The road to forex trading success is a bit of a challenge for someone who is just starting to know the ABSs and 123s of this business. Knowing the fact that this type of industry is believed to be the largest financial market that is known to several business-minded individuals, people just like you will most probably think that this venture is indeed the fastest way to earn money. Contrary to this notion, expert traders and even ordinary citizens will agree with us when we say that success in any trading industry does not have a shortcut.
The moment you decide to get into the circle of traders, you have to start accepting that losing is not a failure but an avenue to learn and to renew your purpose. Positive trading is all about embracing the normality of mistakes and trying one’s best not to replicate it the next trading session. A blatant reality is that we can never escape losing but on a lighter point, we can lessen its occurrence. Yup, that’s right, as you become familiarized with the mechanics of the FX industry, you become exposed to some of the good and even the bad moves that seasoned traders do. In this entry, we shall show you a picture of the big Nos that most traders neglect when it comes to trading currencies or forex.
The 3 Big Nos in FX Trading
Forex trading is a trade that is not too difficult to understand and learn but as you stay longer in this trade, there will come a time when you tend to forget the basics and just stick to your own rules. This is very wrong! In any type of job or business, you should be aware that learning should be continuously done so as to update yourself with the much-needed and timely strategies that must be applied fso as to enjoy a better profit. Here is a list of the 3 big Nos that you always have to keep in mind even when you have gone a long way on your trading journey.
1. Forgetting your trading discipline
Fx and even and even the other types of trade is a way of life. This then means that in order to become successful in your chosen field of expertise, you should never let go of your discipline. This is a very basic concept that even our parents always remind us to do as we traverse adulthood. In the case of trading, the most basic rule is not to take failures and mistakes seriously. As mentioned earlier, these things will normally happen in your day to day trading life so all you have to do is to conquer your negative emotions by improving yourself and finding the best market move so as to have a better output in your next trade.
2. Extemporaneous trading
An extemporaneous trade is a move where the trader merely goes to the market then makes a decision without any plan. Remember that a famous trader once said that someone who fails to plan is definitely planning to fail. So its basic, doing something without any basis at all is a trading suicide.
3. Practicing trial an error
Actual or live trading requires money in order to make a trade. Thus, the very moment that you decide to start on your live trading moves, you have to make sure that you already have adequate knowledge on the appropriate trading strategies that you have to apply in the market. Live trading is not the right place for figuring out which strategy works for you and which doesn’t.
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