Three Keys A Naïve Trader Should Know To Succeed

Discussion in 'General Trading Discussion' started by Adam Smith, Mar 23, 2018.

  1. Adam Smith

    Adam Smith Member

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    Most of the traders in the Forex market find it complicated whereas some believe that they can become rich overnight. But is that possible? It is just a dream for those traders as this is a competitive market it is a hard task to become rich in one day, for you to achieve high there are certain factors to be taken into consideration such as hard-work, patience and especially you should not be an emotional trader. The Singaporean traders are a great example because they are not the traders who are emotional. There are certain rules to follow in this market for you to succeed. There are certain dreams of naïve traders which sound extremely unrealistic yet they do not understand it. If you are a naïve trader the Forex market might seem like a nightmare but it is not. You should test the water if you want to swim deep so let us learn more about the Forex market. In this article, we will cover three keys a naïve trader should know to succeed.

    As a retail trader, you will have to overcome many obstacles in the Forex market. So ask yourself whether you are ready to take such big challenges and aim for the high-risk reward trading signals. Learning the art of trading is not so easy. If you truly want to see yourself in the line of successful trader then you need to take some professional trading course. Having access to the pro-traders will help you to identify the true nature of this market within a short period of time. However, some of you might not feel comfortable with the trading course and it’s absolutely fine. You can teach yourself to trade this market just by reading books and articles from the interest which is 100% free. But you need to truly devote yourself and learn trading as your profession to become successful. If you are not determined to become a pro trader than you will be losing money like the 95% of the trader.

    The wise broker selection
    In trading the Forex market the hardest battle is when selecting the broker. If you don't choose the best broker it can be quite hard to succeed in the long run. You should take the time to analyze the time to read the reviews about the brokers because through reviews you will be able to get the proper understanding. Even when selecting a trading platform you should make sure to read the online reviews so then you can make a wise choice. When selecting the broker the very first thing you should check is whether the broker is trustworthy. There are many brokers who are waiting to eat your money so be wise enough to spend the time to select the right broker. Importantly, you should check whether the broker is authorized so you can be assured. We can make your work easier most of the successful traders obtain the service of the Saxo brokers so why don't you consider them?

    The own strategy helps
    You should have a unique trading plan and a unique strategy because it helps to trade better. If you follow another trader's strategy it will be difficult for you to understand and you will not learn anything new so make sure to develop your own strategy. Naïve traders usually don't create their own strategy rather they focus on another trader's trading strategy but that is not the path to success. If you want to become a pro trader you should make sure to have a plan and a proper strategy.

    The step by step procedure
    Why do you need to hurry? What happens when you rush? You should remember that in Forex trading it is not at all recommended to rush because you will end up losing everything. As naïve traders, you should take the step by step procedure because only then you can achieve the success. You should start small to grow bigger.
     
  2. Phillip Mark

    Phillip Mark Active Member

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    This thread is really timely and very important, especially the part of selecting brokers wisely. In fact this is the biggest decision a newbie can ever make, one that will define his whole trading course. But there is always that freedom to change your broker at any point, but then it could also mean that you've lost much.
     
  3. J_C_Anderson

    J_C_Anderson Active Member

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    For sure, it is very important to choose the right broker. If the first trading experience will be connected with unfair practice or fraud, the trader will think that it is better to avoid trading at all. That is why it is extremely important to pay attention to all issues related. It would be better to work with the broker licensed by serious regulator like FCA.
     
  4. Phillip Mark

    Phillip Mark Active Member

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    Agreed, and make sure if possible to contact these bodies regulating the activity of the broker if they are registered with them. We cannot afford to leave any stone unchecked, because we are talking about our hard earned money.
     
  5. fxstreet

    fxstreet Well-Known Member

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    I think seeking advise too can be added to the list of tips that can help a trader succeed, especially newbies. It would be beneficial to get assurance that you are on the right track.
     
  6. Phillip Mark

    Phillip Mark Active Member

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    You mean having a mentor? If that's the case it's not a bad thing, but one should be careful not to rely fully on others for their trades because at the end of the day you will be the one bearing the final brunt.
     
  7. fxstreet

    fxstreet Well-Known Member

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    Point well noted Phillip, but every now and then it is not out of place to seek for advise from someone whom you trust.
     
  8. tradermuslim

    tradermuslim Member

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    This part is very vital, be sure to know the agency regulating their activities. Else the regulation will mean nothing if you don't know who to turn to when things go wrong.
     
  9. Phillip Mark

    Phillip Mark Active Member

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    Of course, and it's so easy now as nothing is hidden anymore. You can just simply ask the broker to tell you about them or you find out yourself. Before depositing money to Forexchief broker, I made sure they are regulated at least by a known body. It is better to ask them directly to be sure.
     
    Last edited: Jan 30, 2019
  10. Yordan

    Yordan Member

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    Many talk highly of regulated brokers like without it you can't get good brokers, but the truth is; just being regulated does not do much for you if you don't know where to go when things go wrong. So get to know the agencies!
     

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