Forex: Not For the Impatient

Filed under: Learn Forex Trading |

If you consider yourself to be a person who has no patience at all, then you can really forget about trading forex right now. However, if you do have a good reserve of patience and are interested in trading the forex markets, then read on.

 

Screen shot 2013-02-15 at 10.17.06The great leveller about the forex market is that it doesn’t really matter how much of a genius you are, or how intelligent. Trading is all about controlling your emotions, being patient and knowing when and when not to trade, using your gut feeling, and not being greedy. It is true that being adapt in mathematics will help you to make certain calculations quicker, but even if you are not very good at math, there are still spreadsheets that you can use to make the process easier, and you could get by.

 

The best forex traders tend to trade more like a sniper, while those inexperience and impatient beginners tend to trade more like an action hero with a machine gun, spraying everything that moves with their bullets, until they eventually run out of bullets and get shot down by the sniper. If you want to be successful in the forex markets, then it is probably best to have the ability to sit on the sidelines and wait for quality setups that have a high probability of success. If you feel that you always have to be in the market, then you might find that your trading capital diminishes rather quickly. Many professional traders often consider not being in the market to be a very positive move, as it is effectively protecting your capital. However, other beginners get hung up on not being in the market, and when a good opportunity comes along, they do not have the confidence to pull the trigger and make the trade. By all means sit on the sidelines and be patient, but when that A-rated trade comes along – you must take it!

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>