Well recently lots of attention has been drawn to forex trading as a lucrative venture. Most of the work was done by the novel corona virus pandemic which kept many at home and away from work and people, with no other means of making earnings the normal way the majority is used to, many resorted to asking google how to make money online and some of the positive answers led many to trying to get into the forex market. Those who can afford are paying exorbitant prices to mentors and professionals for the knowledge, mentorship and signals, hoping to make some bucks every now and then. But lots of us beginners make lots of mistakes on the markets and whiles it may not be possible to avoid all these mistakes whiles learning been aware of it would help you overcome some hurdles quicker and aid you on your learning journey.
Tips for FX Beginners
It Takes Patience to Win on the Market
Do not be deceived, forex is not a get rich quick scheme. All the blues you see people posting was not achieved in a day, and the truth of the matter is they hide their reds just to get more people subscribing to their signals and joining their classes. Not to say there no real forex trainers out there but is important that you go into venture with patience and lots of it. Almost all your trades will begin with reds, you need patience to see blues. You need patience to wait on support and resistance levels to get a good entry into trades. Rushing will have your dreams short lived. Be patient enough to acquire the skill before you trade on your real account.
Stick To A Strategy
For many beginners their zeal to get thing down quickly causes them to roam everywhere looking for strategies, new markets, new things etc. Even in life if we are not focus we are bound to fail. Whiles forex and stocks offer so many financial opportunities each market has its own rules to follow, so running around will get the information jammed up in your head. Stick to your mentor, stick to your strategy, make sure you got a strong hand on it before you try anything new.
Risk Management is Key to your survival
Some get lucky, they start tradin and they makes hundreds of dollars on their first trade, others take a while to get the flow. Whichever the case, the Fx Market is the worst place to gamble. Losses are inevitable even the most advanced of all traders get losses but blowing accounts is never a part of the learning process. It affects your psychology and disturbs your clear mind from making right decisions on the market. So apply proper risk management in every single trade you take. Never move stop losses because they are meant to be hit. If you do not have a good win to loss ratio. Re-learn you may be doing the wrong thing.