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5 Do's And Don'ts For A Newbie Trader - Business - Nairaland

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5 Do's And Don'ts For A Newbie Trader by Justforex123(f): 4:57pm On May 18, 2018
Enough is enough! Seriously.
I'm done with this Forex thing and I'm tired of donating all my money to my broker.
I've blown 7 accounts without even tasting a single profit. I want to sleep like a baby this night.
All the best fellow traders. I'm outta here!

How many times have you heard new traders complained like that?
​Forex trading needn't ​have to be a nightmare because it is in fact, an amazing experience, if you know what you are doing.

Here are 5 do's and don'ts for a new trader.
Do's & Don'ts.
1. Always remember that the Forex market​, is not a lottery or getting rich quick scheme.
It is not a game of bet or luck and you're not going to hit a jackpot and suddenly become a millionaire in 2 weeks.
It is a real business and it takes sweat, blood, tears, planning,discipline and patience like every other business.

2. Do not give up. Be patient and learn.
Without a good Forex education,you're bound to fail.
See Forex trading as a real profession just like any other profession out there.
Generally, it takes at about 3 to 4 years or more to become a professional in any field.
Some say it takes 10 000 hours to become a master at something. Just think about that.
Though, finding a reputable mentor can shorten your learning curve. But you got the point.
Thankfully, there are a lot of free resources you can make use of.
Here are some good materials for you: https://justforex.com/education/forex-articles

3. Don't be in hurry to choose a broker.
Finding the right broker will definitely make things easier for you.
Sometimes, the problems some traders face is because they are partnering with the wrong broker.
Check if the broker is fit for you. Are they regulated? Will they allow your trading strategy?
Do they have a good platform? Are their spreads low? Is their order execution quick?
What are their clients saying about them?

I recommend to choose JustForex broker because this broker is simply the best for all kinds of traders.  
A regulated broker with superb conditions and millions of traders are satisfied with their services.
Low floating spreads on all accounts; mobile versions of MT4 platform; all trading strategies are allowed;
leverage up to 1;3000; super fast order execution from 0.05s and e.t.c.
See more information on their website : https://justforex.com/

4. Do not trade without a trading plan. Trading without a plan is trading to fail.
To be successful, you need to have a thorough understanding of the market dynamics, trends,patterns,cycles and fluctuations.
Make your analysis, develop your strategy and have a good profit and loss ratio.
Have a trading plan and always follow your plan.

5 Separate emotions and feelings from trading.
Trading with emotions and feelings is a recipe for disaster.
Do not make hasty and impulsive decisions in order to earn quick profits.
Fear and greed are two basic pitfalls responsible for the downfall of many traders.
However, with proper knowledge and sticking to your trading plan, you can curtail fear and greed.

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