So every Forex trader wants to know the secret to success. In fact, you do not need to be a Forex trader to want that, if you knew that secret, you would become a Forex trader and make millions over night.
There really is no one secret that will make you extreme wealth in one trade, if there was, we would all be millionaires. Having said that, if you are a Forex trader and want to know how to succeed, I have one sentence for you. Avoid Forex gambling.
It all starts before you even risk one cent on the market. Before you can even call yourself a Forex trader, you need to make some decisions in your head. You must ensure that you are going to approach Forex trading for what it is and not as you would Forex gambling. Forex is not a casino and should not be treated as such.
One of the most common and dangerous mistakes a new trader can make is trade the market as if they were Forex gambling and not Forex trading. So what is the difference?
Well, let’s start with a strategy. Make sure that when you first begin trading that you do it with a professional and thought out Forex strategy. Make sure you use all the tools you have at your disposal such as stop losses, take profits, and many more.
Make sure you know what your goals are and how exactly you hope to achieve them, and I mean down to the very last detail.
Read news, market analysis, and Forex articles and make sure you know Forex like the back of your hand before investing your money.
All those tips are important but here is the kicker. Control your emotions as a trader, something you would not do if it was called Forex gambling. Do not put all your eggs in one basket just because you have a hunch. Follow your trading strategy and become a well disciplined Forex trader.
The Forex market is extremely volatile and one wrong move can mean the end of a Forex trader. Once you cross that bridge, there is no way back. It is therefore important to make the necessary preparations prior to trading and define your mindset first and foremost that this is Forex trading and not Forex gambling. That is already half the battle.