Capital, capital, and more capital!!! The main issue when starting to trade and make a living from the markets. You know? To show off the flashy lifestyle with; the cars, the multiple homes, the luxury vacations to the Bahamas or Paris, whatever you fancy really.
Often we find ourselves either running towards or running away from a topic, task, or even a new skill when we don’t understand it or when it looks too hard to do. Every person reacts differently! We become beings afraid to try and afraid to see the possibilities for what they are, possibilities.
Loss. Not love, unfortunately, that has nothing to do with your Forex trading. Loss is a difficult thing for many traders out there and we need to get comfortable talking about it right? Loss…Loss…Loss say it with me Loss…Loss…Loss.
Revenge trading isn’t always a conscious thing because many people are aware that this is a terrible habit to have. Revenge trading can be something you don’t even mean to do. A lot of traders have found themselves in trades that they can’t justify and these usually come after a loss or a string losses.
You may think that keeping a journal is for teenagers, what if I told you that it can make you a better trader? That means greater profitability! Now, that would make anyone sit up and take notice.
Trading journals are important in highlighting the improvements required in your trading as well as what you are succeeding at.
Is there room for Gut-feel and intuition in trading? My answer might upset a lot of people and I wouldn’t blame them because trading is very multi-faceted that way. Many traders have plenty more experience than you or I, some will agree and others disagree with you are about to read.
The Forex journey is very lonely, and as much as you would love to trade with your friends and grow with your friends in the industry (which is possible), it just isn’t the reality often. Especially if you seek to do things the same as your friends always without an element of your own character or personality. It will often be hard to trust your judgment and grow as a profitable trader.
What is your routine?
Everybody has one, whether they know it or not, whether you wake up and brush your teeth then shower or you wake up and shower then brush your teeth or none of the above (hopefully that’s not you). Whatever your routine is, it’s usually consistent and that’s what makes it so hard to break.
In today’s article, we will be looking at how crucial it is for one to remain mentally and physically aware or alert within the Forex markets and how that alone could be beneficial. Remember when they told you that the earliest bird catches the fattest worm?
That, in a lot of cases, was true. And it remains true for the Forex markets.
Fear of missing out (FOMO) is present in all aspects of life including Forex trading. In trading, it refers to the fear of missing opportunities that could result in a large profit, this mindset leads to errors in execution and management meaning this weakness must be addressed.