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PostPosted: Thu Sep 21, 2017 9:29 am 

Joined: Fri Jul 14, 2017 2:56 pm
Posts: 3
Learning the art of currency trading is one of the most difficult tasks in the online trading community. Every single day the number of retail traders in the online trading community is increasing at an exponential rate. Some of them know about the associated risk in Forex trading but most of them consider trading as a money making the machine. It’s true that you can earn huge amount of money just by trading the live assets but to do so you must have solid knowledge of this industry. But learning the art of trading is not an easy task. You need to spend a huge amount of time to understand the dynamic nature of this market. Do you think that the doctors and the engineers are making a decent income without learning all the detailed lesson in their relevant field? They have spent more than four years only to know the basic stuff of engineering. Similarly when it comes to Forex trading, never expect to become a Forex millionaire just within a few months.

Learn from your mistakes
As a new trader, it’s very obvious that you will often make some mistakes. In the eyes of the expert Singaporean traders, trading mistakes are the blessings for the devoted person. Being an active participant in this industry you need to learn from your mistake in every possible step. As long as you learn from your mistake you are developing your trading skills. But to do so you must keep a record of your trade execution since it is one the easiest way to identify your mistake. Some novice traders keep on losing trades but still, they can’t find what they are doing wrong. If you facing such situation then you should never trade the market with your real money. Use the demo trading account and try hard to find your fault. Once you identify your mistake then seek help from the expert traders to get the perfect solution for your problem. However, if you don’t find any expert professional then you should do some online research to get a clear idea about your problem.

Never trade the market with real money for the first six month
The first six month is very crucial in the life of a new trader. Most of the new traders in the exchange traded funds community lose their entire deposit within their first six months of trading. So in order to avoid full capital loss, the Singaporean traders always suggest the new traders use a demo trading account. You should develop your trading system based on your mentality and demo trade it for the first few months. Once you gain enough confidence in trading the live asset deposit a small amount of money in your real trading account and see how you can deal with the market dynamics.

Some novice traders often think that demo trading is not a perfect platform to learn the art of trading. But if you look at the professional traders then you will notice that even they have used the demo trading account to develop their trading skills. Without learning all the details of this market there is no logic to trade the market with real money. Even after learning all the details of this industry it will be really hard for you to control your emotion during the extreme volatility of this market. But no matter what happens you are not allowed to risk more than 2 % of account capital since it is the golden rule of money management.

Becoming a successful trader is just like a war. You need to educate yourself with the proper knowledge of this industry and trade the market with the extreme level of discipline. Never think to become a Forex millionaire within a short period of time rather consider it as your business and trade with strict discipline.

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