Golden forex

The Forex market can be intimidating and confusing if you are a beginner. Experts and gurus have spent years acquiring experience and knowledge by making expensive mistakes. If you are venturing into forex for the first time, it's almost a guarantee that you will lose money. You may lack the knowledge and skills to make profitable trades.

To overcome the challenges ahead, have two options. The first option is to learn everything on your own. However, as mentioned earlier, be prepared to lose money to pick up the lessons. Also, the learning curve is rather steep. The complex and sophisticated analysis methods can put the most intelligent people off. Not everyone wants to get involved in research and analysis. For sure, it's more fun to be trading and making money in real time.

The second option, is to use a forex signals provider. A forex signals provider is a service provider. To use the service, you will have to join as a member and pay subscription fees. But many service providers claim that the fees are very affordable. That may be true, assuming that you make lots of profits based on the signals that are provided by the service provider.

There are a few special benefits that deserve special mention.

1) Ability to move around while waiting for signal instructions.

You don't have to be hooked to your computer when using a signal service provider. Signal instructions can now be emailed or SMS to you. That means you can be receiving instructions even when you are on the move. You may then execute the trade based on the instructions you receive.

2) Shorten the learning curve.

This is a huge benefit. Instead of spending all your time learning how the forex market works, you can start trading immediately. You can skip right past the complex analysis stage and get involved in the action.

3) Minimize trading risk.

For all new traders, all trades are considered risky due to lack of knowledge and skills. If you don't wish to lose money upfront, then you have to depend on a forex signal provider for reliable instructions. All the decisions are made for you by the service provider - when to buy, when to sell, and what is the stop and loss entry.

4) No need to monitor trades manually.

Sometimes, forex traders get up in the middle of the night just to trade an order. With the instructions given, you don't have to do that anymore. