Beginners need to get the whole side of forex before they even think about taking it to the next step because as much as they tell you that you can make a lot of money from forex in a short while you also need to understand that you can lose a lot of money in the same time time period.
Michihito posted: Most of losses happen in trading by emotional decisions. You need to control your emotions while trading. It is a difficult task but possible. It requires time. No habit develops overnight. We need determination and dedication.
Yeah. Every trader should know about trading psychology. However, trader cannot learn that in demo trading.
How many are those who once again remind that psychology is important, and without knowledge it is better not to start.
Guys, a newcomer already knows about the risks, about psychology, about knowledge when enters the forum. This future trader probably already went all the way of doubt when decided to start trading and had already read about psychology many times. Do you think this will help? Nope
Give the necessary advice, such as 'do not open a long reversal trade near the support of the downtrend', 'always calculate the stop loss in advance, and compare it with the acceptable risk in the current market', 'you talk about greed but do not advise withdrawing profits at least to cover initial deposit', ' you are talking about psychology, but you are not saying that you should first accept losses as part of the trader's path'
The beginner should use demo account minimum for three months, sometimes many brokers organize demo contest with real money prizing. Newcomers can join here. It could be great to acquire real trading exeprince.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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