Realistic Expectations About Forex Trading
This article is an awakening to many of the hopeful traders that I have met in my life as a mentor and professor in trading. Several of these people had extraordinary ideas about the market and have developed a few intriguing theories on how they can squeeze out as much cash as they are able to from the trade market and especially the FX trade. These traders lack the basics in trading and are simply hoping for the big score.
Unfortunately this attitude is shared by many of the traders in the market, and is the reason that so many corporations and pro-traders can make millions hand over fist. The market uses the hundreds of millions brought in from these types of traders and doles it out those who are in reality seeing the real patterns and opportunities available.
Instead of trying to score the next big thing new traders need to develop their single-mindedness: knowing what you want, doing the training and studying necessary to learn your profession and coming up with intelligent ways to get it. They also need to develop lines of assistance: from fellow traders, technology and information available; really looking at all angles before jumping in blind.
There is no point in jumping into the investment world if you only focus on the unrealistic and catchy and fail epicly in the end, much to the liking of other traders.
Every day I see traders who have held on to large sums of money they purchased off the market become investors and they never have a clue what to do with all the money. In some ways it is smart, but the big cash only comes when the economy soars, which doesnt occur often.
Thinking about this for a moment, where are you going with your career? Isnt it time to open up and listen to the investors that have experience and know what they are doing? These people have been trading for a while and can correct your mistakes.
The other essential thing I said newcomers should have is help. That can take two forms: mental and technical. At this point, I want to discuss the technical aspect. This can be found in forex systems and EAs, which have found themselves lately in the position of market fad. It would be a good idea to put some money into a low-level EA, which is available all over the Web. Take it and ride with it through the live account.
I began my trading career experimenting with all the EAs I could buy. Even though some of them turned out to be money losers, others generated steady profits for me. In addition, some of the systems out there are trader dependent. That means a specific EA can put a cap on how much you may trade. Keeping these two things in your consciousness should keep you in the FX game. - 23200
Unfortunately this attitude is shared by many of the traders in the market, and is the reason that so many corporations and pro-traders can make millions hand over fist. The market uses the hundreds of millions brought in from these types of traders and doles it out those who are in reality seeing the real patterns and opportunities available.
Instead of trying to score the next big thing new traders need to develop their single-mindedness: knowing what you want, doing the training and studying necessary to learn your profession and coming up with intelligent ways to get it. They also need to develop lines of assistance: from fellow traders, technology and information available; really looking at all angles before jumping in blind.
There is no point in jumping into the investment world if you only focus on the unrealistic and catchy and fail epicly in the end, much to the liking of other traders.
Every day I see traders who have held on to large sums of money they purchased off the market become investors and they never have a clue what to do with all the money. In some ways it is smart, but the big cash only comes when the economy soars, which doesnt occur often.
Thinking about this for a moment, where are you going with your career? Isnt it time to open up and listen to the investors that have experience and know what they are doing? These people have been trading for a while and can correct your mistakes.
The other essential thing I said newcomers should have is help. That can take two forms: mental and technical. At this point, I want to discuss the technical aspect. This can be found in forex systems and EAs, which have found themselves lately in the position of market fad. It would be a good idea to put some money into a low-level EA, which is available all over the Web. Take it and ride with it through the live account.
I began my trading career experimenting with all the EAs I could buy. Even though some of them turned out to be money losers, others generated steady profits for me. In addition, some of the systems out there are trader dependent. That means a specific EA can put a cap on how much you may trade. Keeping these two things in your consciousness should keep you in the FX game. - 23200
About the Author:
To learn more about getting a forex trading course, take a look at this website: Forex Millionaires.
posted by X - Men @ 3:19 AM
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