Indeed! In fact through trading only, i have been able to bring some discipline in my personal life.
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Couldn’t have put it better
That’s the harsh reality of trading
I’ve found this also I use it in other aspects of my life trading granted me patience or rather made me appreciate it
I think that one thing that most of us do wrong is to underestimate the power of risk and money management.
Thank you for sharing your tips, really useful.
A good write up especially when starting and something to remember throughout. Thanks for sharing
Well i guess, that’s the beauty of it right?
I agree with each point that you have shared. If someone doesn’t have enough knowledge, it can get difficult for them to survive in the forex market. A trader must focus on gaining knowledge so that they already know a few tricks to prevent their losses in typical situations.
Stick to the trading plan always.
Don’t follow the crowd.
Know when to stop. Do not over trade, use a journal.
All the points you mentioned are very important, and most valid. May I also add that beginners should statr out with a demo account, and the importance of keeping track of what is going on with your trades by having a trading journal.
Thank you very much for this useful information. I totally agree with all these tips and want to add that for me actually emotions control, patience and complying with rules of exit and enter are them main from this list mostly because they tells novices about trading as itself. Of course it’s not quite right to point several rules from this list, but whatever. Patience teaches traders not to make hasty actions and mistakes, well, mistakes will be in their trading activity but it minimzes the percentage of its appearance. Rules of exit and enter teach traders to analyze the current situation on the market and not to enter or exit too early and miss the opportunity to earn more.
Always have a risk management plan.
- Knowledge Is Power.
- Set Aside Funds.
- Set Aside Time, Too.
- Start Small.
- Avoid Penny Stocks.
- Time Those Trades.
- Cut Losses With Limit Orders.
- Be Realistic About Profits.
Very good idea these issues are very important in the forex market.
That’s the best advice you can give to a forex beginner. Forex trading is not easy and it should be done seriously if you want to make some money. If you don’t do it properly, you will lose even the money that you already have.
I thought this was informative and to the point. Posts like these can really take away the overwhelming feeling of information that beginners have to get past. Thanks for sharing!
That is a very informative post for those who start their jorney in trading.
All the tips are extremely useful, so the author did a great job in writing them out and shaping in such a coherent and well-structired way. I liked the moment about the losses. It is absolutely correct to say that trading presupposes certain losses because the trading strategies which are used by the traders is all about probabilities which under no condition can be equal to 100%. The market is quite an unpredicatable thing which can move to the oposite direction from the one that a trader predicted. Losses should be studied very well and every loss should make you learn a lesson out of it. You should ask a question of whether you made a mistake or it was just an occasional fluctuation which caused the failure.
Absolutely!
It’s extremely important to identify this. A real trader is the one who knows if it’s his own mistake or market’s fluctuation.