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15 Things You Must Know if You Want to Trade the Forex Markets | Ep. 009

15 Things You Must Know if You want to Trade the Forex Markets The Forex Warrior
For today’s episode, Dr. Jason Gospodarek will let you in on 15 things you must know if you want to trade the forex markets successfully.

Enjoy Handling Risk

Forex trading is inherently risky. In fact, as a forex trader, all that you will be doing in the market will involve risk. What you must do is to control that risk, whether by making it tiny or making it huge.

You have to be comfortable with that risk because it’s going to be there every single time. – Dr. Jason Gospodarek

We all know that psychology is the most important part of trading. Strategy and percentages play a huge role. But the proper mindset and business between your ears will drive your work.

Basic Understanding of the World Market and Fundamental Knowledge

The importance of this knowledge and understanding can’t be undermined. You need to know what the euro, pound, and yen are. You need to be well versed in geography as well as basic understanding of different cultures.

Being in the know of global news and understanding how and why currencies move in relation to one another is also important in order for you to better grasp forex trading.

Learn to Handle Stress

Forex trading is a 24/7 business. It’s not easy to turn it off when you have your money on the line. You need to be able to handle the stress that comes along with it, whether it’s from your bank account or a type A mentality.

It’s also important to note that in this line of business, nobody cares about anyone else or anyone’s money. Not the brokers, not the markets; you’re on your own. The forex market is the largest in the world, and it’s through understanding what you’re up against and handling the stress that comes along with it will you be more successful.

With all that risk comes the potential for great reward. – Dr. Jason Gospodarek

To hear more tips from Dr. Jason that will help you realize your true potential as forex trader, download and listen to 15 Things You Must Know if You Want to Trade the Forex Markets.

 

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About the author, Jason Gospodarek

Dr. Jason Gospodarek has successfully managed several forex related websites for nearly 14 years, has been a mentor and daily live forex streamer on a leading forex educational website, and has helped to launch two forex brokerage firms. He has been involved in the money management side of the business as well as the back end and setup of metatrader liquidity pools over the years. Although he manages his own funds in the currency markets, he also helps lead new and seasoned traders down their path to trading success. While all his trading is done live currently, he has worked to create and have his own automated trading robots (EAs), as well as fully customized trade copying software, created. He is also the founder of the popular podcast "The Forex Warrior".

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