As a newcomer to forex trading (real account), you easily lose money, feel confused and overwhelmed by so much information that comes to you. In today’s article, I will list the best advice for you, if you are new to this field. Please read this article over and over again. Make notes on yellow sticky notes and stick them on the computer screen. It will take you a lot of time to learn it, just like I used to. Unfortunately, when I first started trading, I did not receive any advice from anyone. So, I had to pay with (a lot) money for the market.
You have to learn the basics
Many new traders rush into the market without having much knowledge of the market they are trading. Before trading, you must know what the forex market is, how it works, what the meaning of professional words is, etc.
After you understand these things, it’s time to learn about trading methods. Please understand that you are in the “war zone”, if not only a few seconds when entering the actual battlefield, you have already burned out your account but did not understand why …
Choose 1 strategy and master it
One of the biggest mistakes people make is that they change their trading methods very often. Today I saw him using method A. Next month he saw how cool he was talking about method B. Another 2 months saw that he was practicing Method C and heard that he had won hundreds of battles.
There is no alchemy in forex trading, there is no method to help you beat that win, do not switch from one method to another by just a few losing orders or a small amount of time trading effective. You need to learn it, understand it, master the practice of trading on it … before you know whether it works or not? If you ask about the time then I think 06 months is the minimum for you to test the method is okay, if after (at least) 06 months you see bad results, learn a new method.
Control your emotions
This happens to the majority of traders, especially new ones. Because of lack of experience and lack of confidence, they become nervous when the order doesn’t go as they please, especially when the order is placed.
If you are a long-time trader, how many times have you seen the market price is only a very short distance from your stop loss, then it bounces back and turns a risk-losing order into big win? How many times have you been scared by the speed of the candle and hurriedly cut your losses before hitting an automatic stop, and then insulted yourself for not having the courage or confidence to market yourself? do its part? The answer is definitely always a lot. Not only are you losing money by cutting losses, you are also losing more money by the amount of profit that should have been.
You will ask me is there a way to limit and overcome this? It’s as simple as this: put your stop-loss point in a reasonable, reasonable, and secure location; manage the volume of trading orders that you place in the market so that the amount of loss, if any, always makes you comfortable, not stressed and ignored. I recommend that you should turn off your computer and go out and go to work after entering the command. Not acting on the order once it has entered the market will always be the wisest and most profitable action you can take. If you still do not believe it, try and experience it for yourself.
This is probably the hardest and most important thing for a beginner to the forex market. You are probably full of excitement and dreaming about being able to give up administrative work, freely roam the world and make a lot of money with just one tool, a laptop for trading. You imagine the dream money that I still desire to earn every month, you find yourself famous and receive the admiring eyes from acquaintances…
No, that is not what happens in reality. If someone tells you to open an account, open it now, and he will be, then quickly leave this person, as far as possible, before you are engulfed by the truth.
Don’t trade too much
Slowly but steadily and steadily, is how you make money and survive in this harsh market. Trading with high frequency gives you a lot of emotions, stress and fatigue. The valuable money in your account is always put at risk, but the rate of losing them is extremely big.