The forex market presents a great opportunity for traders to make great money in a pretty straight-forward manner. I'm sure you've read the stories on websites of brand new traders earning big money in just a couple of weeks. A total newbie takes $400 of working capital and turns it into a pretax profit $50,000 in three weeks. Yeah, you're probably thinking what I'm thinking; too good to be true! And it is. The simple truth is that the majority of traders lose all of their money in their first year.
I know it may be hard to believe, but it is true. Why? Because most traders never take the time to really learn how the market operates, the fundamentals of successful trading, and develop the proper mindset to withstand their trading setbacks. The most important thing new traders should do is to build a solid understanding of how to trade. Next, is is important that you learn to quiet your emotions and try to make objective trades based on thorough research. Whether you make or lose a couple of dollars should not make you go crazy; just move on to your next trade. This is the quickest way to build your experience, and identify profitable opportunities quicker.
External Resources:
Forex Trading Guide
Forex Trading System
Saturday, April 18, 2009
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