How to Survive as a Long Term Currency Trader
Trading is a race and it requires the traders to continue even after having losses. Most people do not have this nerve and quit trading after a few losses. As a result, the percentage of winners never goes beyond the 5% mark. Every investor has the dream to trade for a long time but only a few lucky traders can manage the impossible. It may look hard but with proper strategy and planning, a novice can also survive for a long time with successful achievements in Forex. This article is going to spill out some secrets that have been kept in the professional community. It is time for the beginners to know and come to the wonderful world of profit. Remember, it is not easy and will need dedication before you see achievements. The interval period is the hardest time as people cannot afford the losses. Do not give up, but continue trying and success will come.
Plan for the future
A significant difference between winners and losers is the mindset of planning. It has been found that most professionals develop the strategy that can help even in the future trends whereas the novice will only make a plan for the present trades. This may not look important but when the trends are changing every time, precise steps can determine the winners. When you are working or developing a skill, never intend to use it in the present trades. Take time and practice until the technique gets perfect. Test in the demo account and when the plan is set, use it in the strategy for future profits. Think before you leap, practice before investing money. What goes down in the market does not come back if there is a wonderful strategy at work.
Learn price action trading
Though you can use a wide range of trading strategy, the expert traders in Singapore prefer price action trading system. The system is based on the simple formations of Japanese candlestick pattern and you can easily execute quality trades. Being a price action trader you also need to ensure precise price feed. The price action traders prefer Forex trading at Saxo since it allows them to do an advanced market analysis in the SaxoTraderGo.So chose your broker wisely and learn the proper of using the candlestick pattern. If necessary, demo trade the market for the first few months.
Focus on learning than managing losses
It is the secret of opening account with a small amount. Losing is inevitable and there is no way to prevent. The professionals have tried but failed as it is destined for the investors. A small-time trader will nervous and get worried about sick when the capital gets lost. He will engage in activities that target to recover the money and in the process, more fund will be lost. A long-term investor will try to learn from the flaws. In the future when he is investing money, the trade will be more profitable. This change of focus can improve performance. Try to learn how the mistakes occur and how to make investment more successful.
Success is a journey, not a destination. People fail to understand this concept and rush to the destination. If you cannot wait for the train to come and get on, reaching the station is worthless. Never try to make a fortune overnight, even if there is a chance. The reason is, it will become a habit in time and one day, a big loss will sweep away all the profit. We are not telling you a story because many investors have been the victims of greed. The Taj Mahal was not built in a day, it took 20 long years for Shah Jahan to complete this historical landmark. If you want to trade for a long time, we advise to be determined and a tolerant person.