You might be one of those people with a day job that doesn’t pay much. You hear about forex trading as you look for ways to make money. You open a forex account with the small amount of money you have saved up from your small wages. Thanks to the Internet, you can get all the free forex trading signals and news you want. But it won’t pay off as often as you thought it would. Because of this, your capital starts to go away. You care a lot about the money you lost, and you might think…
You know that you can’t make money in trading just by reading the news. You use technical analysis and try to get the most out of default indicators, just like every other retail trader. You make a trade because you trust an indicator, like RSI, but it leaves you high and dry when its signal changes. Now you will face the biggest problem every trader faces: whether to close the trade with a small loss or wait for it to move toward a profit. But while you are thinking, the market falls to your stop loss. Now you’re sure to be wondering…
You should have figured out by now that indicators aren’t the Messiah of trading. So now you move on to candlestick patterns or use two or more indicators to confirm a trade, or even a combination of a candlestick pattern and an indicator. At first, it starts to pay off, which makes you feel like you’ve found the perfect way to be successful. You start making up for your loss slowly, which drives you crazy. You might think the market is unfair because you can lose money quickly but have to wait a long time to get it back. That’s when you find something that looks good. START OF SHORT TRADE
An asset with an RSI that has gone too far up. Then comes a bearish engulfing candle. That’s the last thing that can be done. Even Buddhist monks would be tempted if they had the chance. Why shouldn’t you? You decide to go for the kill and get back everything you lost all at once. You put in a high-volume order with shaky hands and a lot of stress. It was unusual and (it’s safe to say) made you want to jump out of your skin, but you made sure to put a tight stop just above the last made high. You keep your fingers crossed, and the market gives you more reason to hope. But the market makes a sudden, rash move that causes your stop loss to be hit. All of your hopes and dreams were shattered and thrown out the window in an instant. But what comes next is going to break your heart. Since it can’t stay on top of the peak, it falls and starts going down. It eventually gets to where you wanted it to. You’ll be shocked, and then you’ll say, “Why does this always happen to me?”
The feelings that come next will be overwhelming and terrible. Trading will make you mad and upset. Some even break up with the market, while others lose more money by trading based on how they feel in the hopes of getting it back. But what most traders don’t realize is that it happens every day in trading, at the beginning, to everyone who is involved in the market. Even though the details might be different, the ordeal is still the same. As a beginner, you have to go through these ups and downs to get to where you want to be. But you can lessen the damage to other people if you use the following tricks of the mind.
Payless Get more
At first, everyone who trades loses money and capital. It’s just the money you have to pay to get into “Forex university,” as professionals call it. There is no magic trick to skip this stage. But you should “pay less and get more.” Put in a small amount of money that you can afford to lose and learn as much as you can from it. Even if you’ve done well with demo trading, you shouldn’t ignore this rule. Demo trading is very different from real trading because it has nothing to do with feelings.
A trading log or journal
Write a detailed account of what you did. On the weekends, read through the journal. You learn more from the lessons than from the books and blogs. At this point, it’s more important to focus on the experience than on the money made or lost. So, at this point, it is better to review your journal than to judge it.
Find your strong and weak points
In trading, it’s important to know what your main strengths and weaknesses are. Some are good at trading in the short term, while others do well in the long term. You might like trading over a long period of time, but you’ll do better with scalping or short-term trades. It is best to go with the flow of the market and improve your skills as you go. It’s important to keep success in mind. When you have enough money in your account, you can try new things and even turn your weaknesses into strengths.
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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