As a trader myself, I've been exactly where you are. I wish I could say that there's a "paint by numbers" blueprint that I could just give you, or a tried and tested automated trading system that you could just plug in and profit, but in reality it's not that simple at all. You are going to make mistakes along the way, lose some money and feel like quitting. It's a completely normal part of the process that every trader has to go through before they start making progress towards their goals. That said, there are a few things that I've learned over the years about trading that I'd like to share with you, to help you to start making money in Forex a lot quicker than you otherwise would.
I've been exactly where you are. I wish I could say that there's a "magic" blueprint that I could offer you, or a tried and tested 'winning' trading system that you could just plug in and get rich, but in reality it's not that simple. You are going to make mistakes along the way, lose some money and feel like quitting. It's a completely normal part of the process that every trader has to go through before they start making any money at all. That said, there are a few things that I've learned over the years about trading that I'd like to share with you, to help you to start making money in Forex a lot faster than you otherwise would.
You might be wondering, "What has all this got to do with making money in Forex?" Well, how else are you going to decide what position to take, when to take it and what are the potential scenarios that will eventuate? There's got to be more to trading than just following a broker's recommendation or trading off a signal's service. Even if you're just going to follow someone's recommendation, normally they will have done their own technical analysis, so you'll be able to understand their reasoning behind calling a trade and know when things aren't going as predicted so that you can get out with your capital intact.
The winning attitude that you should adopt in your trading is that not losing money is more important than making a lot of money in Forex. That means that you keep your risks low at the start, and you apply correct money management to protect yourself from bad trading streaks. After all, you are only going to lose money at the start of your trading career, so it makes sense to keep those losses as small as possible while you learn.
As you get more experienced, and as you improve yourself as trader, you will see that your losses start getting smaller and less frequent, and your wins start getting bigger and more frequent. Once you have achieved consistency in your trading, then you are finally ready to start making money in Forex. Until then, keep working at the basics, which are technical analysis, money management and most importantly, your mindset, above all, educate your self
I've been exactly where you are. I wish I could say that there's a "magic" blueprint that I could offer you, or a tried and tested 'winning' trading system that you could just plug in and get rich, but in reality it's not that simple. You are going to make mistakes along the way, lose some money and feel like quitting. It's a completely normal part of the process that every trader has to go through before they start making any money at all. That said, there are a few things that I've learned over the years about trading that I'd like to share with you, to help you to start making money in Forex a lot faster than you otherwise would.
You might be wondering, "What has all this got to do with making money in Forex?" Well, how else are you going to decide what position to take, when to take it and what are the potential scenarios that will eventuate? There's got to be more to trading than just following a broker's recommendation or trading off a signal's service. Even if you're just going to follow someone's recommendation, normally they will have done their own technical analysis, so you'll be able to understand their reasoning behind calling a trade and know when things aren't going as predicted so that you can get out with your capital intact.
The winning attitude that you should adopt in your trading is that not losing money is more important than making a lot of money in Forex. That means that you keep your risks low at the start, and you apply correct money management to protect yourself from bad trading streaks. After all, you are only going to lose money at the start of your trading career, so it makes sense to keep those losses as small as possible while you learn.
As you get more experienced, and as you improve yourself as trader, you will see that your losses start getting smaller and less frequent, and your wins start getting bigger and more frequent. Once you have achieved consistency in your trading, then you are finally ready to start making money in Forex. Until then, keep working at the basics, which are technical analysis, money management and most importantly, your mindset, above all, educate your self
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