A lot of people have bad experiences with Forex, as you can see… Also, a lot of people see it as gambling or worse, but it isn’t. It’s a skill you can acquire. And we can see that different people have very entrenched negative beliefs about Forex.
If you take any of these on, you are guaranteed to fail. So, how do they account for those who succeed at it, I wonder.
To win at Forex, you have to work on yourself first. Mindset is key – to my mind, more so than what ever techniques you choose. Unless you can be clear and present when you trade, you will be sucked into fear and the negative subconscious programming that you have running and may not even be aware of.
You have to master that, because once you have money on the table (and I’m not talking about becoming the world’s best demo trader – that’s pointless), all your negative stuff kicks in and runs your mind.
Once you are on your way with the mindset work, choose THE SIMPLEST TECHNIQUE you can find. And don’t get sucked into the never-ending-learning process that many in the industry would have you do (to support them!). Stay out of chat rooms and forums where you will only feed your doubts, and quietly practice with minimum risk trading.
And when, as a novice, you make a successful trade, go away from your charts and enjoy your success – don’t keep doing it.
The reason for this is simple.
Once you have had some success, your mindset changes. You may think you have cracked it, but every moment is different, and you need to revisit the charts with a fresh mind.
Just a few tips for starters. I won’t wish you GOOD LUCK – that’s what GAMBLERS need, but I will wish you good fortune.
When you are selecting a Forex broker for Forex trading, you should always select a broker with good reputation in the market. It is all because only an experienced and reputed Forex broker can provide you with the kind of service that you would need while trading at the Forex market.