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| Facing The Beginner's Biggest Forex Trading Challenge - Self-management! Part 2 |
By:
Darrell van Zyl |
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As a beginner in the world of Forex Trading, even if you have the greatest system, ample capital and a wonderfully helpful broker - if you can't manage yourself, your emotions and your mindset, you are almost certain to fail.
Trading online is not a place either for the faint-hearted or the foolhardy. Those in first category are likely to prove the truth of the old saying "Faint heart ne'er won fair lady", while those in the second are equally likely to prove that "A Fool and His Money are Soon Parted".
But if you can control your emotions in what can be a very stressful environment, you will have set your foot on the first rung of the ladder of financial success.
Part 1 gave 7 points to consider before you take the plunge; here are another 7. Do network and visit forums.
Networking and forums are part of the education process, and also an important part of your support system (see below). The forums can be particularly useful if you show you are sincere, want to learn, and appreciate any help you get. It is amazing how much valuable information real experts are willing to pass on, free, to those who show genuine interest. Many of these experts regard this knowledge transfer as part of their contribution, their "giving back", to the industry in which they operate.
Do be patient.
First, don't feel you have to trade every minute that you're awake and the markets are open. If your system, whatever it is, says "don't trade", then don't. If the day looks too choppy to you, maybe you should use the time in some other way (see "Don't turn into a hermit" below). Even if some trade is possible, don't force matters and particularly don't try to make a killing in a few trades. Even if your immediately results are not as good as you hoped they would be, don't give up too soon. And if you are making a profit of 5% a month, rejoice. Know what that is a year compounded? About 80%. Try and get that from your neighborhood deposit-taking institution!
Do know yourself.
Make sure you know your own abilities. What do you really know, what do you really understand, what do you still have to learn? What level of risk are you comfortable with? How well can you read the markets? Don't sell yourself short - but don't think you've become an expert overnight. You're learning to trade within trend lines; you also need to learn the upper and lower limits of your ability, and trade within those limits.
Don't keep switching systems. There are many systems on offer. Each of them will probably work for a group of users, somewhere, sometime. The trick is to find one that you understand, that you are comfortable with, and that shows signs of working for you. Stick with it until you are certain that it either definitely works, or definitely is not for you. Then, and only then, consider changing. The biggest mistake you can make is to keep changing systems; you will enrich the vendors, but it won't do much for your bank balance.
Do use as much automation as you can.
Make friends with your software, so that using it becomes second nature. The modern software advisor programs can be really helpful in getting you trading successfully much sooner than would otherwise be the case. Remember that most of the vendors of these programs offer a money-back guarantee, so you can try them out on a demo account and see if they live up to their claims, and if they fit in with the trading plan that you have crafted.
Do believe in yourself.
If you can, build a support system - friends, family, fellow traders. Even if you can't, back yourself. There will certainly be times when you worry, when you are fearful of the decisions you have to take. Use that fear, turn it into a positive, use the heightened emotion that fear brings to sharpen your assessments, double-check your calculations, and then take action.
Don't turn into a hermit.
Remember, you have a life away from the screen. Take frequent breaks, relax your mind, exercise, go surfing, for a run, for a workout, for a coffee. Make the most of your friends and family. After all, isn't that one of the major reasons you got into the forex market - to earn the money that will give you a better quality of life?
About the author:
If you spend a lot of time watching the trading screen, you need to think about keeping fit and in shape. Visit http://www.ellipticalstep per.net to find out how a home gym with a compact Elliptical Stepper can help you lose weight and stay fit - and still have time to trade. |
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