We all might have heard about beginners luck. This is very true when it comes to forex trading business. Majority of the new trader’s makes a huge profit in the first week but soon they wipe out their investment by losing big trades. Managing your trades and making consistent profit from this market is not all easy. You have worked very hard and trade this market with managed risk. The experienced Singaporean traders know very well about the risk factors of the market. For this very reason, they never risk more 1-2% of their account balance. The new traders often say the market is teasing them and even after doing all the things perfectly they are losing trades. But do you really think the beginners are really understanding this market? You have a lot to learn before you can make a profit from this market. So let’s discuss some of the key things which we need to know to become a successful trader.
Time spent in studying
Ask a new trader how much time they have spent before live trading the market. You will be surprised to see none of them have actual experience of this market. Instead of using your real account you need to open a demo account to trade the market. Demo trading accounts will give you access to live market and you can easily execute a trade by using your virtual dollar. You should spend at least six months in demo trading in the market. There is saying, practice makes a man perfect. When it comes to forex trading business, this is the most important statement which is often overlooked by the traders. Be sure you have spent quality times in educating yourself about this market.
Stop thinking about the profit
The new traders are biased toward the profit factors of the market. They are very busy in executing trades in their online trading account. But if you want to lead your dream life and become a successful trader you must stop thinking about the profit factors. To be honest you should be more concern about your investment. According to the recent study, only 5% of the traders are able to make profit consistently. So if you want to become one of them you must learn currency trading with managed risk. Try to work smart. Working hard all day long will never help you to become a successful trader. Identify the key factors of the market and enlighten yourself with knowledge. If required find an expert Singaporean trader to get a clear overview of this market.
In search of Holy Grail
Those who are in the search of Holy Grail should never step foot in the investment industry. Regardless of your knowledge and investment, you will always have to lose trade. So it’s highly imperative you prepare yourself for the losing trades or things will become very hard for you. However, if you start following the basic rules of investment you will see a dramatic improvement in your career. At times you will be taking a huge risk but this is nothing but increasing the chances of blowing your account. You have to follow the proper rule of money management to protect your capital from this volatile market.
Trade with discipline
Discipline is extremely important to become successful in any industry. You might have very little knowledge about this market yet you should be taking every single bit of details with an extreme level of care. Those who are not new to the investment industry knows very well about the importance of discipline. You might be losing many trades but this doesn’t mean you will be taking a huge risk to recover your loss. Just stick to your trading system and you will be able to recover the loss. And never stop learning new things about this market as information is power.