Reply To: Never look for the shortcut in Forex trading profession
You cannot be productive while you are fussing. In fact, your brain will be thinking counterproductive, if you do so. No matter what your profession is, you should not try for the shortcut to success. Because it takes out the quality of your work. And it is a lot less fun for your job too. Because you won’t be able to learn new and interesting things. Skills and experience are time-consuming things. But, if you can devote yourself to the process, you will find them interesting. Your productivity will increase with time. And as a side product, your profit will increase. Whether you are an employee or running a small business, you will get a raise in your income. Trading is also a business and it is considered by many traders as one. So, you should also avoid being ‘Fast and Furious’ in this business. Today we are going to talk about what is the demerits of being ‘Fast and Furious’ and try to find out some cure for that.
Taking shortcuts for profit
This point is mostly related to the ‘Furious’ part of the title. Because when a trader thinks only about making money from trading, he or she will do anything to do so. And that is when the brain starts to think wrong. Because trading is an organized system and you have to follow the basic rules of it. For example, looking at charts and trading based on your assumption of the future condition. This is the basic of it and there are more at the advanced level. But, when you are thinking of making money somehow, your brain will look for a shortcut to success for a singular trade. That is not a proper way of trading. If you still managed to make some profit from taking shortcuts, we can assure that you can hold onto that for long. On the other hand, if you stay calm and learn to trade in the proper manner, there will be a bright future waiting for you.
Following your strategy
Every successful trader in the Singaporean exchange traded funds community has a balanced trading system. They know the probability factors of this market. Since the outcome of each trade is totally unpredictable, they never take more than 2% risk in any trade. On the contrary, the new investors are always using the market leverage to make a huge profit from this market. At times they might get lucky and make some big money but considering the long-term scenario, they are just ruining their career. You will have to think smart to become a profitable trader. Regardless of the outcome of each trade, follow your trading strategy. Never think your emotions will help you to become a rich person. Take your time and do all the hard work to know about the details of this industry.
Complicated trading method
When a trader aiming at making money, you will thin complex for sure. But, it comes from losing trades and taking countermeasures for it. When a trader loses multiple trades, he or she will start to think that effort is not good enough. He or she is not monitoring the market properly. As a result that the trader will make his or her trading plan more complex. Like monitoring the chart frequently, measuring the changes, and trying to learn new and complex strategies. In a nutshell, that trader will start micromanaging his or her trading business. But, it is not a proper method for any trader. The relevant way of efficient trading is learning new things and implementing them in practice. This way is far more effective for any traders. Yes, you can learn those advance stuff after learning those basics like the use of pickup and resistance points. After that, you can learn the Fibonacci chart and timeframe use to estimate up future price trends.