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Four important Forex trading skills, You do Not get when training
In the process of learning Forex trading will tell You about lots of interesting and useful things, but there are very important skills which You will not get in the process of their Forex education. This does not diminish the value of formal learning the basics of currency trading, but rather highlights some of the limitations of this doctrine.
When You begin actual trading with real money, You will need to master many practical skills necessary to avoid the complete loss of their trading capital. Of course, You may have the possibility of obtaining some of these skills, if You are coached by an experienced mentor who monitors Your trade at the initial stage. But these are necessary for real trading moments.
1. Risk management. Every time You open a trade, there is a chance that the market will turn against you and You will lose your money. For this reason, so you must develop the skills of risk management that help to cope with the loss and successfully moving on. One of the options risk management - limit the amount that You risk in every transaction a certain percentage of the total amount of Your trading capital. This will limit the amount of Your losses if You make a bad deal.Of course, this does not preclude the increase of the operation amount in the case that You feel that the market is moving in "Your" direction.
2. Develop the mindset of the trader and not the player. One of the worst decisions that can take a trader, is to allow the continuation of a failed operation in the illusory hope of a possible wagering losing at the moment, the position, instead of close it when it turns against You. The trader acknowledges that the operation was unsuccessful, and take the loss for granted, while the player allows the agreement to take its course in the hope that eventually the market will pay agreement in his favor.
3. Patience. Effective learning currency trading requires considerable time, and the beginner should accept this fact and not to expect that after a few lessons he will be able to become a successful trader. In addition to theoretical lessons need many hundred hours of practice on a demo account before You will be ready for real trading with their own money. Some believe that we need at least 10,000 hours to acquire expertise in any field. You have to spend a lot of time to turn into a successful trader. And it won't happen quickly, believe me.
4. The work in the future. Most traders starting mistakenly believe that the currency market is the place where you can quickly make a fortune. Any good Forex coach will inspire his students that the process of making money takes a lot of time. Attempt to immediately earn a large sum could end very badly-if, of course, is not the rare case when all of a sudden You really are very lucky.Keep in mind that the only way to get significant profit on the foreign exchange market is to trade with leverage, but this type of trade significantly increases the amount you can lose in the trading process.
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| Category: Forex | Added by: (29.10.2017)
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| Views: 250
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