Wednesday, March 30, 2016

Forex Trading in 10 simple Tips (Part 2)

Here Are the Rest of the 10 Basic Simple Tips Every Trader Needs in Forex:

Forex Trading in 10 simple Tips (Part 2)

6. Keep your feet on the ground at all times
One of the most difficult characteristics for a trader or investor to maintain after they reach a certain level of success is modesty. Going above and beyond what you expected from yourself will unconsciously fill the trader up with overconfidence which equals to the trader believing that he or she knows everything they have to know and that there is no need to keep learning and change anything. This mistake can be fatal, keeping a level of modesty means that as a trader you will always strive for something even better than you already have. As well as making sure that you don’t overuse a tactic that turned out successful in the past.

7. Learn what is important, don’t overanalyse the details
During research for any trading option a trader will come across an unbelievable amount of information coming to them from all directions. This usually leaves traders both lost and confused on what should be done next. What traders are constantly told is that they shouldn’t underestimate the level of information they should look into before making their next move but what they should do is learn to differentiate important information from fluff as well as not overanalysing. Pick out the parts of the data that are of importance to you and leave out all the rest. Once that is done, take only the core from them and leave out any unnecessary details from the edges out. Too much information leads to overanalysing, overanalysing means that you still won’t be able to make a clear decision. Whereas only taking out what you need can light up a concrete strategy path.

8. Less is more
Traders come across different strategies and methods of trading along their careers. As individuals all traders do things the way that feels best to them and is ultimately the reason behind their success. Some traders like to take the more simple and straightforward route to trading, that’s just who they are and that’s what works best for them. Then there are others prefer the more complex trading methods and go through multiple curves before reaching their finishing point. Forex trading is so attractive because of the level of individuality it exuberates, everything is done the way the trader wants. Which is why a trader should never feel less as a trader if their methods are simpler than others and then attempt to complicate their tactics more, this is simply a recipe for disaster. Traders must always remember what works best for them as individuals and what others are doing, as said before, is none of their business.

9. Be honest about both the good and the bad
Similarly to what we said before a good trader is spotted from his level of modesty. No matter what amount success comes in it probably came after an equal amount of failure. A trader must make peace with the fact that he or she will have to endure failure if they are ever going to start moving upwards. Making peace with failure means being able to admit it, but admit it honestly. There is no reason to minimise your failures and there’s no reason to over quantify your success. Maximising or minimising a trading path portrays an ashamed trader who will never gain the level of respect he or she might deserve no matter how golden their account may be.

10. Like any other job, you need a holiday
Forex trading is a lot more tiresome that people think and the exhaustion cannot be clarified to anyone unless they experience it themselves. Traders and investors undergo a lot of physical and mental exhaustion with every trade made which is only natural for them to need time off. Being tired is not a sign of weakness, on the contrary it’s a sign of awareness. A good trader knows when it’s time for them to cool off and step away from the business for a while in order to gain some fresh perspective. Clearer minds are guaranteed to come up with stronger strategies.

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 M Samer Al Reifae
Official HiWayFX Representative in Romania
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