Even though there are hundreds of courses available to teach the technical aspects of trading, today, Yael Warman of Leverate outlines five lessons that have been learned by traders the hard way, with experience with winnings and losses.
Trading forex or any other financial instrument for that matter, requires learning. A lot. You need to acquire new skills, continually research market conditions, learn how to analyze trends, evaluate your trades, etc. There are hundreds of courses available to teach you the technical aspects of trading, but the following five lessons are those learned by traders the hard way, with experience with winnings and losses. These are the things you won't find in a text book.
- Trading forex can be one of the most exhilarating and emotionally consuming things you can do while keeping both feet on the ground. The rush you'll get every time you open a trade and win or the low you'll experience when having a loss can be energy draining and trying to control your frustration, fear, and greed can be difficult. Be prepared for the emotional rollercoaster.
- You cannot control the market. The forex market sees over US$5.3 trillion traded each day and it is impossible for one person to cause an impact. Trading forex, however, is not about changing the current, it's about riding the wave.
- Greed can break you. Greed can be a great motivator, but when a trade is going in the right direction and you refuse to cash in thinking the trend will continue to benefit you so greatly that you will be set for life, greed can turn against you.
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By Yael Warman, Content Manager, Leverate