One of the biggest challenges for new traders

[LaneBall]

The biggest challenge in my opinion while trading the forex market is battling emotions. Undeniably, the human mind holds the tendency to be the biggest ally or foe. So for all novices, it is advised that in order to avoid trading decisions driven by emotions like fear and greed, it is important to set a trading plan with well-defined goals that will keep you motivated.

 

[funmi]

New traders are been faced with the challenge of making rational decision when embarking on any given trade, they tend to put on the garment of making it quick and for this reason they do not take the time to weigh their decisions and they tend to make hasty decision all in a bid to make profit and in the end they make losses. This same thing is applicable to both online and offline businesses. Another challenge most traders face is the error of the greed for more, when it comes to cryptocurrency trading of forex trading so many new traders make the error of wanting more. Let's tak for example someone that has fixed his or her bench mark at $3, per day and all of a sudden the trader now realises that he or she had made up.to $5, that very day, instead of the trader to close for the day and engage themselves in other activities they will want to see if they can still.acquire more money and in the long run they will now lose the profit they had made and sometimes loss from all the profit they had made earlier. So this things should be avoided.

 

[pawelkolasa]

The biggest challenge is controlling one’s emotions while trading. Any kind of emotion either fear or excitement, both hinders a trader from making rational trading decisions based on facts and calculations.

 

[Jentacular]

A majority of new traders lose money for the first few months. Some lose small while others lose big, and the urge to recover the losses is what I believe is the biggest challenge for them. Who wouldn’t like his/her money back after a string of losses? But, in the process traders lose more money. So, I’d advise all new traders to start small, make use of stop-loss (SL), and be content with small profits. Gain experience initially, the money will eventually pour in.

 

[Mary Frederick]

Forex market itself is a big challenge for traders. Every steps that are done here through market analysis, which is of two types including technical and fundamental analyses. Eurotrader allows traders with all necessary technical tools and other servbices in moderation.