Educate yourself about Forex business
- Thread starter SweetPrincess
- Start date
- Watchers 7
Discipline is one of the main aspects on forex. If you have no discipline you'll be breaking MM and you'll get losses.
Trading is a field where you’re putting your capital on the line to grow it. It is a game of probabilities, research, risk control, and educated guessing.
When trading, practice is a must. You want to train and test your strategy before starting out with real money.
Additionally, you may be a day trader who needs their skills sharpened. Practice is especially vital for day trading, since you’re making decisions in the moment.
When trading, practice is a must. You want to train and test your strategy before starting out with real money.
Additionally, you may be a day trader who needs their skills sharpened. Practice is especially vital for day trading, since you’re making decisions in the moment.
Yes, I agree. Before going and jumping in to live trading, we must be well prepared. We must see to it that we are ready.. Ready to face the risks that we are going to make and must see to it that we have the proper knowledge and skills in the Forex trading business so that we can become a successful trader.
Don't most new traders just want to make a lot of money and fast? most of the new traders I come into contact with are not prepared, they have unrealistic expectations, they don't think it's going to take as long as it does to learn how to trade proficiently and they don't have the patience or self control to use any of the tips mentioned above. I think the ones who make it and survive the "storm", actually start off the same way blowing up trading accounts, buying lots of trading courses, thinking that you can learn to trade for free etc.... then with enough pain... they learn to settle down and control their behaviour and eventually develop a system that they can stick to and one that makes money. Of course I'm referring to private traders who "go it on their own".
A new trader would be wise to deeply contemplate the warnings and experiences others are passing along... it will save lots of money and pain in the long run if they would only listen.
A new trader would be wise to deeply contemplate the warnings and experiences others are passing along... it will save lots of money and pain in the long run if they would only listen.
You are right; good traders don’t open their live trading account without enough research and analysis! I see, all of pro traders have long time demo trading experience! They used their demo account for such a long time.
Demo accounts are good to take insight about any broker without investing any money with them. In fact these accounts also help new traders to learn the forex trading processes more easily than any other said methods and they are i guess the biggest asset for any successful traders. So the new traders should focus on trading demo accounts for at least six months before moving to live trading accounts.
