HALAMAN SELANJUTNYA:
Forex Trading Tips - 2 Powerful Tips to Help You Stop Losing in Your Forex Trading
Whether you are beginner to forex trading or have been trading for awhile now, I am sure it is not new to hear about the cruel truth that 95% of people who ventured into forex trading would fail miserably end of the day. This is somehow true but do bear in mind that it is only an average figure though which means it could be much higher than that! Most people actually understand that majority would lose in this forex game but yet so many new traders would jump in every single month - Hoping to make it end of the day.
Having the urge to succeed with forex trading is a good thing I must say. However, when one venture into it with the mindset of " getting rich quick " or just treating it as a form of " gambling ", then they are destined to fail and lose all their capital in no time. Previously, forex trading is only meant for people with very deep pocket, major banks and countries to trade currencies. Because of the power of internet, it has made over-the-counter trading possible for forex. Hence, retail traders like you and me can also join in the fun too and possibly make some nice side income out of it. Making profits from this lucrative forex market is definitely good for all but this is not the usual outcome though because most of these " retail traders " tend to get crushed by the big boys and ultimately losing their entire account and capital.
Having known this, so what should you do if you are really serious about trading forex profitably month after month instead of becoming part of the 95% losing traders? It is really not hard to succeed as long as the mindset is tune correctly just like a winning forex trader. Most struggling traders keep losing because they are subjecting themselves to great pressure - Which is the " Must Win " attitude. But once the market does not go the way he/ she wants, their morale dampen and impair their logical thinking capability, which subsequently lead to a more aggressive attitude when they would try to " fight " the market with even bigger lots hoping to win and recover the previous losses.
With such behavior, normally the outcomes are very sad and basically nothing left in their trading account except tremendous frustrations for days or weeks to come which they have to live by. To all losing traders who managed to overcome the failures and ultimately transforming themselves into successful trader. They share one common " Succeeding factor " in fact and that is what I called achieving the Forex Trading Confidence.
With Forex Trading Confidence, you would not be trading with uncertainty and the undesirable guessing mentality anymore. So how can you cultivate the Forex Trading Confidence to succeed then? Here are the 2 Proven & Simple approach to achieving the powerful confidence you need:
1) Always be willing to learn new trading strategies and test them out on a DEMO For a start, you should be trying out any forex trading strategies that you have on a DEMO account. When you can smoothly make profits for at least 2 months or more using these strategies, only then you can consider trading Live. Do not jump into the live market without convincing yourself that you can make "consistent " returns on a DEMO account at least.
2) Trade in the Live market using money that You can Lose Nobody likes to lose money even it is just a small amount ( few dollars ) while trading forex. This is just human nature I must say and especially so when You are trading with real money. So to help You overcome this fear and cultivate the right psychology to handle losses, always trade with money You can lose. A good way is to trade with micro lots as with this lot size, 1 pip is only worth 1 cents. So even if You made a terrible mistake and lose 1000 pips, that would be equivalent to only 100 bucks end of the day. By the time You can trade confidently using these 2 approach, the future of forex trading would get much smoother and more exciting as you see your account growing healthily and exponentially too!
Aaron Tan is a full time forex trader working from home. Ever since he started trading using Forex Price Action, he became very successful and even managed to quit his day job to trade full time and making a nice income every month.