Lens1000
VIP Contributor
There's a particular mindset that should instil in new traders and it is very important that they have these qualities. The quality of a good forex trader is to always stay on the alert and know when to exit when the market is favourable and when it isn't favorable.
This is a very good mindset that should be instilled in the mind of the new traders because if you don't know when to exit and when to continue trading, you will find yourself in a difficult situation. Most especially, when you hit the market very hard and you have made huge amount of profit, you should exit immediately because it's your lucky day.
Forex trading is not a do-or-die affair, when you make huge profits, you should exit immediately and take a profit and when the market is no favorable and you make a little loss, you should exit and replan the strategy.
The rookie traders do not have this at the back of the mind because they believe that when they make profit in a single trade, they should do more so that they can earn larger profit but this is not so in Forex and it may make you lose a lot of money
This is a very good mindset that should be instilled in the mind of the new traders because if you don't know when to exit and when to continue trading, you will find yourself in a difficult situation. Most especially, when you hit the market very hard and you have made huge amount of profit, you should exit immediately because it's your lucky day.
Forex trading is not a do-or-die affair, when you make huge profits, you should exit immediately and take a profit and when the market is no favorable and you make a little loss, you should exit and replan the strategy.
The rookie traders do not have this at the back of the mind because they believe that when they make profit in a single trade, they should do more so that they can earn larger profit but this is not so in Forex and it may make you lose a lot of money