I have traded the forex market and have lost bundles and bundles of money, and it's not even funny when I actually think about it. It's painful to admit but, I have lost around11,000 dollars on the forex market, due to making some really terrible mistakes. I just didn't have a very good way to trade and even tried scalping, which was okay in the short term. Any money I did make was through sheer luck and when I look back on it, I always say to myself "You were such an idiot" I hate to see other traders make the same mistakes I've made, but I can't say anything to them because if I get involved then I'll get blamed, because I gave them bad advice. Since I was not trading in a proper manner it wouldn't be a very good idea to give such advice.
For me, the proper way to do it is to learn how to trade properly. This means using a trading plan and sticking to it. A trader should also know when to cut their loss, not letting their EMOTIONS trade for them and just being a real solid level headed trader. Forex involves technical analysis, being able to read charts, trend lines that you need to know and learn before starting to trade in the market. All of these are essential for being able to trade accurately.
As we all know; it's better to "teach someone to fish and feed them for life" rather than "Give someone a fish and feed them for a day". And that's exactly what will happen to you when you learn how to trade the market, instead of blindly guessing which way it's going. You educate yourself when to buy and sell for each currency pair, no matter which way the market is heading. You teach yourself where to put your stop loss, so that your account will not get wiped out if the direction of the market changes. This is a golden rule for almost every trader.
No comments:
Post a Comment