There is a widespread misconception among the traders of Forex. A large of traders, without any reasons, think that they can be successful in Forex if they only spent time in Forex. We do not understand from where they have got this idea. If you spend your time on the market solely without focusing on other things in Forex such as developing your analysis and increasing your Forex basics understanding, it is going to be very hard for you to make real money to support your family. Traders in Forex waste their time without any reasons. They try to analyze the market for hours, and this is what we always discourage. Do not over analyze the market, it will not only give you wrong information, but you will spend your time only one thing which means you are getting less time for your other works. You need to divide your time in the Forex market to get the most out of your day. Remember time itself is an investment in life. Money is not the only thing you are investing but also your time that you cannot get it back. It’s important that you know spending time on the market alone cannot make you a better trader.
Most of the new traders think that this market is easy to trade. They consider trading as the perfect place to make money. In fact, it is the perfect field for to earn money but for that, you have to know all the detail things about this market. Always consider trading as your business just like the professional Singaporean traders. They know that this market is all about probability and for this reason they trade with proper risk management. On the contrary, the rookie traders risk too much in single trade and lose a huge amount of money. It’s true that sometimes they will have big winners but considering the long term fact they are just running their trading career.
You cannot go to fight a war if you do not have your sword wielded by the finest blade smiths of your village. If you try to fight a war with your bare hands, you will only survive for a few seconds, and you will ultimately die. Trading in Forex is like a war, and your sword is your strategy. It is your cutting-edge weapon which is going to give you an edge in Forex. Spending all the time will not give you time for your plan. Those are successful in the exchange traded funds community were very much devoted to this market. They always assess their trading result to find their weakness. Most importantly every single one of them has a strong reading habit. To maintain consistency, you must keep yourself updated with the latest market news.
You need to develop some hard and fast rules to get your success. The famous Turtle experiment is the proof that every trader can get success if they follow the same standards in Forex with education and patience. In this experiment, the traders made a profit of more than 100 million dollars in just a few years. You need to invest your time in learning the market rules and education of Forex also. Do not spend all the time only in figuring out the market.
Finding yourself in the successful line trader is not all easy. Some of the traders often consider trading as the most complex business in the world. You always have to deal with some losing trades to make money. Aim for high-risk reward trade setup and embrace your losing trades just like the winner. Try read as much as you can since it is one of the best ways to enhance your trading performance.