If we want to become a successful trader from this business we have to understand that we will have to spend Quality time in the Forex markets.
Totally, consistency is the key. First you need to focus on earning consistent profits and then you can start of with trading bigger lots
1 Like
I completely agree with you. Staying consistent will surely improve your trading skills. Also, a trader must accept that losses are also a part of trading life. So learn from your mistakes and try not to repeat them again.
Exactly! That is how it should be done and the best way to begin is to start reading as much. I also started with some great books like How to Make a Living Trading Foreign Exchange by Courtney Smith and Currency Trading for Dummies by Brian Dolan. These gave me a good idea of how forex works and also shaped my trading style.
Thatās great. Iām not so much of a book person. I mean I can read articles and watch videos but reading a book seems like too much work for me.
1 Like
Learning sources can differ but what should be fixed is the demo route. Trading on demo accounts is the best way to learn. Iām not saying other options arenāt great but opening a demo provides some sort of experience at a very practical level. Even I started with demos back then with fxview and etoro and they were of some help in learning trading at a very practical level.
Demo accounts are okay but the main thing is knowledge. If you donāt know anything about the market, there is no chance for you to become a successful trader.
1 Like
If we will start making use of the Demo trading accounts then our Trading Skills will increase and we will become profitable traders.
Play on money that you donāt mind losing, so your fear of loss will disappear
1 Like
You will never really remove all the fear, but you can learn to control it, or at least - ignore it.
And also , be confident in yourself!
One of the only downsides to using a demo is that the fear of real loss just isnāt there. Still, you shouldnāt give up just because you got off to a bad start.
Thereās a lot of info online if you Google trading anxiety or lack of trading confidence. It happens to a lot of us after a big loss, but these resources and tips can really help you overcome it. Good luck!
[Edited for a Forums Violation]
Exactly, apart from this there are also many tutorial videos on youtube which you can watch
You should practice on demo account and after that start with a smaller amount so that you understand the strategy. Risk of loss is inevitable in forex so instead of focussing on that you should rather focus on understanding the market trend and managing the risk
Fears can be of many types, as far as forex trading is concerned. What I would suggest is to just be consistent with the practice and research part, because fears are going to reduce only after the confidence level increases. Keep yourself motivated and do not let any fear affect your trades.
Fear of trading can be removed by practicing as much as you can.
1 Like
You can expand your knowledge by reading good trading books and taking up trading courses.
You have to follow money management and if you lose you will not be seen negatively. Must do regular meditation.
For overcoming fear, one should use a trading plan. I have myself tried it too. And yes as many have recommended here, meditation helps too. Just trust yourself.
Risk no more than 1% on each trade and trade with money you can afford to lose.