Advertisement published in media that promises consistent income has push forex trading to become one of the most sought after income by the public. This has lead to the swarm of new traders entering the field of forex trading looking for quick bucks and income. In fact, 90% of the new traders who join the forex trading field leave within their first few months of trading after losing hundreds or thousands of hard earned saving.
So is it possible for anyone to trade forex for a living?
I will say yes to those of you who are willing to put in effort to learn how to trade currency with the correct strategies and having the patience to upgrade your trading techniques.
Therefore I want to share with you more about how I manage to become a full time traders working from home at my own pace.
Here are 2 really important forex trading tips all traders must know:
1) Man your forex trading like your own business. There is no one thing that is more critical than knowing this to be a successful forex trader. Forex trading is not a get rich quick scheme whereby you just have to pump in the money and it will pump out money day after day for you, it is a business which you have to put in effort to manage and learn the method to do it right. There is no way you can make a living from it without spending your time to learn how to trade currency the proper way with your own trading plan. Without all these knowledge, you will never be able to make it in forex trading especially if you hope to trade forex for a living.
Commonly, new traders tend to trade live account immediately without going through practicing in the demo account. This is because they thought that forex trading is either an up or a down but they miss out the fact that it can move sideway. When I first begin to trade forex, I also have this problem which eventually cost me a few thousand dollar to learn a lesson.
With the loss of my initial investment, I decided to go into DEMO trading again to better fine tune my strategies and trading plan. It took me several months of fine tuning before I finally able to win consistently with my strategies. It is then the time where I switch back LIVE trading again.
2) The fear of price reversing moving against you can prove to be another problems for new traders. When you are trading with real money, you will find that you usually let your loss continue and eventually causes more losses but you will usually collect your profit before you allow it to go for the full run.
Not being able to cut short your losses can be a fatal mistake for traders as it will eventually cause your trading account to go broke.
Another typical example of a greedy mindset will be what I call the “early entry symptom”. This is a habit that must be conquer as it will lead you to more losses as you are entering trades without any confirmation from your trading strategy and it can be very serious as the price can move against you anytime. This can also happen to some experience traders and it is something that must be avoided by all traders.
The above 2 forex trading advices are very important if you ever wanted to become a full time trader.
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