The internet technology has enabled people to practice global forex trading with no boarder limits. To make it more interesting traders can trade their money round the clock. However this is quite tempting and one may not know when to stop trading.
This is where it becomes very important to have a plan. The moment you do not plan, you are planning; yes you are planning to fall. Forex trading needs discipline and that you know what you want to achieve.
You must plan how much you want to invest and what your objective of getting into the trade is. I guess you are not trading foreign currency because others are doing it-are you? You plan should also guide you on when to enter into the FX market.
It must also hint you things like at what price to leave the market. Set yourself some smart goals and objectives which upon realization you can stop trading. Rethink whether to go for foreign money trading round or not.
If your plan fails in the global forex trading market, do not hang yourself. I should have told you that you can lose in foreign exchange business. Very few people are honest enough to tell you this.
All they say is marry, marry, marry, and you will be merry, forgetting to tell you that there are challenges and hick ups in marriage. If your forex trading plan fails, review it and come up with a new plan. Maybe you may need to relearn the rules of the match and gain more knowledge.
As long as you do not plan to fail by not planning, it is unlikely that you will go wrong in the trading of foreign currency. It is also a good idea to ask an experienced foreign currency trader to review you plan for you before you execute it. Otherwise happy global forex trading!
Reference: Paul Kramer
No comments:
Post a Comment