Total online: 1
The process of trading on Forex preparation and planning
The main reason why most Forex traders fails is that they completely ignore the process.
In today's world is very fast solutions, simple and easy purchases and almost instant delivery, we want EVERYTHING at ONCE. With our "consumer culture" we came to the conclusion that the expected instant results, ignoring the basic principles of the causes and consequences. "Want a really big-at-the pizza with pickles, mushrooms and cheese, a milkshake and a vanilla latte, and faster!" And in a moment Your ears hear the beautiful words - "Meet the courier has already left!"
But if You want to succeed in Forex trading, do not expect the same speed and ease. Forex trading is not a way to get rich quickly. If You are not prepared long and hard to work on yourself, mastering the skills of the trader and putting the necessary funds, then You almost inevitably "will quickly become poor". Forex trading requires serious labor and mental costs, and it is a process. Let us work with You through this process.
Recall the definition of the process: "a Series of actions or steps taken to achieve the goal." The first step for success in Forex trading - proper training. Preparation of which I speak, necessarily involves a financial component - having financial security, You will be able to invest in trading money that you can afford to lose.
In any case, do not invest those funds that You can't afford to lose. Do not open a Deposit for his last $ 3,000 in the hope of a speedy acquisition of cash needed to pay Your bills next month. If You will be trading "with the last money", the emotional tension in the course of trade will become so strong and intense that the probability of losing Your money will grow exponentially.
The risk of financial well-being of Your family will not be one iota the justified decision. If You do not have available funds to participate in trading, set yourself a goal to reach that of, say, a year. Then You can be assured of your future investments and will value them much higher after You have them scheduled, and then concentrated and focused on it.
Remember that without the cushion of financial security, Your activity as a trader is extremely vulnerable to storms of the currency market.
Winston Churchill said it best: "he Who fails to plan, one plan to fail". The stock trading plan is crucial for everyone who aspires to success in Forex trading. Without a plan You run the risk of quickly losing all the money You earn money trading.
Your trading plan should consist of Your trading predictions, goals and strategies (strategy is to use Your skills trading predictions and to determine parameters that meet Your plan for implementing Your goals). It is important to include these three main points in your trading plan. Your prediction will keep You afloat even when You suffer a local failure. The proximity of reaching Your goals will tell You what Your real success, and how grown Your currency "vision".The strategy is that You work to achieve concrete results for trade.
If You eliminate at least one of these three mandatory items, Your trading plan will be ineffective. Prediction without a strategy is pure fantasy. Target selection without predicting market evidence of apparent madness (such as the recent program of unlimited quantitative easing of the fed).
|Category: Forex | Added by: (29.10.2017)