The forex trade is getting popular as many people are earning a substantial amount of money by trading. Though there is a misconception amongst people who are not traders that forex trading is all about being lucky. Also, aspiring traders believe that forex trade is all about strategies. In a real sense, successful forex trading is not at all about luck. The strategies play a prominent role but that is also not the most important thing. Successful traders like Hafizzat Rusli have always mentioned that the key to be a successful forex trader is the right mindset. If you have learned the right strategies and are applying them without involving various emotions, your chances of gaining profit from a trade increase by a lot. In this post, you will get to know how you can have the mindset of a successful forex trader. Read till the end to make the best of this piece of information. 1. Do Not Keep Checking The Live Trade Screen Frequently: It has been observed that after a new trader opens a trade, he or she is almost glued to the screen showing the live trade results. It is also done by the traders who were not able to achieve winning results in the past few trades. Checking the live trade results, again and again, is not going to help you in any way, rather it can also lead to anxiety and thus an unstable mindset. The only way out of this situation is to have self-control. It is best to leave your laptop screen after you have opened a trade. If you have worked well on your strategy, and have also read the recent trends of currency fluctuations, you should have confidence and there should be no need to check the live results very frequently. Checking it once in a while to assure that your plan is working is acceptable, but doing it every second can be very harmful to your growth. It creates stress that leads to unstable psychology. It is suggested that you should put extra time on reading the currency fluctuations and strategizing your plan, instead of wasting time on keeping a record of the live results. 2. Never Get Emotional About A Loss Or Even A Win Whether you are a beginner at Forex trading or have gained a substantial and useful experience in this profession, when a person wins or loses a trade, the mentality is affected to a great extent. In case of a loss, it is the stress that affects the trader and in case of a win, people get confident and sometimes over-confident too. The Forex market is unpredictable and cannot be completely predicted by the most successful traders even and thus they prefer not to be affected by the wins and losses. To develop this habit you should see a successful trade only as a good strategy that worked out and if it is a loss you should know that it is because of the volatility of the market. You should also know that if you analyze a lost trade and figure out the reasons for the unexpected results, you can even turn the tables. Though always remember that it will be possible only if you have not been affected emotionally by the loss. 3. Put In Extra Effort In Strategising Watching the live trades every second or taking impulsive action in forex trading is of no use. But, one thing that can make a difference and help you feel confident about closing a trade with good profit is having a good strategy. This is one thing that can help you have a stable mindset. Before you open a trade work on all the factors that will affect the trade. Working on a strategy is in your hands, so use this chance but once you have started the trade then thinking about a change is useless. trading without a well-planned strategy is just like going on a 5-day trek into the wilderness without proper preparations and thus a cause for worry and an unstable mindset. These habits do not come easy to any trader. It takes years of experience and failure to understand these basic things. Though if you chose to take up a Forex trading course things can pace up for you. To know about the best trading course, click here.
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When you were a kid you must have been told many times and by various people that it is important to have a degree with great grades and then a good job. Many kids did hear that and also followed it till the end, but there are few kids who plan on having a different life. A life that does not have limitations. To do so, it is quite logical to say that it will need a sufficient amount of funds. Apart from that, you will also need to have ample time to do so. Whether you are that kid or were that kid, you can have this life in the profession of Forex trading. Now it is never too late to be a forex trader, and once you decide to be one and a brilliant one, you can expect the following perks in your life. 1. A Lot More Income Than Your 9 To 5 Job: Why were you always told to have a good job? To have an honest source of sufficient income to have a stable life. Forex trading is an opportunity that allows you to earn a better amount of income than a white collared job. Yes, to be a successful trader will need some time and dedication to learn, but that is all that you will need. What we imply by this is that to start a business you will need finance. Even to study in a professional college to get a degree you will have to pay a big amount of fees. But in forex trade, you can start with a small amount of investment and as you grow, you will start earning big. As a successful trader, you will be able to earn the per annum income of a job in a couple of months. Another thing worthy to notice is that if you are dedicated and have genuine guidance, then the time needed to see growth in forex trading is also very less as compared to other professions. 