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Thursday, November 2, 2023 –Forex trading FX is a challenging venture and to be able to make money from it, one must be disciplined a lot.
Greedy traders end up losing their money in the process because they want more even when they are not in the right position of mind and discipline.
It has been said not once that do not over trade. Trade few currencies that you can be able to put an eye on. Do not follow social media signals carelessly and make sure your trades are informed – stop guesswork because this is not gambling.
Stick to your strategy
If your strategy tells you to be trading in the evening, do not try trading during the day at between 9 and 4, wait until your right time. Everyone has his lucky time. You cannot be lucky the whole day. Nature doesn’t allow that, sadly.
Subsequently, when you notice your trade is going against your expectations, make judgement, adjust or quit for another day rather than waiting to blow your account.
Additionally, use lot size(s) that will not put pressure on your little investment size. Small lot sizes matter a lot and this is what newbies should do always. It cannot be overemphasized.
High impact FX news
And when a rumour about High Impact news come up, be ready for not-so-good water fall moves. You could lose out your account. Shield it with the hedge because, from experience, whenever there is news, trades go down towards the sale direction and if you are not in the short position, highly likely you could lose a lot – all your investment. Take precautions early.
Lastly, do not trade with emotions and do not trade to revenge a lost trade. It is not advisable in the world of Forex because the more you come back to earn what you just lost, the more you plunge yourself into more mess.
