Many times I feel that there is just way too much buzz around forex trading issues as I am convinced that the more simple you can manage to keep your trades the more profits you will have at the end of the day. The term ‘analysis paralysis’ was invented with a good reason and over-analyzing the markets may lead you to unwanted actions. Keep your trading as simple and transparent as you can and see how your portfolio value will be heading upwards.
According to this logical sequence, there is no use in neither cogitating too much of entry and exit points nor placing too many tricks in setting your own currency trading system up. Other factors play a much more important role in the whole story than that. Currency trading is the battle of feelings and a fierce fight against emotions. Naturally, you will need a sword-bearer on your way to evading the markets which can give you constant support in time of need. You will need to have your own trading system set up properly but I consider that as rather a second step in forex trading.
And what is the first step then? – You may ask. Let me answer that question now with a short story.
A very good friend of mine told me a very neat thought by a quiet dinner talk. He said that as long as a trader cannot make a brain-reboot and set a proper mind-setting with proper values in it then he has hardly any chances to be a profitable trader in the long-run. This issue causes much of the problem to the excited new titans standing on the doorstep of the forex markets. But this is the issue that many people lack from North to South causing failure to them eventually.
Values, goals, plans, deliberation, self-control, discipline are all important factors to have a successful life as a trader. In fact, as the way, I see it is impossible to succeed without them. Regular people tend to put way too little effort into dealing with these issues. So, If you plan to be a professional forex trader, self-propelled warrior then begin your forex training with the above-addressed issues.