This is an issue of concern for many forex newbies. You should always remember that Forex is an evolving market. So your success depends only on your efforts, theoretical knowledge, experience and practical skills. You should understand that it’s impossible to know everything surely on Forex. There is no right method which might predict quotations with an accuracy of 100%. Despite this fact, the market is cyclical and sometimes the price movement is repeated. This allows a trader to understand the market’ behaviour and to choose the right tools for technical analysis. There are some instruments such as Elliott Wave analysis, Gartley pattern analysis, candlestick pattern analysis, analysis of WD Gann, various expert advisors and indicators which can help you to analyze the market situation.
As it was already mentioned, the Forex market is very unpredictable. It means that you should control your emotions because an unstable emotional state can prevent your trades.
“Discipline helps a trader to stay cold-minded and to open and close each order without hesitation and fear”.
So, if you really want to be a successful trader keep calm and patient during trading. Don’t panic. Stick to your trading plan, regardless of the market situation.
Discipline helps traders to stay cold-minded, so they can open and close each order without hesitation and fear. Professional traders believe in success and profitability of their trading strategies. They are quite even when the market moves against their expectations. Professionals respect the market situation and provide for the worst scenarios for the development of their trading strategies. They are always quietly waiting for the moment when market conditions begin to match their trading strategy and they will have an opportunity to make money. Patience is a necessary point for traders during a cycle of deal opening and before its closing.
At first, start trading with opening demo account (in this case, you trade virtual money), so the loses possibility is leveled. You can polish up your trading skills and gain good practical experience. Only after that, you can open a live account. On live account you are trading with real money, so losses are possible. Remember that calm and cold-minding sometimes play a key role in profitable trading. Don't panic and adhere to the chosen trading strategy. Also, if you are a newbie on the market you can use Forex trading advisor. The quality of Forex advisor depends on the professionalism of its developer. It means that only professional traders should develop scripts and robots. The malfunctions that sometimes take place during trading are the main disadvantages of trading robots. So, robots need constant optimization.
Summing up I can say if you want to achieve best results, you should have your own trading strategy, сontrol your emotional condition, learn from mistakes, trade only when you are confident about it. Know your limits and limit your risk. Don’t trade against the market if you have no experience. Don't risk in vain.
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