The first year of trading is crucial
It is clever you found one strategy mostly suitable for you
To start trading you have to be aware of yourself.
If you understand the rules of Forex Trading and seek success according to it, you increase the chances of success. The difficulty is to manage to control your personal feelings. It can be quite hard to avoid the influence of the ups and downs of the charts and can lead to the willing to buy or sell just like that. You must be very careful on that! When you see prices falling, it means that fear wins.
Fear and rationality are opposite acts. You must be rational and think clearly before you place orders, mostly when it comes to huge amounts. It is therefore different if you are a retail trader and is you are a trader who works for other people’s profits. At any case, fear can be a bad consultant, whereas strategy is always necessary.
A number of things important to be aware of are:
- The first year of trading is crucial as 90% of traders fail within it. Despite the fact that this is an important percentage, if you act rationally with dedication and strategy you have the chance of succeeding. Still, there many traders who have managed to receive enough through the time.
- Keep in mind that there is no way that you can get consistent winning as trading is based in probabilities, which means that losses are always possible. What you can do is have a sound money management program attached to your trading strategies.
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- It is clever you found one strategy mostly suitable for you and stay with it. This way you will be aware of all of its specifics. It is less risky and less time and money consuming than trying different methods.
- To start trading you have to be aware of yourself. Psychology is the most significant factor. Trading is a long process, where it is important to be focused.
- You are required to have a trading plan of how you act and how you interact with the market so as to limit the chances of failure.