How successful people stand different in forex market


This resource explains on how people stand different in forex market.

Forex market is considered to be the best among other stock related trading markets. On the other hand, forex trading is considered to be the most difficult one. Why is it considered so? What does it take to achieve in the forex trade? These questions are answered in this article.

When compared to other markets dealing with stock and similar process, the forex market traders enjoy a few advantages like high class liquidity, round the clock market, easy access over the net, better processing etc. Due to these advantages, the traders see the forex as a new speculation and as an opportunity. Now, if you were to assume because of these advantages, the forex trading is easy, am afraid, it's not.

A statistical data from the brokers proves that only 5 out of 100 traders are constantly making profits. Another 5 break up in the middle and the remaining 90, end up with a loss or a bad trade. This data is of course enough to prove that the forex is not easy enough. But, you don't get anything without hard work and loses. You ought to possess a lot of patience and need to learn a lot. Most successful traders in the forex stay simple and take each and every trade as a learning experience. Only this learning, as far as me concerned, gives them experience and knowledge to react accordingly to the market variations.

If you were thinking about the special qualities that those people who have been successful till now possess as you were reading this, take a look at the following points:

Knowledge about time and value is very important in forex. Successful traders are well educated by mere experiences and they imply their knowledge when they reach crucial situations. An English proverb reads, 'History always repeats'. When you learn everything from experiences, you are travelling towards success.

They value the prize behavior than any other thing in the market. Though there are many other systems like oscillators to help indicate the market, they clearly define them as one of the 'just help' device. What plays a key role is the money behavior.

Being aware of trading psychology and its effects are also important. When you lose some money in a trade, you might get emotionally down and proceed with a trade that shouldn't be done. Situations as such should be clearly avoided.

Know what you do. Don't let yourself get influenced by others as this can bring in a heavy loss. Multiple inputs can never do well for the forex.

These are some key points for successful trading. Trading successfully is no easy task. This process can take years to reach a considerable result. Use of money management, sound knowledge and psychological awareness will help you to accelerate forex trading.


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Comments

Author: Pravat Kumar Das04 Sep 2014 Member Level: Gold   Points : 5

Forex trading is neither easy nor hard to learn.
First of all know whom should we call as successful trader in Forex market?

A trader who sustain his margin and his presence in market for a longer period more than 2 year.
Who makes constant profit ( does not matter the profit amount) and trading with patience.

So if you want to be part of the successful trader you need to keep so many things in your mind.

1- Learn first then trade for earn from Forex.
2- Money does not come over night so trade with patience and wait for the right opportunity.
3-Never think about your past debt or daily expenses to cover from this Forex profit.

Because all the above points make you weak emotionally and force to do over trade which cause you finally loss.



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