Today I wanted to share with you some basic guidelines for your Forex Trading. Be Patient and Protect your Capital If someone teaches you a profitable forex strategy it is unlikely that you will be able to successfully trade this strategy within a short timeframe. It takes a while. Get feedback from your mentor and review the strategy from time to time. Protecting your capital should be your main goal in the beginning. If you stop making huge losses profits will follow automatically. Be Committed Forex trading is not a piece of cake and in order to master it you will need a certain time and experience. It will take a while until you will have acquired the necessary competence and trust in your trading approach. It is similar to professional sports – you do not become the next Roger Federer overnight. The same applies for Forex trading – you cannot master it within a week. Commitment and devotion is absolutely necessary to succeed – otherwise your chances to become a profitable trader are slim. Be Modest You should accept that not every trade will be profitable – losses are part of the game. If you believe that you will be a winner with each and every trade it is likely that your trading decisions will be negatively affected and your long term trading performance will suffer eventually. If you cannot accept a small loss because your ego interferes you will have difficulties to stay in the game in the long term. Get Practice The Forex Championship is the place to start your trading career – gain experience and win fantastic prizes. Keep it simple Follow the KISS principle! (Keep It Simple and Straightforward). Especially in the beginning we recommend to use a simple approach and not an overly complicated approach using dozens of indicators. A detailed trading plan with an outline of your approach is a big help here. Fingers Crossed from the Forex Championship team! Join our Contest today!
Modestly or humility is very important for every trader or investor. I learned long ago that the markets (like life) will humble you.
Very nice and incredibly helpful. I'll bookmark this and use it as a reference point in the future. Short but concise, I like it!
Great tips! I will definately re-read this again when I start forex trading. I'm not certain when I will start, but I have it planned... Maybe next week, maybe next month, we'll see. Until then, I'll have this bookmarked. Thanks!
I think being modest is the biggest key. It is hard to learn. It took losing a significant amount of money for me to catch on to this.
Another one is: Be Disciplined. It gets tough to follow your rules when pressure starts to build, you need the discipline to always stick to your trading rules and follow through with your plan.
Such wonderful pointers there, i never knew that when trading in markets one ought to be modest...i like the way JR Ewing puts it...great advice for someone looking to invest in the near future.
The be committed section is the most important. Never give up, unless you really have to get the money back. You may lose money at first, but try and try again!
