Importance of having a solid foundation in Forex market

Everyone wants to become a successful trader. Many have quit their day jobs only to trade the market as their full-time profession. But do you really think that all of them are successful? According to statistics, almost 95% of the traders are losing money on regular basis. By knowing the statistics it should be pretty much clear to you that this is a very tough industry. If you want to survive here then you need to learn every detail of this market. The retail traders consider trading as a get rich quick scheme and thus start there based on their gut feelings. It’s true that some traders often make a big amount of profit in the first few days but the end result is as expected. Every single one of them blows their entire trading account. If you want to establish your career in the Forex market then you need to educate yourself with the proper knowledge of this market. Instead of trading based on your emotion, you need to act smart. Continue reading

If you anticipate the market properly, you can win

The best way to achieve in the Forex trading is to stop reacting too much for all the trials. When we see the background of the successful traders they are not over-reactive to the trials which they experience. Instead, they try to find solutions. By finding solutions the traders in the United Kingdom were able to succeed. A common mistake which is made by some traders is that they are quick in their decisions, for an example, if the price decrease or increase the traders react too soon but it is not recommended. And another mistake is that when there is a price increase in the market they grab the opportunity and leap into the market, which is also a wrong step to take as it may affect you in the long-term. Especially as a naïve trader, you should calm yourself and think properly on this point. Continue reading

Understanding why you are losing money

It’s always bad news when a vessel is on the rocks.  However what makes it worse is when the ship is not only grounded but surrounded by thick impenetrable fog.   Apply this message to the situation of the trader. Losing money is painful; it hurts the pride and hurts the pocket and if it carries on for too long it can have consequences which are serious or even fatal.   Anyone will tell you that you need to learn lessons from failure – and indeed the lessons of success.  Let’s take a look at a few…. Continue reading