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In the Forex market, successful Forex traders win not because they have an advantage over the average trader, but because they employ patience, and good money management.
Many times, I hear about a trader losing his entire trading Capital, I know exactly why. They did not exercise proper trading precautions.
The average Forex trader wants more trades in less time, which is a big failure factor. Just because you can trade in the Forex market anytime, doesn’t mean you should, if the trade opportunity isn’t there. Successful traders have a lot of faith in the market, they wait till the right signal arrives.
Another one is trading with systems that use high risk strategies like Grid, Hedging, No-stop-loss, Martingale. These strategies can work great in the short term and look profitable, but in the long run, it’s just a mess waiting to happen. One wrong move in the market and say good bye to a lot of your money.
Don’t make these mistakes, use a strategy that exercises control and smart money management you get many winning trades and a great return on your investment.
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Am interested in forex trading but how to go about it is my problem. Now i ‘ve 2 questions;
1) How can You know when there is opportunity? and
2) what are the strategies that exercises control and smart money management?