A lot of people have the desire to trade Forex, yet held back by the fear of losing money. In the finance world, risk and return go hand in hand. The higher the risk involved, the higher the income to be expected. And so is the case of Forex. The risk involved is so high that the word “Forex” almost never goes without the popular disclaimer:
So let’s start from the basics. What is Forex Trading?
It is the terminology that describes one’s position with regards to which direction a given currency goes in terms of another, with the intention of making money when the market moves as predicted.
Sounds like a gamble? Yes. But there is a loop hole - Experience. Most people fail at Forex trading because they are impatient about their own learning progress. There is such hurry to become an expert that there is almost no time to get the foundations right amidst unrealistic expectations they may set for themselves. Any trader who starts with the expectation of becoming an instant success is setting himself up for failure. But that is to be expected; because no one would decide to become a golf pro and assume that they could just pick up a bag of clubs and start winning tournaments. Yet novice traders do this all the time.
In trading, two core skills are key…
First the ability to anticipate the market (read the market) and second, having the discipline to execute your plan. To learn to read the market, you may as well use a trading simulator and only start to trade when you have demonstrated to yourself that you can anticipate the market. Discipline, though, has to be developed and tested in the real world. Discipline is really the crux of the matter and it is here that most traders fall down. Their failure is mainly due to the fact that they are not really aware of its importance. Just starting out as a trader with the intention of developing your discipline puts you way ahead of the average trader. If you can trade with discipline (i.e. stick to your own rules and limits) you are 95% there!
Today, let us help you jumpstart your trading journey. Between now and April 25, 2016, register for FAB Trading Game and master the art of trading on a simulation account while standing the chance to make real gains to enrich your experience.
Visit http://welcome.fabbanking.com/tradinggame2016/ to sign up.