In this Forex course, we will look at some of the steps you need to take before embarking on your trading journey. Most traders enter the forex market without having experience in the forex market. This leads to painful experiences such as losing most of your risk capital and being frustrated because it seemed like it was so easy to make money.
The first thing you need to understand is that making money is not easy. As with any other endeavor in life that brings significant rewards once mastered, you must work hard. It takes a lot of education and experience to win important prizes for this. The key to mastering the forex market is determination, patience and discipline.
So, you have decided that you will trade in the forex market and you have seen a lot of commercials about how easy it is to make money in the forex market. You might think that this is your chance for financial freedom right now. Time is money. So why wait if you have the opportunity to earn right now? I know I was there, but now you have a chance, I didn’t have it, and no one told me what to tell you.
We, Forex traders, trade based on a set of rules. This set of rules is what we call a trading system. Our system tells you exactly when you need to enter and exit the market in order to make a profit (i.e. buy low or sell high).
Creating a system is the first big step that requires attention in the first place. Why is it so important? This is hard to follow because you need to build a system that suits your personality, so take advantage of it. Systems can be based on technical indicators, or what we call mechanical systems, or experience and intuition, or what we call discretionary systems. Since the discretionary system is dangerous for traders in the early stages (which can lead to chaos), it is highly recommended to try it with a mechanical system first. Through later experience, you will learn which signals are most effective and which should be avoided.
The next step in this Forex course is to try out the system on a demo account. Most forex brokers offer demo accounts, which are cryptocurrency accounts. This is a great option for testing your trading system as you don’t risk any money. At this stage, you know if your strategy will work. If you are comfortable trading it, then it will probably work. How long do you need to stay in this step? This may vary, but you should not take another step until your system has been consistently producing positive results over a period of time. This may take several months, but be aware that you will have to wait patiently.
You must be honest with yourself. It must accept all signals generated by the system, not just those that seem to work. Otherwise, you will have problems with the following two steps:
Well, you know that you have consistently good results on a demo account. You might think it’s time to fill in the blanks. No no no no. There is a big difference between demo trading and live trading. The most important difference lies in the emotions (fear, greed, anger, etc.). These are psychological barriers that affect all decisions that a trader makes, regardless of what he trades (stocks, bonds, forex, futures, grain, etc.). .. .. ). In my opinion, these emotional factors are the most obvious factors that distinguish profitable traders from other traders.
The next step in this Forex course is specifically designed to appeal to the emotions and see the results from the previous step (constant results on a demo account). At this point, you need to trade with your live account with limited funds. Some brokers offer micro lot trading. This means that you can trade any amount (even a penny). The important thing here is that these feelings we talked about only exist when real money is at stake. At this stage, you know if it is really convenient to trade with your system. If you can trade such a system, keep in mind that different systems evoke different emotions. If you get similar results on a demo account, you are ready to move on to the next step. If you haven’t already, you may need to create another system. The system may not work. If you get consistently good results in this stage, you can achieve the same results in the next stage, but if you do not achieve good results in this stage, you can achieve them in the next stage. Next stage. Remember that you must do everything
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