Before planning to try your hands at Forex trading, it’s essential to set targets that are needed to be achieved, to stand victorious in the battle of forex traders. Many traders play very impractical moves and aim at becoming rich in a short span of time. Fuad Ahmed, currency trading expert suggests to keep goals at an achievable height, so getting to the target in the initial phase is easier.
There’s no harm in setting a goal too high, as Forex Trading being the largest business market, has the capacity of returning to its traders double the amount, they invest into the business. But, Fuad Ahmed being an expert and analyst of the financial market suggests to keep it low-key in the beginning. Many traders when fail to achieve unrealistic targets they set for themselves, get de-motivated and fall too deep. Mr. Ahmed in the following part advices his readers how they can remain focused and motivated in Forex Trading.
Expect Less, Work Hard.
For a novice trader, it’s recommended to aim high but keep expectations low in the beginning. Trading is all about learning appropriate ways of doing it.
The first target to set for yourself is to observe and learn the art of trading. It is important to learn the right techniques before entering the market and achieving long term success.
For novice traders, it’s essential to be aware of the fact that trading doesn’t start giving you desired results from the very start, so it is vital to keep yourself motivated, expect less from the business and work hard. Trading in the beginning does not suffice for all the monetary needs of a trader. The early years of trading should be taken as education for the future. If a trader neglects the important of training at an initial stage, failure becomes his destiny.Training along with experience can prove to be extremely helpful for his long-term career in Forex. While starting off without understanding the basics of the training, a trader can call a disaster upon himself in the face of a financial blow.
Wait, Before you Target to Generate a Living out of Forex.
Once a trader completes the learning phase and becomes comfortable with trading, he starts gauging his own capacity to take risk per trade as well. His risk tolerance increases with each transaction, from $1 to $ 100 or more.
The trading accounts expands from where he started. This happens only when he is going at the right pace, following the right steps. He does not out-rightly aim at making a living out of trading in the first place, but waits to check his own potential as a trader and learns taking small steps before finally jumping in the field.
The game does not end at just learning the ways, it is also remaining realistic in expectations and demands. It is impractical to want a living out of trading from the very start of it. For instance, if a trader expects his 2,500 to be returned with a 500% profit, it is an unreal expectation to have in the start. The most appropriate thing to do is want 50 to 100% profit in the beginning.
A small account usually only helps in gaining the experience you need in trading. So, it’s better to build up a business for yourself with required efforts and training than setting unnatural hopes from it. One can aim at getting returns when the business is established and he has moved from small to a large account.
Target for Becoming a Part Time Trader.
It is a bit inappropriate to quit your job and become a full time trader without experience. So, it is advised to take Forex trading as a side business in the start, when you are still making money from another source.
Learn to Be the Best in your Field.
Whether you are a beginner or an experienced trader, you should aim at bringing your A-game in trading. It is said that when you work to be great, greatness comes to you. Same goes for the investors in Forex business too. If they put in the effort to be best at their work, they stand victorious.
The purpose of trading at an early stage should not just be the making of money but learning to trade. If a trader falls for making money in the start, even a small single loss comes to him as a shock and he loses his ambition for trading. So, to become a seasoned trader, it is vital to not keep money your prime focus but the process of trading, in the start.
Observe the Market.
For a new trader, the observation and understanding of the dynamics of the market are also very important. He cannot learn to trade unless he knows what he is to observe and build his skills in.
A trader is a participant, a member of the market, while a novice trader is suggested to remain away from the market and observe it silently from the distance until he has learnt the ways of it.
This advice is given because there’s a lot of activity happening in the market, which drives a beginner to invest an amount of money he cannot afford to lose. The activity and trade that is done in the market, gives a trader a push to invest more and make as much as the experienced traders are already making, which can be a risk for the novice. If a trader is taking it as a side business, he should not be involved in the market but be only an observant.