Many people consider forex trading to be the most promising and lucrative business, with large and liquid profits. Even there are many traders out there who claim to have made thousands of USD profits, but I don't know for sure how much they have lost. So it's not surprising to me, that every month thousands of novice traders enter the world of forex even though most of them fail / lose in the first year, and also many of them stop being forex traders before two years. For this reason, on this occasion I would like to share tips or steps that need to be taken, especially for beginner traders so as not to drown in their dreams or at least to change their mindset.
1. Throw away the hope of getting a big profit
The big mistake of novice traders when they first enter the forex world is to carry a big obsession about big profit, so that it will make mental and psychological pressure even more severe, especially trading strategies have not been mastered perfectly. So that it often causes fatal mistakes in trading, so as a novice trader, you have to throw away or put aside a quick mindset to make big profits that don't make sense.
2. Risk Identification
Before doing anything, first learn about the market and determine your preferred currency pair, and if you think that the strategy you are going to use is appropriate then go ahead!
And you should not spend more than 25% of the total capital or investment in forex.
3. Create a trading plan
In forex trading there is no most accurate strategyv and the wrong or right method. Sometimes a strategy will be appropriate if applied to a certain currency pair, but not with other currency pairs.
1. Throw away the hope of getting a big profit
The big mistake of novice traders when they first enter the forex world is to carry a big obsession about big profit, so that it will make mental and psychological pressure even more severe, especially trading strategies have not been mastered perfectly. So that it often causes fatal mistakes in trading, so as a novice trader, you have to throw away or put aside a quick mindset to make big profits that don't make sense.
2. Risk Identification
Before doing anything, first learn about the market and determine your preferred currency pair, and if you think that the strategy you are going to use is appropriate then go ahead!
And you should not spend more than 25% of the total capital or investment in forex.
3. Create a trading plan
In forex trading there is no most accurate strategyv and the wrong or right method. Sometimes a strategy will be appropriate if applied to a certain currency pair, but not with other currency pairs.
