7 Free forex tips for beginners in Crypto Currencies and Forex Trading.
Why beginner traders blow their trading accounts.
This is the biggest challenge faced by traders and most especially new traders. It will be a long read but it will be worth your time.
You can’t be a profitable trader when you keep blowing your account and here are few reasons why beginner traders lose accounts.
1. Lack of adequate knowledge: a lot of people jump into trading for the sole aim of making money and as such miss the key points of what trading entails such as the analysis, risk/reward, psychology of trading etc.
2. Trading pressure: it’s common that a lot of traders flaunt their trading skills online, but this cannot be controlled as most of these skilled traders use this method to acquire new students who will be under their mentorship, putting yourself into undue competition and trying to replicate what they do is the fastest way to kill your account.
There is a saying that goes “the house that pounds noisly thinks the silent house don’t eat”.
You don’t have to show off to become profitable and you shouldn’t allow such pressure get to you.
3. Psychological imbalance: everything about trading revolves around profit and loss, getting used to winning some and losing some is the only way to become a balanced trader.
Winning and losing is inevitable in trading.
4. Financial pressure: the goal of every business owner is to make profit and solve their problem.
While this is true it is pertinent to know that it isn’t the same for traders, trading should be a long term process it’s not something you flip to solve basic needs.
It can only serve this purpose on the long run.
5. Ignoring stop loss: stop loss gives protection to your equity, unfortunately traders avoid it because they feel stop loss can hinder the their profit should a trade reverse.
We have seen trades hit SL before going towards your direction while this can hurt, it is also good to note that, there will be other setups, better to incur little loss than risk your entire account.
6. Lack of proper exit plan: holding a losing trade with the hope of it reversing is a bad trading strategy, learn to give up on a losing trade and look for what is to come.
7. Lack of confidence: never allow other people’s voice drown your own voice. Learn to trust your knowledge.
There is no wrong or right in the market until the market says so.
What you see might be different from what someone else sees and it doesn’t make either of you right or wrong until it plays out in the market.
Changing your views and focusing on someone else’s analysis can be a fast way to kill your account.
I hope you were able to learn something from this and equally know where it affects you and make changes to it.
On that note we shall keep on trusting the process………🙏
Trading is not a game of intelligence.
It’s a game of persistence, confidence, discipline, patience.
It’s a psychology game, not an IQ game.
If you followed your trading plan but still lost money… you still won.
You won a psychological battle, and this should be celebrated.
Over time, consistent actions beget consistent results.
Trading isn’t a few hours of reading graphs.
It’s a lifestyle. 📉
I advice any interested investor in forex trade to check out the XM Capital platform, I am a big fan of there trade strategies and I can proudly say I am a beneficiary too. I have also managed to share a lot from there experience and I could start managing my Real trade account personally soon.
XM Capital
For forex trading at
https://clicks.pipaffiliates.com/c?c=676250&l=en&p=0
Join our recommend Broker 🎯
🔹Features 🔹
•Leverage upto 1:2000 🔰
•Zero Spread 🎁
•Fast Execution 👌🏻
•Instant Withdrawal ✅
•Trusted & Regulated Broker 🎯
Join Exness from this link ⤵️
https://one.exness-track.com/a/c_7hfrg0krwc
Behind every successful Trader there is an honest broker ✅
All this means nothing if you do not have a Binance account to take advantage of this offer
Open your account at
You can try
Binance
https://www.binance.com/en/activity/referral-entry/CPA?fromActivityPage=true&ref=CPA_00R9LJ2LDW
The best traders who are Beginners in Crypto Currencies and Forex Trading need:
1) Discipline to follow the system
2) Confidence to execute the system
3) Patience to execute the system
4) Persistence in the execution of the system
5) The system that is tested and proven
- Comment
- Reblog
-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
Spartzfx 