What stops you in achieving success in forex markets?
I was about to call it a week but something striked in my mind that Why is it that very few traders succeed in the forex environment while the majority of traders fail to achieve success. Although there is no hard and fast rule but there are few simple things one should keep in mind before going for trading in forex markets which will be discussed later in this article. Sometimes putting things into perspective can help you see them from another angle. The main purpose of writing this article is to tell you the major drawbacks of a forex trader. Instead of telling you what to do or what is the best way to do, it would tell you what to avoid in order to achieve success in forex markets. Many traders spend years and years trying to find out the holy grail of trading. The magic set of indicators that will make them rich in a shorter span of time. Well the answer is there is no magic set of indicators that will make a trader rich in small period of time. At this perspective a trader should find out a trading plan or system that fits his or her personality as a trader because every trader has a different personality. Unfortunately many traders are attracted towards forex markets in the search of easy money. Yes, it is very easy to trade but the second part of making money is a bit hard. Achieving consistent profitable results requires lot of education, patience, discipline, commitment and the list could go infinite. In a few words achieving profitable results is definitely not easy. Some traders are attracted towards the forex markets simply because of the reason that it is exciting to be a forex trader. But if this is the main reason why you are trading in the forex market; sooner or later you will discover the adventure ride to be very costly simply because of no knowledge and education of the subject. Many traders forget an important aspect of trading in the forex markets i.e. following the money management rules. They forget the risk management and think that the money management should not be applied until they achieve the profitable results. Risk and money management allows your profits to increase but also limits your risk on single trade. Being aware of one of the most underestimated subjects when it comes to trading .i.e. Being psychology tuned. In other words the price of each trade is based on the perception of each individual participant which is called the crowd. The market teaches us different number of lessons on every single trade made. Education is the base knowledge on every discipline .The process of education for a forex trader goes forever. Trading successfully the forex markets is no easy task but with right education, you will put yourself closer to your trading goals.
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Published on May 30, 2014
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