As a forex trader, you have entered one of the most difficult and tricky playgrounds in the world; with price hiccups and retracements often causing you to second guess your previous decision. In a market with so much panic and loss going on. Allow me to ask you; how much time have you invested in your Forex education today??????
Many highly competent professionals who are at the top in other fields come into Forex and get wiped out. The most important thing you can do to insure your success in Forex is to keep learning. When you are in the market live, you need this stuff to be automatic, because lots of time when you see price moving randomly, you forget your objective.
Everyday, take some time and invest in educating yourself in this market, if you don't, you will lose here. Once you learn what is going on, you will find that Forex is not hard, but it is no stroll in the park either. You must stay alert, develop patience and be ready when the opportunity for profit presents itself.
Keep a practice account, because it helps build market confidence and helps you overcome many of the fears that have been created from your losses.
When you have taken a loss in the market, it is an education you paid for. Learn from it!
Continual education gives you the advantage. Never stop learning!
Lastly you can be successful at Forex! While experience is a great teacher, it is not necessarily the best; pick the brain of a good trader when you can. When you learn something important from your chart studies, a book, a video or another trader; WRITE IT DOWN!
Discard what doesn't work, and review what does OFTEN!!!!!
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Happy Trading!
This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.
Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.
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