How do I start trading forex?
? In case you are asking this question you are already set on the path for trading. You are just not sure whether you are taking the right steps in order to have a successful start. And these first steps are extremely important in every trader’s career as even a little bump in the very beginning can spoil the experience to the point where you give up and exit trading altogether.
In case you are going to ask a broker – what do you need to start trading, their response is going to be that you need to open an account with them, properly fund it and start trading. But I would strongly disagree with that statement as trading forex is no simple task. It takes a lot of commitment and understanding of what it actually takes to be a trader.
First of all, you need to understand why you are going into trading. Is your brother/father/friend told you about their success and you simply want to replicate it that is not a proper motivation. You have to go into trading in order to create your own story with your own failures and successes. You have to go for yourself.
Second, you need to understand that there is no such thing as minimum commitment to the business. You are to pay your entire set of attention towards news and information from the markets. This is not only your source of income. This is your hobby and your main set of interests right until you decide to stop trading if that moment ever comes.
Third. As soon as you set up your trading space you need to understand that all of the panic and fear is to be left outside of it. There is no room for them in your trading space and in your mind while you are trading. Fear and panic are the two most dangerous enemies of traders. They cloud the mind and do not let you take proper decision. And stunned is not a state in which you would want to make money.
Also it is very important to take breaks and time offs. Although full commitment is always good, there is such thing as burning out in every business. And in trading that comes sooner than you might even notice. Of course you are tough enough to put this next trade, but after five successful trades that might be a time to go to rest for some time. Also, get enough sleep every day.
The process of trading is never easy. Whatever you are trading – forex, stocks, commodities – be prepared to being stressed. Be prepared to making quick decisions. Be prepared to go out when you feel like it. But most of all – enjoy!