The story of a forex beginner - forex trading news india

The story of a forex beginner ~ forex trading news india

Today’s story is about a friend of mine, Justus, who in the hope of making money online traded the forex market once upon a time not long from the date you are reading this script. Everything about this friend of mine is therefore still relevant and you should pay attention and learn from him lest you want to learn the hard way and lose all your money trading the markets. Justus was determined to trade forex successfully and it was his sad fate that he should fail in mastering the art of successful forex trading. He indeed mastered the art and made some money for a while..

This friend had a singleness of purpose when he first decided to learn how to trade the markets. He believed that even though not born a trader, it was his destiny to be one. He gave his undivided attention to the forex market. He left his day job by tendering his resignation and henceforth dedicated hours upon hours studying all that there is to know about successful forex trading. The forex market, he swore, was where he would make his first million.

Justus had a tremendous sense of belief in himself rarely seen in men and this he knew, would be his greatest strength as a forex trader. If belief alone could bring success to a forex trader, he would have undoubtedly been the greatest trader there ever was. Justus loved happy endings and he believed that at his death bed all he would have to do would be to decide who inherits his palatial house and the latest car model soon to be acquired through the trading of forex. In his mind he was already living his dream whose inevitable realization, he thought, would be achieved once he stated trading the markets.

After learning everything about forex trading and even running a successful demo account, he felt the time was ripe to open a real trading account. He contacted his preferred forex broker and opened a well funded forex trading account. His forex capital was in fact way above what the average forex beginner starts trading with. He felt he was now ready to have the world under his feet.

He had a fairy tale start, gaining over a thousand pips in his first month as a forex trader and making so much money in return. The dream was turning real and the world would soon know who the best forex trader was. He had few losing trades in that first month and he himself loved and enjoyed the pattern. He had closed no trade at a break even point for a whole month and his lowest risk reward had been the enviable 1:2. He became a source of envy and admiration by most of us who’d started trading forex long before him. Forex trading was indeed his thing. He seemed a reincarnation of the creator of the art of trading.

But the quick success in trading forex soon caused Justus’ head to swell. He interpreted his meteoric rise in the world of trading as a gift bestowed upon him by the gods of the markets and there was no way he would ever go wrong as a forex trader. He failed to embrace victory with humility by over emphasizing his own skills to the extent of ignoring some essential aspects of forex trading.

Soon he began ignoring the value of using protective stops in any open position and he let many trades to run. He paid no attention to risk reward, position sizing and the dangers of leverage; he discarded the daily chart for the 5 minute chart.. After all he was a full time forex trader and money had to be made online at every hour. He suffered from a string of loses but they were not major. His forex account could not fall to these minor shocks so he thought. The dream of making a million dollars was unstoppable.

Justus’ fall and the end of his dream came when one afternoon he had over leveraged as had become a norm. His most favorite trade setup had just formed with all the supporting attributes and he felt that there was just no way in which he could go wrong on it. Unfortunately for him, a major world financial institution had just gone under. The market came rolling against his position and before he could exit the trade manually, he received a margin call! His forex trading account was left with less than a hundred dollars. The prior months success was now history. He borrowed money and tried trading again but leverage short down his account once more. He was over-leveraging to try and recoup from his worst loss. Soon he had debts and friends were all over him asking for settlement. Reeling from the effect of successive loses in the forex market, he gave up trading, terming the whole set up of trading forex online as the biggest financial conspiracy ever set up by the big banks to steal from the unknowing public.

Must there always be a but in everything? Can’t we ever have happy endings as traders of forex? Were the hours and capital that Justus dedicated to the art of successful forex trading worth being wasted away in the course of a single haphazard trade? Justus wrote his own script of success as a trader. But unfortunately he also became the one that tore it apart through recklessness. The happy ending he had dreamed of was never achieved. Justus spoilt his own story when he failed to realize that the forex market does not operate on a set pattern. The market keeps moving up and down every single minute and you can never bet for certain the sort of trades that will go your way and those that will not.

Justus’ story is a common and familiar script to most forex beginners joining the game. There is no such thing like back to back success in forex trading. In fact, there are more losing streaks than winning streaks in the forex market. But this does not imply that there can never be happy endings. Happy endings are simply reserved for the disciplined trader who approaches the market with due diligence. Discipline rewards more than skill in the trading of the markets. Justus was skilled but largely failed in the faculty of discipline. Sadly, most forex beginners lack in both skill and discipline, two faculties without which you cannot become a successful forex trader.

Happy ending in the forex market is not a matter of winning one trade and making a lot of money or doing better in one month and draining your forex account the next. Happy endings are about consistency. How much money have you made in a year in your trading of forex? Have you made half of your beginning capital or have you doubled it at the end of a year? That is the only way to have a happy ending. We don’t need to trade forex like the market won’t be there tomorrow when we very well know that treating the forex market with a cold shoulder is the best way to reward ourselves. Most of the discipline involved in trading the markets is not learnt from any forex tutorial and it is a matter of self decision.

The moral lesson behind this short story is that you are never certain of when you will make money in the forex market and must therefore always employ all the necessary safeguards. Open your eyes and be disciplined. Decide to turn your script into the one that Justus had earlier hoped for himself. Keep out the but from your script by ensuring that you go all the way to the summit you want to reach as trader.

You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 
Call us today on 0725 050 419 for the best forex trading orientation.
Related Articles:-
Can forex trading be taught?
How much should one start trading forex with
Have courage to open a real forex trading account

================

More info for The story of a forex beginner ~ forex trading news india:

Related Posts by Categories