Traders who are unprepared fail to recognize that making mistakes is part of learning and can actually enhance their skills. A trader should never get demotivated and avoid silly mistakes like not following a trading plan, taking big positions, not using stop-loss, and not monitoring their trades.
Passion is the key to success; if one is excited, they can achieve anything. In order to succeed in Forex trading, one must be disciplined and have a strong desire to perform and learn.
A knowledgeable trader would know how much to start with initially, and one can change their entry and exit positions in a trade according to market conditions. In my opinion, trading shouldn't be focused on risks but rather skills.
I like scalping because it consists of opening a position, making some pip gains, and then quickly closing the position. But not everyone can keep up with it without required knowledge and skills.
Forex requires knowledge upgrade with time, which is built with constant learning and keeping up with market trends. Also, having a right mindset is very necesaary along with skills to achieve success.
I believe that having a sound trading plan that is carried out with positive results is the key to success. Success can vary from person to person, though.
I think people should follow basic rules in trading so that they can stick to logic and can keep a positive learning approach in their trading journey.
Good economic knowledge is usually beneficial for trading, although formal education is not strictly necessary to engage in trading. However, if you've made the decision to start trading early in life, you can study things like arithmetic, economics, and statistics. They would be of great use to...
Traders can get through the emotional response by planning ahead and understanding how they see market events and respond to them. Trading by having a toll of emotions can really affect your performance so one should be really wise with hold of their actions.