Trading is a forever learning experience and you never stop learning in trading. Everyday is a new challenge and you have to put in fresh energy. Your experiences definitely give you an edge to tackle the situation smoothly and to make decisions. You learn strategies and methods to solve intricate problems. But choices you make while trading at that moment determines your returns.
Every mistake provides a lesson to learn. But we see among traders the tendency of overtrading and revenge trading, which destroy traders. One should try to recover from losses but it should not be done by retaliation. So, say NO to retaliation and say YES to earning knowledge.
Forex is market where you have to keep learning till the end of your trading career. No profit without any knowledge. But we see our youngsters love to trade Forex roughly without trading knowledge. They prefer retaliation but hate strategy-based trading. They cannot differentiate good from the evil.
Everyone here knew the good points that are required to become a pro trader. But the reality is a bit different from what all we are doing. As we all are not perfect so its very tough to acknowledge each aspect. When we are doing one good thing we have to compromise on the other. We should think rationally in forex trading and not go with emotions. .
Trading is a continuous learning experience. Your past experiences may help you to understand things quickly and make wise decisions. But every time you have to put in the same amount of energy to gain profits.
Trading is a continuing learning experience in which you never stop learning. Every day brings a new challenge, and you must be prepared. The key to trading success is consistency. Only by remaining constant in the market,can you learn about the different aspects of forex trading. So, if you're trading in the forex market, keep practising and learning.
I must say, the money management rule! Proper money management can make you rich in trading. Forex money management is a set of processes that a forex trader will use to manage the money in their forex trading account. Traders should keep their attempt running to develop themselves every moment. A cogent effort should be given to turn every day a profitable day and traders who are perseverant can only do that.
I learned that forex trading is not for everyone. We all may expect to make money from it but not all of us are able to actually make money through it. It takes a lot of practice, patience, and skills to become successful.
whitneytyler posted: I learned that forex trading is not for everyone.
It's right that this trading world is not for everyone. It's not tough but it's not an easy job as well. Some people come, try their hands, if they find it interesting and learn the science behind the trades, then they stay in the market, while others who are not able to make profits quit the game. That's it!
As I continued this thrilling journey of forex trading, I learned the importance of being consistent. Without consistency, any trader will give up on the market due to lack of hope. They won’t stay long enough to learn new things about the market and how to master it.
I completely agree with you on this since consistency is essential for success in forex. A trader who is consistent enough can thrive in the forex market for a long time by understanding various market trends and implementing his strategies accordingly.
Trading is a lifelong learning process. Your prior experiences may aid you in quickly grasping concepts and coming to informed decisions. But each time, the amount of effort required to make a profit must be the same.
Hydrophilous posted: Trading is a lifelong learning process. Your prior experiences may aid you in quickly grasping concepts and coming to informed decisions. But each time, the amount of effort required to make a profit must be the same.
I completely agree with you on this, what I believe is that with efforts, consistency is also important while trading in forex for longer survival in the market.
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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Past performance is not indicative of future results.