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Following on from our recent posts we are concluding our series on the most common mistakes people make when it comes to Forex trading. It’s our mission to help people just like you succeed at Forex trading and help you jump the most common Forex hurdles that exist.

Here are our final 3 mistakes you need to avoid. (You can catch up with week one and week two if you missed these).

  1. Over Trading

Many people do not succeed at Forex trading because they trade too much. The reality is when you trade too often you put yourself in an open position which constantly exposes you to market risk.

Interestingly, many traders start out on demo accounts and see a measure of success but then when it comes to entering the real market the results are quite the opposite. This is purely down to emotion! Traders who over trade are trading on emotion which is the worst thing that you can do.

In both our previous posts on this subject we have talked about having a trading plan I place and once again this is recommended so you don’t start to over trade. It is important you know exactly what you want to achieve so you can stay on track. When you move away from the plan, emotion kicks in and you end up trading too much and this is where the costs start to rack up. Gambling mode can so easily kick in and Forex is not about gambling but requires a calculated approach. Look for positons where you think you have the edge and apply a disciplined and focused approach.

  1. Lack of knowledge and understanding

Many people enter into Forex trading have read a few books and one or two blog posts hoping to make it big. This is not the recipe for Forex success.

Knowledge and understating is vital to succeed when it comes to Forex – you need the right education. It takes time to master the market and if you don’t receive the right education you can end up losing much more than winning.

By all means do some research, read, watch webinars and practice but the best way to get the education and understanding you will require is through ForexLearn. We are the UK’s fastest growing Forex course provider, giving you what you need to succeed.

  1. Trading without a stop loss

It is quite incredible the amount of traders who operate without a stop loss. It is important to remember that trading is all about preserving your capital first, and making a profit second. A stop loss is in place to protect you and limit any potential losses.

The first thing you need to do when you see a potential trade set up is to check your target to see where your stop loss goes. The stop loss should be placed, where you believe the price will not go.

Don’t make the mistake of trading without this being in place each time, if you do then you are trading incorrectly and no doubt viewing the process as a get rich quick scheme or a gamble. This will more than likely lead to failure in the market.

 

Each of our Forex courses has been carefully created by leaders in the financial market. We can help you reach new heights of success whether a beginner of more experienced trader. See more about our Forex Learn Elite course here. Created to shape you into a successful independent Forex trader it is an intensive three-day course run from our office.

What It Takes To Be Successful At Forex Trading

The truth is anyone can turn their hand to Forex trading if they have a small amount of finance to get started, however, not everyone will be successful at it. There is no set personality or character that achieves success, many different people have succeeded and many have also failed.

On the other hand, there are certain attributes that all traders need if they are going to make a success of Forex Trading and here are some of them.

Make your plan and journal your best friend

Disorganization will cost you so if you want to succeed, get organised!

Create your trading plan and use a journal to track your trades. Forex is not like going to a casino and placing a bet, it is a business. Track each trade so you can learn from them. Monitor your plan and trade based on these tools and not your emotions.

Know when to walk away                       

You need to know when to walk away and catch your breath. Sometimes the best thing you can do is take a break. We know it can be difficult after trading but keeping your emotions in check is vital to success.

This is applicable whether you have just experienced a win or a loss. After a victory it is natural to want to continue and get more wins but you need to ensure you settle your emotions or you will make mistakes. Approach the market again when you are in control. After a loss we want to get back on the horse and make up for what we just lost but this can be the start of a downward spiral. Instead of going straight back into the market, take a break, look at what you could have done differently and go again when you are ready.

Trust

You have to place trust in your trading system. You have to trust what you have put in place or you will more than likely change the system before it has proved itself. This will lead to switching too soon to another system and you will never actually know what works for you.

Put in place a good system then tweak and change to perfect it. Don’t allow doubt and a few losses to take you off track. If you don’t trust the system, you’ll become impatient and that is never good.

Trust the system!

Pace yourself

Forex trading is not a race and those that treat it so normally don’t get the results they desire. Don’t try and win it all in a few days.

If you experience a few losses, which everyone does, then go back to demo trading until you feel confident in your current plan. Remember to keep journaling every trade so that you can keep learning and improving.

Slow and steady will in the race!

 

Of course the best way that you can ensure you are a successful Forex trader is by receiving the right training. Here at ForexLearn we have courses that have been carefully curated by leaders in the financial markets. Each course has been designed to allow any individual from any background to learn about the financial markets and how to trade them. Learn more about our courses here.

We all want to win right, especially if there is a financial cost associated with losing. When you lose at Forex Trading it is not just your pride at stake but your money too. There are many reasons as to why you might lose, indiscipline and lack of training are two popular Forex trip hazards.

To help you succeed we have put together some of our top tips focussed on helping you win.

  1. Keep it simple

To succeed and flourish at Forex you don’t need to be the next Einstein or employed as a brain surgeon. It helps if you know a bit of maths of course but you really don’t need to be a genius.

Focus on keeping things simple! Know what you want to achieve, have a clear plan, know your limits and remove emotion. That is the recipe of Forex success and it’s simpler than you think.

  1. Leave your emotions at the door

There is no room for emotions when it comes to Forex trading, it will only get the better of you and trip you up.

Our human nature will want to take over and fear, excitement and panic can kick in but they have no place here. If you can learn to keep these at bay and stay focussed and logical there is much more chance of success.

  1. Be clear on your goals

Do you know what you want to achieve? Don’t just say make lots of money. You need clearly defined goals and preferably with a timeframe attached to them. What would success look like for you?

Before getting involved in trading take some time to think through and clearly articulate your goals. These are key to helping you stay on track and monitoring your progress.

  1. Go back to school

Knowledge is power and this is so very true when it comes to Forex trading. Yes, it takes time, effort and energy to learn but the time invested will prove to be worth it. Too many people jump head first into trading without the necessary knowledge and training and wonder why they fail.

Set yourself up for success with appropriate training. We have some excellent course opportunities on our website which you can see here.

  1. Practice makes perfect

You never climb on a bike for the first time as a child and ride perfectly without falling off. The same applies with Forex trading; get your practice in first.

Open a demo account which will allow you to trade risk free and learn, learn and learn some more. This way you can explore the market and apply what you have learnt without it costing you a penny.

  1. Know when to take a breather

Sitting in front of a computer trading hour after hour will take its toll on you. Your mind and body will tire and that is when mistakes can start to occur. You will then start to force the market to start to work for you and be assured the market does not work that way. It has zero sympathy for you.

Know yourself, your body and your mind.

 

Our courses exist to help you succeed. From beginners all the way up to experts we give you the knowledge, training and expert advice that you need to progress. As the UK’s fastest growing course provider we thrive on helping individuals achieve new heights of success. See what we have available here.

It is important that for good practice you ask yourself one question on a regular basis; “am I gambling here or am I trading well?”. It is not unusual for the more experienced trader to fall into the trap of gambling instead of trading. The trick is to pull yourself out of this mentality sooner rather than later.
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