Welcome To Trading Dispatch
Learn how to trade Forex profitably
Cut your losses short, let your winners run. While this piece of advice is well known, you will find that the majority of retail traders do not put this into practice.
Instead, they hope that losses will turn into profits and cut winning trades because they fear that the market will turn against them. This type of behavior is often because of a traders psychological pitfalls.
Early on in my Forex trading journey, I never followed Economic events to the tee. I genuinely felt it was useless, and so I left that out of my trading strategy altogether.
One day, I found myself on top of the moon because I had a couple of GBP trades open, which were going incredibly well until…
Risk Management. The forsaken element of trading any market, particularly the Forex market, especially when greed takes over and you expect to make it in the industry within your first few months.
Remember when you started your Forex trading journey, and you thought it would be a walk in the park?
I mean that literally. To every trader out there that thinks you place your trades for free, allow me to disabuse you of that notion immediately! IT COSTS MONEY TO TRADE. And no, I’m not talking about your losses.
When you place a trade, ANY TRADE, whether it was a mistake, a bad trade, or a good trade, your broker will either charge you a COMMISSION and/or a SPREAD. There is no avoiding this. You have to pay to play.
For years, I have struggled with the concept of full-time trading. Back in university I was keen on the idea, and I still am, the only thing is what that transition looks like.
Usually, people begin by trading part time i.e. when they can during their day or week. This means they don’t learn everything required as quickly as others who trade full-time.
Today we talk about a topic that traders are divided on. So before I even start, I want to point out that if something is working for you, STICK WITH IT! You shouldn’t fix something that isn’t broken. But if it is broken, you can possibly try another way? Just saying.