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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