Are you confused about joining the trading industry
Forex is the largest financial marketplace and it has a daily transaction which is almost three hundred times of the nearest competition NYSE (New York Stock Exchange). The retail traders are really less in numbers but still, their transaction is way higher the SYSE itself which is almost fifty-three times. This fact alone attracts new traders into the market and the number is growing day by day. As the number of new traders is growing, the competition is also rising. You might be thinking that there is no chance for you to survive in the trading business. As a result, your confusion about trading in Forex will raise.
We will disagree with you on this because the trading market does not depend on the competition in the market. It depends on the economy of a particular country like the USA, UK etc. let’s dive deep into it and find out the things that are causing traders to be confused about themselves and trading.
Fear of losing a trade
The first thing comes to mind when you are starting to trade is, whether you can make money or lose some. You might have a fear of losing everything you have in you and that is normal for you as you don’t know much about the things that you’re about to join. But let us tell you that, it is not a war zone and you can survive in it really easily. All you have to do is build up a proper plan for executing your trades. If you can participate in your trades in a regular fashion and you follow a well-founded strategy, you will be able to get an acceptable amount of profit from your trades.
Focus on learning
As a rookie trader, you should be more concerned about your trading education. Start using a spread betting demo account so that you can trade the real price feed without risking any real money. Many UK traders have mastered spread betting profession just by using the demo accounts. But when you demo trade the market make sure you take it very seriously. Try to develop a simple strategy and trade with discipline. If you fail to follow your rules in the demo environment, there is no doubt you will break your rules in real life trading. And the moment you will trade with emotions is the very moment you will start losing a huge sum of money. So take demo trading very seriously.
Doubt about trading properly
Another thing that prevents traders from joining Forex is their own doubt about their trading edge. They become confused about whether they will be able to make money from their trades or not. That totally depends on your strategy but, it is true that you won’t be able to get much from your trades in the beginning. If you can stick to your ambition on trading, we can assure you that you will be able to reach your goal one day and turn to trade into your only profession.
Confusion while you are trading
When you join a job, you will be confused at first. It is because you are in a new working environment; the one you are not accustomed to. Even when you are shifting jobs from one company to another and have the same post as before, you need some sort of brief about your new workplace. A trader also faces the same kind of problem when he or she joins a market like Forex for the first time. That trader remains confused about his duty in trading. The main reason behind it is lack of knowledge about the fundamentals that are related to trading like the uptrends, downtrends, key swing pickup points and resistive points etc. If you know how things work, you can build up a strategy for trading. Otherwise, your planning will be a total waste of time and effort.
