Expect To Take Losses When You Are A Forex Newbie
This article is an awakening to many of the hopeful traders that I have met in my life as a mentor and professor in trading. Several of these people had extraordinary ideas about the market and have developed a few intriguing theories on how they can squeeze out as much cash as they are able to from the trade market and especially the FX trade. These traders lack the basics in trading and are simply hoping for the big score.
These traders make up 99% of traders coming into the market and they are why the established and professional traders as well as large companies are making bunches of cash each day. All of the new traders like those feed the market hundreds of millions of dollars and the market distributes that cash to people who use their brain before investing.
Starting off, you need to know two extremely important things: focus and help. To be focused, you must know what you want, how you are going to get there, and your own ability.
There is no point in jumping into the investment world if you only focus on the unrealistic and catchy and fail epicly in the end, much to the liking of other traders.
Day in and day out, I witness traders who become investors immediately, retaining a lot of the cash they acquired in the market without having the first clue about how to put it to work. This strategy has its advantages in any market, but it will pay off big only when the market goes through its next upheaval, and that won't come for decades.
Consider what you want from your career. The time has come to pay attention to people who know what they are doing. These people have lots of experience in the trading market and can point out the errors you are making.
Earlier the second thing I mentioned you need to know is help and help can also come in two ways, either mental or technical. Right now I want to talk about technical help which can be either Forex systems or EAs. EAs have lately become a sort of fad in todays market. Investing your money in a low level EA may be to your advantage. They are sold over the internet, just buy one and use it on your live account.
When I started out I tried all the EAs I could buy and although a few of them cost me precious money, others made me money consistently. Additionally, some systems are trader dependent. This means your trade can be best optimized by a certain EA. By applying these two concepts, focus and help, you should do just fine in the FX Trade. - 23305
These traders make up 99% of traders coming into the market and they are why the established and professional traders as well as large companies are making bunches of cash each day. All of the new traders like those feed the market hundreds of millions of dollars and the market distributes that cash to people who use their brain before investing.
Starting off, you need to know two extremely important things: focus and help. To be focused, you must know what you want, how you are going to get there, and your own ability.
There is no point in jumping into the investment world if you only focus on the unrealistic and catchy and fail epicly in the end, much to the liking of other traders.
Day in and day out, I witness traders who become investors immediately, retaining a lot of the cash they acquired in the market without having the first clue about how to put it to work. This strategy has its advantages in any market, but it will pay off big only when the market goes through its next upheaval, and that won't come for decades.
Consider what you want from your career. The time has come to pay attention to people who know what they are doing. These people have lots of experience in the trading market and can point out the errors you are making.
Earlier the second thing I mentioned you need to know is help and help can also come in two ways, either mental or technical. Right now I want to talk about technical help which can be either Forex systems or EAs. EAs have lately become a sort of fad in todays market. Investing your money in a low level EA may be to your advantage. They are sold over the internet, just buy one and use it on your live account.
When I started out I tried all the EAs I could buy and although a few of them cost me precious money, others made me money consistently. Additionally, some systems are trader dependent. This means your trade can be best optimized by a certain EA. By applying these two concepts, focus and help, you should do just fine in the FX Trade. - 23305
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To learn more about getting a forex course, take a look at this website: Forex Millionaires.
posted by Mr. Forex at
3:00 AM
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