The world of forex trading has caused a lot of loss. It happens a lot to those who are not disciplined and in too much of a rush. Those who lack experience end up learning the lesson the hard way.
You can avoid this trap by listening to the teacher and drinking in the knowledge. You can do this by reading these ten lessons down below.
1) “To thine ownself be true”.
You should know who you are before you begin trading. You should know your risk tolerance level beforehand. How far are you willing to go? You cannot get back what you lose. You cannot overcompensate in some areas for what you lack in others. It does not work that way. Create a plan and stay with it. Experience comes in time. Only the inexperienced put the cart before the horse.
2) “A wise man picks his battles”.
Part of the battle is choosing the right broker from tradebnp.com. You need to choose who you work with carefully. Not every broker has your best interests in mind. Most brokers think about their bottom line before yours. Keep that in mind when you choose someone. There are a lot of fake people out there. You need someone who believes in hard work and studying to acquire their gains. Someone who takes the easy way out is not going to work. Do they follow through on everything they tell you? How easy is it to get in touch with them? Speaking to someone’s assistant is not going to work.
It is like hiring a lawyer and never hearing from them. The only time you see them is on tv. It is the same principle here.
3) “There are those who talk the talk. How many of us walk the walk?”
Madonna, Confessions Tour
Your capital gains should match your overall needs. It is the same as going into battle and leaving it up to chance. You need a plan. Your account should match your knowledge and experience. It is the same as walking the walk. Beginners should not be behaving as though they are experts. They have not earned their stripes yet.
4) “You need to learn to swim in the kiddie pool before you can jump into the deep end.”
Start with small increments of money and work your way up. Do you want to play with the big boys someday? You need to learn to be a big fish in a little pond first. A lot of beginners forget this part. You need to earn your stripes in life. Forex trading is no different.
5) “Play the hand you are dealt. Not someone else’s.”
You may not like the hand you have, but you need to play it anyway. You cannot send it back and ask for a new hand. Your skills are going to expand with every lesson you learn. You need to practice patience. Every hand is a learning lesson. Learn what you can with what you have.
6) “Play the part you are born to play.”
Everyone has a role to play in life. You are not an understudy. You are your own lead character.