The passage that every forex trader must be subjected to before growing into an expert forex trader - forex trading demo account in pakistan

The passage that every forex trader must be subjected to before growing into an expert forex trader ~ forex trading demo account in pakistan

If you are running a live forex trading account you’ve probably by now come to the conclusion that forex trading is not easy. Or even if it is, to you, you still think it is not as easy as you had earlier thought. Thousands of traders are in agreement with you- the trading of forex is not easy- especially for the first few months of running a live account. The trials and tribulations of live trading are comparable to baptism with fire. To some traders this baptism can be eternal. To others, the baptism takes a couple of weeks or months. Initiation to maturity in the forex sphere requires a grand resolve. An ability to quickly accept your mistakes, pick a lesson or two from them and a final solemn vow not to repeat the same mistakes again.

In your first month of trading you find yourself buying exact tops and selling exact bottoms. Reason for this does not emanate from the fact that you do not know how to trade, rather, you develop a habit of wanting to see extra confirmations for a nice trade set up whenever real money is involved. You do not want to be wrong. So if lets say a bearish candlestick has formed, you want to see if its really going down. The final effect is that you enter the market so late in the day with a poor risk reward or at that point when the market is just about to turn around.

In your first few weeks of trading live you do not want to remove your eye of the screen. You stare at the monitor or your laptops screen almost as if there is a strong compelling magnate that wont let you go. You imagine an orgy of consequences that await your account the moment you turn of your computer. You keep over managing every trade getting in and out without a plan. You stare at the screen until your head starts spinning. You have fewer hours to sleep, afraid to close your eyes even at the less volatile hours of the markets. Forex trading seems to have kidnapped you. You are doing more and losing more at the same time.

In those first few weeks you forget all about your trading strategy. You adopt every type of indicator and expert advisor. Your charts are a messy site. You are not even sure whether you are trading the fundamentals or the technicals. Every piece of news from Bloomberg or Wall Street Journal seems essential. You are lost.

In those first weeks, you bombard your broker with all sorts of complaints. You are angered by the widening of spreads, the slippage is almost driving you crazy, and the stop loss hunting is quickly pushing you back to read that article about forex scams. Because no matter how far you feel you have placed your stop loss, it keeps getting hit. You quickly rush to some broker review site and give your current broker a zero star rating. You describe him as the worst ever and how had you known you would never have opened an account with him.

Imagine being rocked by a storm in your first sail. That is how it is in the forex market. It does not matter how well you have demo traded, live trading turns our view of the forex market in its entirety. It is a paradox why a trader who tripled his demo account capital can end up losing his live account investment within a month or even less.

Ladies and gentlemen by the time you are out of the furnace, you should feel like steel. Be proud of yourself if you overcome those first weeks and still have enough money to trade in your account. By then you will probably be packing up, discarding the lower timeframes for the daily chart and above. By then you will probably be downplaying dozens of news bulletins about the market. By then you will probably be appropriating your attention to not more than two or three currency pairs. Survive those first weeks and a trading legend will be borne.

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