Why are Most Forex Traders Doing Bad ~ forex trading news mt5
In our trading of the online forex market, there is a reason behind every trade we take. A pushing factor is always behind every trade we execute in the forex market. There is a magnetic kind of attachment between each forex trade and us. Our forex trading habits can in fact be discerned from the compilation of our trades over a given period of time.
Behind every successful trade we have in the forex market, there is a realistic approach to our trading edge, a sense of reasonable patience which comes with trading the higher time frames and a deeper reflection of the essence of risk reward before we can execute each trade in the online forex market. Every forex trader that calculates his moves based on these factors ends up a successful trader of the online forex market.
A myriad of disappointment however awaits the indecisive trader of the online forex market. The indecisive forex trader lacks a holistic approach to the online forex market. He understands his forex trading strategy, but ignores the fact that the trading edge alone cannot ensure success in the online forex market unless combinations of other factors are taken into consideration. These factors include the confluence levels, support and resistance, and most importantly, the time frame of your online forex charts.
A lot has been written about the right time frames to trade the online forex market. There have been a lot of positive things said and written about trading the higher time frames like the 4 hour and daily forex charts. A lot of negativity has also been said and associated with the lower time frames in the forex market. Still, more and more forex traders, beginner and old, have shown a higher affinity to the lower time frames than the higher forex time frames.
Why are most forex traders ignoring the pending disaster always associated with the lower time frames? The pushing factor is simply a combination of ignorance, greed and impatience.
Ignorance
In trading the online forex market, ignorance is the penultimate destroyer of most forex beginners. The forex market is a harshly conditioned situation room that does not overlook even innocent naivety. A lot of material is freely available and accessible all over the internet on how to successfully trade the online forex market. It only takes a determined mind and a desire to learn to perfect oneself as a successful trader of the online forex market. Unfortunately, most forex beginners want to make money first and learn how to trade later. Their ignorance as to how the online forex market operates is self imposed.
That sought of ignorance arises out of the failure to appreciate the complexity of the online forex market. The online forex market is not all about knowing how to trade with a particular signal and making money henceforth. If it were that easy every one would make it big in a few weeks. If you begin trading the online forex market without an understanding as to how leverage, margin, position sizing, stop loss, and risk reward operate, then whatever trading strategy or system you have for the forex market is useless. You wont go far than to lose your forex trading capital in the wrong trades.
Forex traders are ignorant too about the right time frames to trade the online forex market. The allure of intra day trading and scalping is strong because of the promise of ‘easy money’ and leads many traders into failing to weigh the real dangers of the lower time frames in the forex market. If you are trading forex in the lower time frames then you are probably ignorant of the unreliability of the trading signals on the lower timeframe. You are vulnerable to the deception of your own trading edge that will keep showing up on your 10 minute forex chart and costing you your trading capital in the process.
Ignorance about the essentials of the online forex market is your own folly. Just decide to learn and appreciate the advantages of trading the higher time frames as opposed to the lower time frames in the online forex market. You will have overcome one of the most dangerous obstacles on the path to becoming a successful trader of the online forex market.
Impatience
The online forex market is for the super- patient. The good news is that patience is not in born but an acquired art. Learn how to be patient with the forex market. Do not act like the market understands your feelings for it cares not an inch whether you are in dip financial trouble and would be relieved by a single winner. The forex market must be approached with a calculated move in every interaction and if it offers nothing obvious then must be avoided like a plague. Do not be in a hurry to trade your forex trading capital. There is nothing to be gained by hurrying except losing your money to the calculative traders. You will not be rich by taking as many trades as you can therefore learn to simply sit back and watch how the market plays out. Lay siege at particular points where you are certain of minimum loss if you are wrong and maximum return if you are right about the market. It takes patience to stay relaxed for days or weeks hoping that the market will reach a particular area and that a particular signal will form.
No forex tutor will teach you about patience. It is something you decide on your own otherwise you will always be assisting in forming patterns that will later on be used against you by the patient traders who understand that the online forex market is a ball room of the slow dancers who watch their steps because the dancing floor is filled with broken glass.
In conclusion, create your own forex class room by becoming your best forex teacher. Release yourself from ignorance by learning all that there is to know about trading the online forex market. Root ignorance out before you can go live in the online forex market. After going live, be patient. You can not run the online forex market. Overtrading drains your forex capital. Patience is the only other way of growing into a successful trader of the online forex market.
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.
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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
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