There are many people who have started their Forex trading career out of craze. They have no idea of the market and they even don’t understand the associated risk in trading. It is not easy when you start something new especially when you are dealing with the investment industry. You will have a lot of obstacles and you need to overcome them one by one. When you are trading in Forex for the first time, you will find that many people are taking the wrong decisions. They do not have a precise guideline to trade and this is how they are losing their money. All the websites are providing news and information to the intermediate and professional traders. You will need to become developed in your career and you will need a lot of help. It is not possible for your own and this article will help you if you are a beginner in Forex. Do not be afraid and know that you can always make money even if you are new in stock market trading.
We all know that majority of the traders are losing money in the Forex industry. But the retail traders in the United Kingdom are one step ahead when it comes to currency pair trading. They know very well without knowing how to trade currency pairs with managed risk, it’s impossible to make a consistent profit. For this very reason, they give huge emphasize in their basic foundation. The more you learn about this market the better you will become at trading. Trading is just like an art. You have to understand every single detail of this market to establish your presence as a successful trader.
Losing trades are inevitable
Being a new trader, it’s very obvious you will be dreaming big. There is nothing wrong to dream big as it is the first step to become successful in trading. You need to teach yourself how to trade currency without taking high risk. No matter how hard you try you will always have to face losing trades. Even the top class trader in the United Kingdom often have to face a series losing trades. But do you think they are not profitable? To be honest losing trades doesn’t matter at all as long as you trade this market with proper discipline. Now let’s read about the famous turtle experiment.
The Turtle experiment
We are going to start with a little motivation. You might have known about the famous Forex Turtle experiment in Forex. It was a famous experiment done by the legendary trader Richard Dennis in the 1980s and still, it is a popular illustration that showed anybody can be successful in Forex. 14 people were chosen by Richard himself and he gave them training for only two weeks. In the span of later four years, these groups made more than millions of dollars in profits. If you ever think that you are not going to make it work out in Forex, think of this turtle experiment and you will be motivated.
First, start trading in demo account
Your first trading experiment should begin with your demo account. We are calling it experiment because we know that there are lots of reveries going in your mind. If you start trading with the live account, you can lose all of your money. For the first month, trade in demo accounts of your market.
Do not experiment with your live trading
We know many people would like to know what would happen if they trade with leverages, increases the margin, and changes the lot size in their trade. You do not need to experiment with your trade in live markets. You have got your demo account for experimenting. Only trade with basic knowledge. Do not try to use the full features of your trading platform. You will get to know them in your career when you trade the market in Forex.