Investments and trading are those areas where everyone, even without special education, can achieve success and make a fortune. But before you go to download the Forex profit calculator and make your first deposit, you should know about some secrets of this area.
What separates a successful trader from a beginner?
The path to success requires calmness, determination, patience, and a willingness to push hard and learn. No one has yet managed to immediately become rich in trading. To begin with, you will have to absorb information from books, open sources, learn to analyze information, understand the difference between fundamental and technical analysis, choose only 1-5 indices for work, or decide to do without them at all and focus solely on the investing widget.
At first, everyone goes to the forums and wonders how others manage to earn so much. And then they see the same numbers on their accounts, but treat them calmly, because trading is a series of huge successes and small failures, and these concepts always go together.
A successful trader deeply understands the market and psychology, adequately assesses his strength, does not try to cover losses at once, and does not take money on credit, even if the exchange offers large leverage.
How to make wealth in trading?
Learn about risk management – this is the first place to start. All investing ideas are good if you manage your finances with an understanding of what to do with risks. What else do you need to know?
Understand what technical and fundamental market analysis is, what indices are there, how to recognize trends.
Accept that indicators show what has already happened or happened in the market, but there are no guarantees and 100% successful forecasts for the future. Use experience and intuition.
Learn to work with the news, understand where to watch it and what it can influence.
Create your own trading method, with your own timeframes, expiration, and transaction volumes.
Stay calm like Buddhist monks. Profit in the amount of 1-2 or 5% of the deposit is an excellent profit. Do not chase fast and easy money.
Trading is a constant job. You can not do it haphazardly and irregularly. Even if you have a main job, but you are going to make money on the stock exchange, you should do this all your free time. Trading divides the market into bulls and bears, but both are sharks actually: they must swim constantly, otherwise they will drown. That’s how it actually works.
