a new trading ritual which will lead to change your trading way
1. In every task, we need significant Approach which is planning without having a plan we cannot start any useful work.
There is the difference in starting working or effective start. A plan is a must which I have observed many traders or almost traders do not use. Now I am not claiming that with a planned trading you will never incur losses but the frequency will get less and with planned trading, you can learn from your mistakes which can be avoided in future it will create boost your learning curve and your portfolio. So make a Plan First.
2. Acquire the knowledge and understanding of the market. Without knowledge and understanding putting your money at risk is sheer overconfidence or signs that you are underestimating market. In Forex trading there are many things which should be considered before entering into it.
3. Gain and loss should be in mind before bidding Keep in mind the gain and loss ratio risking too much money is not a great idea until there is potential gain chances are present.
4. There should be a fixed strategy to trade. The entry and exit should be when there is the possibility of the moment in the market is about to go up and down. ( Specifically for new traders)
5. Trading is generally done with technical analysis so there are some analysis techniques which should be followed by the traders. The best Forex signals can get while using these techniques only. But focus on one not many it will lead to chaos.
6. In the market there are so many best Forex signals services are available which makes their customers available to trade as well learning platforms also. But choose wisely.
7. Focus on market updates and trends which will allow the Trader to analyze what trade he/she should put on the bid and what to ignore.
8. See Forex signals are flooded in the market. which one is Best Forex Signals we need to understand by analyzing it & follow it.
1. Patience is the key to avoid impulsive behavioral decisions.
2. Quick and without understanding market situations decisions should not be made. Do not risk capital on the basis of gut feelings.
3. Time should be kept in mind before trading the hours where the market is not active or barely active should not be traded.
4. Never put All your money at the trade. Especially when he not having sound knowledge of the market. A small moment can lead to an extended loss. Understand the difference between adequate money and All money.
5. A big NO for your emotions when you are trading excitement, euphoria, fear greed and all your emotions keep out. Trading is a business based on Intellect. If you are trading out of emotions then you are not trading but playing with your Money with no win only losing the game.
These are some explained reasons to act cautiously. Keeping it in and following is a relevant step. The above mentioned Do’s and Don’ts are based on the mistakes traders commit. And the critical factors.