Forex Trading: Simple and Easy Guide to Forex Trading(forex guide,forex investing,Forex,Currency Trading,forex scalping,forex books, forex beginners, forex options, forex price action)
What is Forex Trading?
Forex trading as it relates to retail traders (like you and I) is the speculation on the price of one currency against another. For example, if you think the euro is going to rise against the U.S. dollar, you can buy the EURUSD currency pair low and then (hopefully) sell it at a higher price to make a profit. Of course, if you buy the euro against the dollar (EURUSD), and the U.S. dollar strengthens, you will then be in a losing position. So, it’s important to be aware of the risk involved in trading Forex, and not only the reward.
Why is the Forex market so popular?
Being a Forex trader offers the most amazing potential lifestyle of any profession in the world. It’s not easy to get there, but if you are determined and disciplined, you can make it happen. Here’s a quick list of skills you will need to reach your goals in the Forex market:
- Ability – to take a loss without becoming emotional
- Confidence – to believe in yourself and your trading strategy, and to have no fear
- Dedication – to becoming the best Forex trader you can be
- Discipline – to remain calm and unemotional in a realm of constant temptation (the market)
- Flexibility – to trade changing market conditions successfully
- Focus – to stay concentrated on your trading plan and to not stray off course
- Logic – to look at the market from an objective and straight forward perspective
- Organization – to forge and reinforce positive trading habits
- Patience – to wait for only the highest-probability trading strategies according to your plan
- Realism – to not think you are going to get rich quick and understand the reality of the market and trading
- Savvy – to take advantage of your trading edge when it arises and be aware of what is happening in the market at all times
- Self-control – to not over-trade and over-leverage your trading account
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