There is an opinion that trading on Forex and other financial markets (including on the stock and commodity exchanges) is akin to playing in a casino: you bet on a rise or fall in the exchange rate – and you win if your forecast turned out to be correct.
Therefore, many come to the market and start trading, relying on luck. They do not consider their steps, do not try to learn to forecast market trends, do not go into the study of methods of trade, but instead act impulsively – as players in a game of chance.
Such people suffer large losses as a result and leave the market with a baggage of negative ideas about trading in financial instruments and confidence that it is impossible to earn money in the financial market.
In order not to get into their number and make a profit from trading, it is first of all necessary to change the perception of the process of executing transactions in financial markets. It is necessary to forget such phrases as “playing on the stock exchange”, “playing the Forex”, “playing financial instruments”, “playing with currencies”, etc.
FOR SUCCESSFUL TRADE, WE NEED TO ASSUME THE FOLLOWING:
- Forex is not a game. There are no accidents here. Exchange rates are determined not by roulette, but by a combination of different economic factors.
- To earn on Forex, relying only on luck, is a utopia. In order to profit from foreign exchange trading, it is necessary to understand the market, to know its patterns, to be able to forecast exchange rates. Therefore, before starting work it is important to be trained in Forex trading.
- When trading Forex, you need to restrain emotions and not let the excitement guide your actions. In this you will learn about the rules of money management and the psychology of the market.