The Forex market is one of the best markets. Most people eventually get attracted to Forex due to the advantages it offers. Although many people get attracted to Forex only a few manage to remain consistent in the market. The Singaporean traders do not give up trading rather they try their best to remain consistent. If the traders want to remain consistent in trading they should focus on a few points. These points will help the trader to correct mistakes in trading. There are certain factors in the market that you should understand clearly, so now let us know what they are and how to deal them.
Execution of trade with greed
Greed is the worst enemy of the retail traders. Being an investor in the Forex trading industry, you must learn how to control your greed. There are many traders who have lost their entire trading account due to big lot size trade. Its true by taking a huge risk in each trade you might have some big winners but this is not the proper way to trade the market. No one knows what will happen to the market in the next second. So always be prepared for the worst-case scenario. Regardless of the quality of your trade setup, you must not take more than 1% risk of your investment. Always try to follow the conservative method of trading and learn to control your greed. Focus on the slow growth of your trading account and you will see a dramatic improvement in your career.
Moving against the anticipation
Obviously, you would have to face the situation where the trades move against your anticipation. In such instance, if you freak out, it will become a barrier to your journey. Most naïve traders have the habit of freaking out once their anticipation goes wrong. This is not a good move if you want to become successful. You should accept the fact that there are high chances for the trades to turn against the anticipation. It is not something uncommon. When trading the Forex market it is usual for the traders to make a wrong decision. As naïve traders you would have been spending most of your time in the demo account, so you are used to it. It will be difficult for you to change once you trade the live account. For example, when trading demo the amount collected on the online trading account would have been fake money but once you opt to the live account, the case is different. You will be dealing with real money, so it may scare you but you shouldn’t be scared. You should accept it.
It is tradable, don’t complicate it
The Forex trading journey is for everyone, it is not complicated. It is tradable and you can trade it if you have enough education. Actually, if you look at price action, it works for everyone so it will work for you as well. The only thing you should focus on is to become a disciplined trader. If you are disciplined you will be able to allocate time to learn the price action strategy and you should master it accordingly. However, to do all these, you should have patience. If you are not ready to the patient throughout the learning process you wouldn’t be able to trade the market better. Among all the other points, not complicating the market is important. You should not over-complicate the simple things.
Don’t imagine, just be realistic
Perhaps the most crucial part for naïve traders is to be realistic. Do not imagine to quit your only job just because of Forex trading. You are new to the Forex market which means it is a win-win scenario. You may make money sometimes you may not. As naïve traders, you shouldn’t quit your job until you become familiar with the market. The bottom line is to be realistic.
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