When you are trading, the most common thing you will try to do is get the profit from every trend. This is common because every trader wants to get rich. They want to squeeze the money out of the trend and they want to profit from every movement. This is not the way how you should trade in Forex. This article will tell you why it is not good for you to take the money from the pips that you see on the chart. Though they may look attractive, they are not good for your career.
Leading your dream life based on currency trading profession is very hard. People don’t really understand why they should trade the market with managed risk. They simply execute trades with high-risk exposure and lose a significant portion of their investment.
If you want to survive in the retail trading industry, you must learn to trade the like the Singaporean traders. Forget about short-term gains. Never try to win all the trades by predicting the price of a certain asset with 100% accuracy, as this is nearly impossible.
Becoming a successful trader requires extensive knowledge about the retail trading profession. First of all, try to eliminate the unnecessary variables of the market. Focus on the development of your trading skills instead of making big trades. Open a demo trading account with an elite class broker like Saxo as you can learn lots of new things. Be smart when it comes to retail trading profession. Unless you know the perfect way of trading the currency pairs, never risk a significant portion of their investment.
It is called greed and greed takes your money
The first thing that you need to avoid in your career to become successful is greed. If you ever greed in Forex, you will lose your money no matter what you are doing. An example is when the novice traders place their trade and they see they are making a good profit. They become excited but not all the traders close the trade after making the money.
Many people want to see where the trend is going and they keep the trade open. The pip is moving in their favor and they are trying to make money, it results in losing the money when the trend turns against you. Remember, the more you try to get every tiny bit of profit, the harder for you it will be to make a consistent profit. Even if the industry is offering you a small money, you will wait for a big profit and end up losing money. Greed can take you to the end of your career and you should never be greedy in Forex.
Every pip of profit is not possible for the traders
Even the professionals do not want to try to squeeze every inch of profit from a trend. We know it sounds fancy but it is very hard for the traders. The trends do not have time when they will change. It is a luck if you have got yourself a good trend and you can make a profit. You do not make your money by winning big trades but with smaller profits consistently. If you aim for every bit of profit form the trend, keep in mind you can lose your investment. You do not know when the pattern will have a new movement and you can lose all your money.
The market does not think about you
The industry does not know what you are thinking in your mind.
If you are thinking you will close your trades at the moment when the pip will start falling, you are wrong. It can fall anytime and this fall can take down all your profit. It is better if you close the trades when you can and take the profit you can. Plan for the next trade and make money, this is how you can make bigger profits without squeezing every bit of profit from any single trend in Forex.