In a fast-moving world, we are always on the lookout for a hack, a crash course or a cheat sheet to quickly get up to speed. Markets can move quickly, but if we want to ride their waves, we need to master the kiddies’ pool first.
Getting rich in forex trading is possible, but not using any “get rich quick” schemes. Here are things to do and things to avoid.
- Education: Succeeding in something requires studies. These don’t end with a basic forex course but continue throughout your life as a trader. Markets are always changing.
- Training: The best way to train is to use a demo account. This isn’t just for newbies. Experienced traders can use a demo account to become familiar with the systems of a new forex broker. And if you are adapting to markets by adapting your system, trying it out on a demo account is quite useful as well.
- Going live: As many of you know, having a good, up to date system is only a small part of becoming a successful trader. Money management and emotional control are no less important. The basics of money management can, perhaps, be learned quickly. Experience improves them. And with emotional control, there is absolutely no shortcut.
- Setting goals: Quite a few traders want to make a quick buck and dive into trading not only neglecting the necessary preparation but also without setting future goals. By defining objectives in terms of money you aspire to make, hours you dedicate to trading, etc, you will be more prepared.
No need to feel scared
Hopefully it will keep you away from those easy money schemes that unfortunately still exist. But hopefully, it will scare get you off forex trading.
If you do feel deterred, look at the flip side and ask yourself: how am I going to become successful in trading? Writing down your plan for educating yourself, practicing, setting goals and going live can help. Moving stuff out of your head and into a piece of paper, a Word document, Google Docs, or whatever method you use, can alleviate your fear and turn your journey into a productive one.
How did you begin trading? Did you take a measured approach or did you just dive in?
More: We didn’t start the fire: Trading in an evolving economy
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