Reading a great deal on FOREX trading these days and amidst the nosebleed here are few of the things worth keeping in mind.
1. FX is not a get-rich quick scheme. It needs a lot of studies, practice, discipline, planning, and dedication in order to make it a money-dispensing machine for you.
2. As some experienced traders said, there are no experts in FX, it’s a never-ending classroom. No one goes unbeaten. You win some, you lose some but like in any areas in life, you learn more by committing mistakes, it teaches you to minimize your losses and still earn and earn big in the long term.
3. Discipline. Discipline. Greed can be your downfall in FX. It is advised that you stick to your initial goals. When you’re in a winning position at the point that you originally intended don’t stake staying on for greener pastures. Same as when you’re losing, accept your loss before you lose so much.
4. In FX there is no such thing as ‘bad day’. You can find opportunities in the brightest or in the bleakest market circumstances. There are always two sides of the coin, just be smart and informed enough to know which side to take.
5. Invest only what you can afford to lose. FX is a high-risk investment and not for everyone.
So for novices like myself, take your time, breathe all the possibilities, and let's make it! YEAH! For now, be patient on the terminologies and on the charts and numbers and whathaveyou's and console yourself that there's an idiot like you on this side of earth. :)
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