If you are one of those people who watched the film Wall Street and/or the Wolf of Wall Street and fancied some of that action, but have little or no experience of trading, then this article is for you.
Put in the Effort
The first and most important piece of advice that can be imparted upon a newbie trader is to make the effort. And, when what is meant by make the effort is to be honest with yourself, your limitations and the resources available to you, if you want to succeed in forex trading you need to put in the grunt work. Successful trades do not fall onto your lap, you will need to study the assets, study the markets and master the technical analysis charts. If you cannot commit the necessary time, resources and energy to these studies, then forex trading is not for you. Forex is like life, generally speaking, the more you put into trading, the more you get back. Doing the hard work in your studies, staying on top of the daily investing news will see you reap the rewards in your trading for a long time. If you go into forex trading half-heartedly or without doing the required studies, you will fail and lose money. Make sure to put in the effort into everything you do and you benefit from the hard work for a long time to come.
Keep Your Emotions in Check
Keeping your emotions in check is winning half the battle in forex trading. Whenever there is money involved, we get emotional which is dangerous. Letting our emotions get the better of us will result in decisions being made that do not have clarity of thought. Emotional decisions equal risky decisions, especially if we are chasing losing trades. Being able to detach yourself emotionally from trades will help you keep clear of thought and stay true to a strategy. Once you find yourself chasing losing trades or getting carried away on winning trades, you have lost the battle with yourself. Stay disciplined and always keep your emotions away from the trading station.
Use Help Whenever Possible
Just to be clear, getting help is not an alternative to putting the hard work yourself. However, help is out there that can be essential to trading the forex markets successfully. There are social media groups in Facebook, Telegram, LinkedIn and WhatsApp that are filled with likeminded traders only too happy to share information, swap tips and generally encourage other to become better traders. Another option for getting help is employing the services of a professional forex mentor. Someone there to hold your hand through the learning process, tell you where you are going wrong and what you are doing right can be invaluable to any new trader and worth their weight in gold if you want to take trading seriously. Shop around, trying some free trials and find a forex mentor that you feel comfortable will take you to the next level of trading.