We are not going to lie and say that being a successful trading is an easy task.
No. In order to become successful, and it is true for every field of work and earning, you have to understand and like what you do.
So, the first rule is that if you feel that forex trading is not for you at the moment it is better to step aside and dedicate more of your time to learning rules of the market.
Although here we have to stop and say at once that giving up is also not a way to go. Just like anywhere giving up is something that is going to lead you right up to failure. Make an effort to understand and get involved in to forex trading before deciding to fully close the door.
So, those who did understand that forex is an interesting and rather fast way to get rich and get some extra cash should understand that at some point it is going to become a full-time commitment that requires constant practice and theory flow.
In order to be a successful trader one has to never stop learning.
After all we are living in a world where everything is developing with astounding speed. And trading is just one of the things that is going to change constantly. Never forget to read up new information and behind all of the theory flow do not forget to implement your knowledge in practice.
Once you start trading it is important to remember that unrealistic financial goals are not going to bring you anywhere. Setting up the goal to earn $100.000 in your first forex trading month is pretty unrealistic and the disappointment from the losses is only going to get you off your trading focus. So, and it is one of the most important rules of trading – know your possibilities and do nor set goals which are too high.
Also do not take on more than you can bear. Start off easy – with just one currency couple. Currency trading is pretty unpredictable as it is and for the newcomer in the field it is not going to be easy – to focus on several trades at once. So, for the adaptation period it is easier to focus on a certain currency couple. And only when adaptation period is passed to turn to multiple trades.
We know that for now it seems that there are too many rules and restrictions. But in reality it is really so much easier to stick to these rules in order to be successful a couple of months later.
In general, try to enjoy trading and only do what you like and success will come in the meantime.