Three most common problems of beginner traders
Oct 11, 2017 at 11:00 am #1054
Traders in Forex are always facing many types of problems in their career. They have come here to make easy money but after they have started trading, they have understood that there is no easy money in Forex industry. There are a lot of people in Forex who have tried their soul and they did not stop. They are the successful trader of Forex industry.
The problems with Forex market are very common. It is more for the beginners’ traders when they first trade in Forex. In this article, we are going to tell you how you can improvise these problems and make your life a smooth Forex trading ground. A lot of people do not know that these problems will not go away if you do not take steps. We have met a lot of beginner trader in our career who does not have taken any steps to remove these problems. They have simply left these in their careers and it grew up like a blockage system in their trading life.
Overthinking for your trade setup
It is one of the most common problems of traders when they start trading in Forex. They cannot control themselves in a market and they like to make thousands of dollars in their first trades. For these traders, overthinking is very common. They do not know overthinking can make their trades bad in Forex industry. If you are an experienced trader in the market, you should not overthink. Let your trades played in the market by the Forex industry. If you lose, then embrace it. If you win, be glad and get ready for your next trade.
Always try to keep things simple. You might be thinking that this market needs a complex trading system to generate profit on a regular basis. If it was true then how come the professional price action traders are making money? They have the simplest trading strategy and they always keep their trading chart clean. You need to understand the nature of this market to make a profit on a regular basis. Trading is all about quality execution and money management. Follow strict discipline to become a successful trader.
Emotional attachment is common to every trader. The professional traders also get emotional when they begin their career in Forex. It is a big problem for the new traders. They think it is natural for them as they are investing money. You should not be emotional in Forex and trade the market strategically. This the way to make success and money in Forex.
All the professional traders at Saxo always suggest the new traders’ trade with rational logic. CFD trading is extremely easy provided that you know the right steps. As a beginner, you should not start the trading career with your real money.All the professional brokers offer a high leverage demo trading account to their client where you can learn Forex trading. So instead of risking your real money use your demo account to develop your trading skills.
Leverage allows the traders to place big trades like the big players if they do not have a large account. While many people are using leverage to their very minimum, new traders could not help but use high leverage in their trading. High leverage can bring an end to your Forex trading if it is not done right.
Mistakes are very normal for the new traders. But being new to this industry you can’t afford to make the same mistake over and over again. Maintain a paper-based trading journal and learn from your mistake. Never think that you will be securing high profitable trades every single time. Always remember that this market is all about probability and no can assure you that winning setups. So focus on your money management and trade the higher time frame. Even after doing all these things you will still have some losing trades. So embrace those losing trades and go forward.00
You must be logged in to reply to this topic.