Thread: Forex trader

Hi monica before investing anything, one must get educated to understand forex. There are lots of good resources out there to help. One of the best I have come across is forexrepublic (dot)info as they run free webinars and training.

Making money from forex market is not a easy job. I have seen so many traders who starts forex trading with over confidence, but they lose their money in a short time period, so A new trader must be very smart and alert about forex trading.

Hi Spader, I agree with you that one should have a thorough knowledge of forex before jumping into trading. And in my opinion forex trading is a very lucrative way to make money from home or from work.

If a forex trader wants to become successful forex trader then he must follow some trading rules, like controlling emotions, always use stop loss, trade with trend,etc. These are some basic trading rules which a trader must know and use always.

I believe that I have learned a great deal about myself by trading -- and I believe that I have grown as a person in learning to control my impulsiveness and impatience. Unlike Keynes, who arrogantly proclaimed that "The market can be irrational longer than I can stay solvent", I have learned humility in the face of my many false forecasts. Life & survival is a process of risk management. I believe the market is teaching me wisdom & good judgement that has helped me (and, hopefully, others) in managing many areas of life. I still have lots to learn. I still become too giddy & reckless when successful -- and dysfunctional from despair (or desperate & reckless) when I fail. The learning is on a very deep level of personality -- much deeper than factual knowledge because in many cases I already know the mistakes but have not gain enough mastery over myself so as to not make them.

A trader must always keep in control his emotions while trading forex. Forex market is very risky and a small wrong step can wipe you out from the forex trading within few minutes. Never be overconfident and never behave like lack of confident person, when you are not confident to trade in the forex market, then you must not trade at that moment, always initiate a trade when you are fully confident.

After gaining a few successful trades in your pocket, it is a tendency to think that you will no longer fail while trading. The ego builds up and you feel very much invincible. But if you want to have a long career in forex trading you have to leave your ego behind.

It's cold. It's hard. It can be costly. But, if you commit to 'knowing thyself', and get a a good handle on your own personal strengths and weaknesses, learn and apply sound trading psychology principles......you can have a potentially more positive and pleasant futures trading experience and life, than many other traders.

Originally Posted by kevinjones

After gaining a few successful trades in your pocket, it is a tendency to think that you will no longer fail while trading. The ego builds up and you feel very much invincible. But if you want to have a long career in forex trading you have to leave your ego behind.

Human Emotions like overconfidence, less confidence, greedy nature, scary nature etc. are your enemy in forex trading career. Traders must control their emotions while they trade forex, however i know it very well that it is very difficult, but only emotionless trading is a way to become a successful trader.