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  • Dennis#MD
    Dennis#MD

    How can a naive Forex trader build a trading mindset

       (0 reviews)

    You can always trade the demo account. At a point, you must move from the demo trading account into the live trading account.

    Most naïve traders are afraid of entering the live trading world, so they toy around.

    But, how long can they do it?

    If you also belong to that category, you must stop it and start trading the live account.

    If you want to trade the Forex market, you must act like other traders in the market. If you want to enter into profitable trades, you must start trading the market and keep your mind fixed on trading goals.

    Without entering the real trading world, you can never become a successful trader . There are no shortcuts for trading success. You must start analyzing your trading behaviors and correct if there is anything to be corrected.

    Of course, there are lots of things that come together to build a trading mindset. As Singaporean traders say a few points weigh more than the others. So, we thought of sharing those few points with you.

    Even when the market is uncertain, trade

    You must build a steady mindset that makes you can focus on the market and enter into trades. This should happen even when the market is uncertain.

    Most of the time the Forex market will be uncertain, and it is the nature of the market. Yet, as naïve traders, you must develop a mindset that works even when you don’t see the market precisely. You might have to make trading decisions even though the market doesn’t show the definite signs.

    If you want to make a steady income from the Forex market, you must accept the uncertainty and remain disciplined. It is important to be emotionally disciplined when you are in the trading world.

    Using the higher time frame

    Lower time frame trading is always very challenging. In fact, this is one of the key reason for blowing the trading account at the initial stage.

    The professional traders use Saxo options trading account and trade the higher time frame with an extreme level of precision. Though its time consuming it reduces the risk exposure to a great extent. However, if you still want to trade the lower time frame, make sure you learn about multiple time frame analysis.

    Never rely on the lower time frame data as you can never find the overall market trend. Trading against the market trend is one of the key reason for which the novice traders struggles in this profession. So consider this fact before you trade with real money.

    Trading skill is not gifted, rater developed

    If you think that professional traders are gifted with trading skill, you must shoo away that thought. As long as you have this thought in mind, you will not be able to build a trading mindset.

    Of course, some traders might trade better. Some other traders might develop trading skills sooner than others.

    In fact, some naïve traders might make profits in the first trade itself.

    So, you see, things can happen. But, that doesn’t mean traders are gifted with trading skill. You must understand that every trader develops their trading skills. Of course, it might take some time, but still, you can do it!

    If you don’t have confidence, you cannot trade

    Even if your Forex mentor says that you can trade now because you have mastered the skill, you will not be able to trade.

    You might struggle to trade because you don’t have the confidence in you. It is important to believe that you can trade.

    Of course, motivation is important. But it will not be equal to the motivation that you give to yourself!

    Hence, you must develop the mindset in a way to believe in yourself. You must stop demo trading and start focusing on the live trading account.

    Edited by Dennis#MD



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