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What are the important factors that a naïve trader should know

Written by Andrew Bezen
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You would have heard that Forex is not a big deal if you know the basics, we all agree with you. But more than the basics there are certain factors that a trader should know about.
Usually, naïve traders enter the market with just an aim and i.e. to make money as much as possible. We advise you to leave the market. If a trader dreams about making money only, it shows how reluctant he is to become successful. You don't want to become successful but you want to earn a lot from trading, then again, how does it tally? It doesn't. If you want to become successful while making money, we can sense meaningfulness in this statement. The Singaporean traders quote this kind of statement and it has made them successful. On the contrary, the beginners get lost in the market because they do not have the proper understanding, proper aim, and proper education. They only have one thought i.e. to earn. With such a thought, they struggle to come up in trading. They become overwhelmed, confused and stressed out while trading as they do not have the education or the skill. As a beginner, you should absorb the details slowly and react slowly. If you try to react like the pro traders, you are likely to be doomed.

Choosing the right broker

The selection of your trading broker will play a vital role in your trading success. You might be thinking of the low-class broker since they offer high leverage and different deposit bonus. But in reality, these things will never help you to become a successful trader. The expert traders always suggest the new traders' trade with reputed brokers like Saxo in order to experience the best possible trading environment. Before you chose your primary broker, make sure you have done extensive research. Give importance to the public review as it will help you to understand the quality of the service offered by your broker. Your broker must be regulated and they must have a solid track record in the financial industry.

Basics of trading

We mentioned above that basics in trading isn't enough to trade better but it doesn't mean that it is useless. You should know the basics THOROUGHLY. Knowing the basics here and there wouldn't help for a profitable trading journey. Also, you cannot jump right into trades, there is step by step procedures to be followed by traders. In Forex trading, the market knowledge is the foundation to success. You should create a strong foundation that works well for trading. Don't try to save time by learning the important details rather you should learn all the possible details of trading. There are charts, jargons, strategies, techniques and much more to be learned. If you don't have the complete idea of these factors, how can you manage your journey? Think.

Be specific about the trading strategy

The repeated mistake happened by naïve traders is changing the trading strategy often. If you are using the strategy like the price action, which is logical and common, it is better to master it accordingly. Rather than jumping from one strategy to another you can stick to price action. It will help you seize almost all the opportunities. But still, you should focus on the ways to master it perfectly. You need to be really disciplined to become a professional trader.

Being overwhelmed wouldn't help

As a beginner, you may become overwhelmed due to the overloaded market information and strategies. It would have been the same for professional traders when they were naïve traders. So, how can you avoid this feeling? You should look for a Forex mentor. He or she will be well-versed with Forex and also, knows the techniques to handle the mentality of the traders. Look for a reliable mentor to avoid negative feelings.

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