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EKO ARIFIANTO
4 Main Pillars that Determine Your Success in Forex Trading
Forex traders have become one of the promising professions. Especially in the land of Uncle Sam, America, there are so many traders who have succeeded in forex trading and have made huge profits and are quite proud. However, on the other hand there are also people who suffer losses and finally enter into the line of heartache.
Regarding the losses experienced by these traders, there are also many articles that clearly explain this. Most of these articles conclude about the fundamental failures in forex trading that are often done as well as how best to overcome the mistakes that result in these failures.
But specifically for this article, I want to discuss the keys to success, pillars, foundations, whatever they are - clearly these four things are the main capital in achieving success in forex trading.
1. Money Management
Money management is very important in forex trading. The amount of lots per transaction that you do must be adjusted to the capital you have, in addition to that you also have to adjust it to the risk that you are prepared to bear if it turns out the results are not what you imagined (loss or loss).
If you do not pay attention to money management, it is almost certain that you will fall into the abyss of margin calls (drained and depleted of capital).
2. Discipline
Discipline is one of the important things in doing all activities. Since you went to school, surely you are taught about the importance of this discipline. Likewise with forex trading activities.
Discipline lessons that you have learned in school turned out to be very useful when you do trading activities. Discipline to adhere to the trading system that you have created is an important thing in forex trading. Without discipline you can easily crash into the abyss of margin calls.
3. Commitment and Trading Plan
Commitments that are carried out consistently in every forex trading activity carried out based on a trading plan that has been made.
Say you have "plan A" in trading. For example, you will trade on Wednesday and Thursday only. Here, you must consistently commit to carrying out the plan.
Then you must also be committed to not giving up easily in running this forex business. If you give up easily then it will be the person who enters the line of hurt.
Whatever happens, stay committed to the plan you have made and continue to strive for success in this forex business.
4. Enterprising Learning
In carrying out various activities, we must first pass a number of processes to succeed in achieving success in these activities. Likewise with forex trading, if you only think this business is attached to the luck factor, you are wrong.
To succeed in this forex business, you must study hard. Starting with reading materials related to forex trading, you can create your own trading plan, then try to put the plan into practice in a demo account before implementing it in a real forex trading account.
A stage that is long enough is not it to achieve success? From now on, study hard so you can succeed in the forex trading business.
Forex traders have become one of the promising professions. Especially in the land of Uncle Sam, America, there are so many traders who have succeeded in forex trading and have made huge profits and are quite proud. However, on the other hand there are also people who suffer losses and finally enter into the line of heartache.
Regarding the losses experienced by these traders, there are also many articles that clearly explain this. Most of these articles conclude about the fundamental failures in forex trading that are often done as well as how best to overcome the mistakes that result in these failures.
But specifically for this article, I want to discuss the keys to success, pillars, foundations, whatever they are - clearly these four things are the main capital in achieving success in forex trading.
1. Money Management
Money management is very important in forex trading. The amount of lots per transaction that you do must be adjusted to the capital you have, in addition to that you also have to adjust it to the risk that you are prepared to bear if it turns out the results are not what you imagined (loss or loss).
If you do not pay attention to money management, it is almost certain that you will fall into the abyss of margin calls (drained and depleted of capital).
2. Discipline
Discipline is one of the important things in doing all activities. Since you went to school, surely you are taught about the importance of this discipline. Likewise with forex trading activities.
Discipline lessons that you have learned in school turned out to be very useful when you do trading activities. Discipline to adhere to the trading system that you have created is an important thing in forex trading. Without discipline you can easily crash into the abyss of margin calls.
3. Commitment and Trading Plan
Commitments that are carried out consistently in every forex trading activity carried out based on a trading plan that has been made.
Say you have "plan A" in trading. For example, you will trade on Wednesday and Thursday only. Here, you must consistently commit to carrying out the plan.
Then you must also be committed to not giving up easily in running this forex business. If you give up easily then it will be the person who enters the line of hurt.
Whatever happens, stay committed to the plan you have made and continue to strive for success in this forex business.
4. Enterprising Learning
In carrying out various activities, we must first pass a number of processes to succeed in achieving success in these activities. Likewise with forex trading, if you only think this business is attached to the luck factor, you are wrong.
To succeed in this forex business, you must study hard. Starting with reading materials related to forex trading, you can create your own trading plan, then try to put the plan into practice in a demo account before implementing it in a real forex trading account.
A stage that is long enough is not it to achieve success? From now on, study hard so you can succeed in the forex trading business.