Trading in Forex can be boring sometimes. Why on earth are people making the same trade and buying and selling currencies in the market? They are doing it to make money and among these traders, they are some traders who are very smart. They do not want to spend their precise time and what they do is follow what the other people are doing. If they are placing trades, they place trades. If they buy in the market, they also open a buy order. If the other traders are selling their currencies, they do not take any moment to sell their currency pairs. Do not think these traders are very much dedicated to the other traders or they respect the other people beyond their life. They are only doing it to get the free profit of Forex at other people’s hard work. But unfortunately, trading in Forex cannot be profitable when you are doing what the majority is doing. It may be true that majority cannot be wrong, but when you are in Forex it is true. It is the like Disneyland where you do not chase the Goose, but the Golden goose chases you!
What guarantee do you have other traders are masters?
It is the nature of people to assume something which they have no knowledge about. If you trade in Forex, you will find many people like this market. They do not know anything about the other traders but still take the other traders for the masters. Do you know if they have only started their trading today? Is there any guarantee that they are the better trader than you? You do not know anything and do not try to assume anything in Forex. There are chances that these traders are the weakest group of traders that you can find in Forex and most of the time they are. They only make groups trade with the group's decision because they do not know what is right in Forex industry.
When winners are few, be unique
This market only gives profit to a handful of people. If you are not among those elite 5% traders, there is no way you are going to pull off your money by doing what other traders do. Try to follow what other people are doing in the market and you will end up losing more money than you have thought. When it is your money, only use your decisions to trade. If you lose money in your Forex trading account UK, lose it by your own decisions.
Trading as your business
The first thing that you need to consider in your trading career as your mentality. If you don’t consider trading as your business then there is high chance that you will never become a successful trader in this industry. Most of the retail traders are losing money due to their mentality. They think that they can easily make a profit by trading with a big lot. Some of you might have some big winners but considering the long term scenario, it’s just like a suicide mission. You need to understand that this market is all about probability. You need to act smart to become a successful trader.
Trading is just like managing a big war. You need to be extremely careful about your plan since a single weakness is enough to jeopardize your trading career. Read a lot of books and articles so that you can know how to deal with this market. Learn to control your emotion since this is one of the key factors which will force you to overtrade the market. Over trading is often known as the primary element to kill your profit factor in Forex. Always learn from your mistake and trade this market with rational logic. Never get frustrated with your losing trades rather consider it as your business cost.
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