Forex is a very lucrative business. Those who have a good solid knowledge of the retail business can easily make a decent profit without losing too much money. Many retail traders in the Forex market have learned trading without spending any money. Those who think that to earn money in trading, they must hire a professional mentor, are making a big mistake. If you can follow the basic guidelines of trading and keep reading interesting articles, you can expect to become a skilled trader in Singapore. For that, you should have strong devotion, determination, and dedication.
Learning to trade is not that hard. Follow the steps in this article, if you truly believe trading is the right career for you.
Table of Contents
Get the basic education
The first important thing is to get a basic education. You should not even think about the demo account at the initial stage. Get yourself familiar with the three main forms of market analysis. After learning about technical analysis, concentrate on the fundamental factors. Those who find it hard to analyze the economic data have nothing to fear. Analyzing the news factors is really easy and it can make your trading process much easier. Read a few articles on news trading so that you get a clear idea of how the market reacts to different kinds of news. Become an active member of trading blogs so that you can learn more about this market. After you gain decent knowledge of this factor it’s time for you to move to the next step.
Start using a micro account
The micro account is often known as an absent account. Instead of using the demo account, you can learn trading with the micro account. By doing this, you will know how it feels when you lose money. Since the account deposit is made in cents, you don’t have to lose too much money while trading the real market. For instance, if you deposit just $10, you are going to get 1000 cents in your trading account. Use the deposit to learn the different forms of trading style. After you gain confidence with your trading strategy, find a professional broker. To learn about the details of the reputed brokers, feel free to read more. Open a demo account with a well-reputed broker and try their trading environment. Once you get comfortable, start with real money.
Learn from your mistakes
Learning from your mistakes can make you a better trader in the Forex market. The naive traders are losing most of the money since they never learn from their mistakes. In fact, they never keep track of their trades. If you find a mentor, they will always suggest that you follow a trading journal. By using a trading journal you can keep track of the trades and make some decent profit without losing too much money. During the weekend you will get the unique opportunity to analyze your trading results. Try to find the performance report so that you can bring the necessary change to your trading system to earn more money. Once you get good at doing that, you can see the change in your real-life trading.
Be prepared to deal with emotions
During the learning stage, you will often become emotional. The emotional approach in trading is one of the key reasons why naïve traders are losing money. You have to think about the safety of your investment and trade this market with rational logic. Stop placing the trades with aggression and try to focus on the longer time frame trade setups. Forget about the emotions and develop your skills based on long term goals. Slowly push your skill to the next stage so that you can execute quality trades. Never think your aggression is going to make your rich. In fact, this will be your prime enemy in the trading profession.