2. Freedom: Freedom is something that we all want and you might delude yourself to think that in a 9 to 5 job, you have the freedom to enjoy your weekends, vacations, and all the time after office hours, but that is partially true. In a job you have targets that keep you occupied even after the office hours. Many people also are not very satisfied while working under a boss. A Forex trader is an individual and does not have a boss to regulate his work timings and way of doing the work. A Forex trader can work according to his or her own will. Yes, a trader while working will have to be involved with the work and might not have time to even grab a bite, but after the job is done he or she has the total right on the time and all the credit for the good work. 3. Work From Anywhere Anybody would love to work from anywhere they want to. To have no fixed time to reach the office cabin. As a Forex trader, you can work from anywhere you want. You will need an internet connection, a laptop, and a phone to be able to trade in the currency market. You can work from your home and give time to unattended matters like a daily workout, having healthy food, taking care of family members, and so many other important things like these. 4. You Don't Need To Have A Degree To Be A Forex Trader To be a Forex trader a degree is not required. Even if you have a degree and a job too, you still can be a Forex trader. Also, there is no age limit to be a Forex trader. One of the best examples of all the above-mentioned perks is Hafizzat Rusli who at the age of 17 started as a Forex trader. He was not from a very rich family but has fulfilled all his dreams with Forex trading. Only 1 negative thing has happened to him and that is also because of the recognition he has got from this market. People with dishonest means of earning money have used his name to fool people and because of which he has been getting names like pembongkaran penipuan Hafizzat Rusli. This is not a fair thing to happen to such a humble personality, but he still continues to be what he is. He is helping other aspiring traders to grow with his Forex trade course. To know more about the genuine trade course by Hafizzat click this link. If you are updated with our blog posts you must be aware of how easy it is to start as a Forex trader. It does not need huge capital investment, there are various channels to enter it, no brokerages fee is involved, and it can make you rich. On the negative side, it can also make you bear huge losses. In order to avoid that, go thoroughly through this post and make the best use of the tips mentioned in it.
1. Keep Yourself Updated Like A Pro, It may be easy to get into Forex trading but maintaining yourself in the game, is not that easy. Without the knowledge of the entire basics, the loss might strike you like lightning. Most of the basics will be covered for you while practically involving yourself in trade, but you should have updated information about the country's economic and geopolitical factors, whose currency you are trading. This cannot be done in one go and you will have to keep updating your information till the time your investment is in the market. To compete with the pros of the market you should also be updating your trading plan with even the minor changes happening in the Forex market. 2. Choosing The Right Broker This tip here plays a very vital role in building up of your bright future in the Forex market. To know if your broker's firm is the right one, you should be aware of it having the membership of NFA (National Futures Association). Apart from it, the regulatory body of the brokerage firm in the U.S. is Commodity Futures Trading Commission (CFTC) and similarly, every other country has a different regulatory body. A trustworthy brokerage firm should be registered with such a body. While most of the brokerage firms will have these necessities fulfilled you should also know things like account offering of the broker, initial deposits, policies of withdrawal and account funding, and the commissions. 3. Develop A Habit Of Using Practice AccountThe Forex trading gives you the option of a practice account which is also known as a demo account or a simulated account. With the simulated accounts, you can trade hypothetically without investing real money and thus understand the intricacies of the Forex market. These accounts allow the new trader to get adapted to the practices and environment of the Forex market. If you directly start off with your trading account, a minor mistake can hamper your growth as well as your confidence. To prevent this it is highly recommended that a new trader should keep practicing on the simulated account. 4. Get To know Tax Implications And Treatment Thoroughly When you earn a regulated business you also have to take care of tax payments and no businessman would never want to face a surprise tax situation. It is recommended that as a Forex trader you should always consult a qualified tax specialist. A tax specialist will apart from saving you from tax situations, will also guide you about the different ways to use tax laws for your own advantage. There are various tax laws and they also keep changing on regular intervals. If you are updated with all these changes you will have an upper hand in the forex market as a trader. 5. Practice Forex Trade As A Full-Time Business To be a successful trader in the Forex market it is important to take it seriously and you'll be able to do so when you see it as a full-time business. The losses and profits count but you must not take both in the picture for a short period. You as a Forex trader should see both as a part of the business and analyze your exact situation in the long run. As a Forex trader, you will not achieve success in a short span of time. Success takes time, planning, patience, practical goals, sincerity and lessons from success and losses both. To be successful in Forex trading it is important that you have had losses too, they teach you more than success. Following these tips will not be so easy and to be able to implement them in real-time you will need a mentor. Hafizzat Rusli who is a successful Forex trader can help you achieve your dreams. He has designed a Forex trading course online. This has helped and is doing the same for various Forex trading enthusiasts. To know more about these lessons from Rusli, click here. |
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