Monday, June 6, 2016

The Truth About Successful Forex Trading

There has always been a mystery with the forex market in today's world. Every single individual has searched for the "Holy Grail" at a certain period of their trading career. So, is there any holy grail in trading forex? It seems to be a million dollar question but the answer is pretty simple! There is no holy grail in forex trading. All the professional traders who are now successful in this industry had very rough starting. There is a saying about the successful trader that "You will never see a successful trader with an easy past." All of them has gone through extensive learning procedure and self-development for becoming a successful trader[1].

Many people think that trading the forex is easy. They jump into the forex market with their hard earned cash and end up very quickly by losing everything. Trading the forex market requires the perfect combination of three skills. To be a successful trader you must have the proper knowledge about technical analysis, fundamental analysis and a stable psychology. It's in human nature that they can't embrace the loss. As professional traders, you must have the mindset accept loss and trade with strict discipline.

Patience has its own reward. Trading the forex requires[2] a great deal of perseverance. New traders repeatedly fail to stick with their trading rules and jump into a trade without any rational logic. They let their emotion take control of themselves. If you want to live by trading the forex industry then you must know how to manage your emotions efficiently. Don't get overwhelmed with a couple of big winning and don't get lose hearted by with a series of losing trade. "Even the most successful traders in today's world have losing months in each and every year."They are committed to their long-term goal and trade with strict discipline. Trade what you see not what you believe.

Every business man always has realistic expectations from their investment. Forex trading is also considered to be one of the smart business in the world. But in reality, people thinks that it's a "jackpot." They hau nt for unrealistic profit from a small investment. It's true that sometimes they will get series big winnings due to the high leverage provided by the broker but in the long run they are sure to blow up their account. Statistical data shows that new traders make more than 100% profit on their investment in the first week and lose everything by the end of the month. On the contrary, professional traders of easymarkets.com[3] manage their trade very efficiently and earn 5-10% of their account equity. How do they do it? They simply follow the golden rules of Foreign Exchange market which is money management.

Forex Market is such an area which has the unlimited potentiality for the right person. If you truly want to be a successful f orex trader then make sure that you are comfortable to accept losses at beginning. Consider your loss as the capital cost of learning the Forex market. There is only two rule to be successful in this market."Rule 1: Stick to your trading plan and be disciplined regardless of the situation. Rule 2: Follow rule number 1."So how do we get a valid trading plan? The simple answer is- we can't get or buy any solid trading strategy since strategies are developed based on personality and experience.

References

  1. ^ self-development for becoming a successful trader (www.learntotradethemarket.com)
  2. ^ Trading the forex requires (www.investopedia.com)
  3. ^ easymarkets.com (www.easymarkets.com)

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