subject: The 3 Misconceptions Of Forex Trading Ill Never Ever Forget [print this page] Trading with the Forex Market is some of the quickest way to earn cold cash if only done the right way. This said market, known for its size and volume is a favorite to Beginners who are simply looking for a profitable medium to earn money quick.
My Forex Beginning
Looking back at my first experience in Forex Trading, the idea of earning quick money is easier said than done. After trading with the Stock Market for years before entering into the Forex Market, I actually thought that this would simply be a piece of cake to say the least. However, to my complete surprise, I never expected to deplete my micro-account in just a few days.
The Process of Realization to Win Trades
I thought to myself, why did I lose all those trades at an instant? Why did I underestimated the movements and fluctuations of exchange rates of the market? Or, was I better off trading with the Equities Market instead? In order to fix my trading strategy to make it profitable, it took me quite a while to study, understand, and analyze completely the Forex Market, but I was successful in identifying solutions to common problems traders usually experience.
Mistake #1: Underestimating Forex Trading
Forex Trading is not a childs play and shall not be underestimated at all times. Therefore, in order to be successful in this market; you must be patient and always in control of your trading strategies. Look at these situations for an instance. When you expect to profit from your trades without exerting much effort in terms of market and price analysis; or despite the application of intrinsic fundamental and technical analysis on your trades, the pattern reverses against; or when you become impatient that your trading strategies are based on impulse, you are on your way in probably making the most costly mistake youve ever incurred.
Mistake #2: Impatient Trading
Impatiently trading into the Forex Market will either break your clear vision in making well calculated and analyzed trades that may have the highest probability of winning or worst, blow up your account. I must admit, this probably was the main reason why I blew up my account at an instance. Allow me to give you some solutions to this problem. To begin with, identify your specific trading goals by focusing yourself on its timeframe, steps, and procedures.
Mistake #3: Over Trading
Beginners must not stack-up multiple trades all at once. Despite of winning, you must not get yourself used in overtrading because it could surely cloud yourself from setting up profitable trading positions. Allow me to give you some solutions to this problem. For a start, you must watch out from Automated Trading Systems or commonly known as Expert Advisors that open multiple trades all at once because it might just deplete your trading account if the market reverses.
The Forex Market offers every Beginner with a broader opportunity to become successful in trading because of its vast size and volatility. However, you must also remember that when there is opportunity, there must be risk involved. After trading with this market for years, it is highly advisable that every Beginner shall know when and what to trade in order to give answer to the question of How to win?.
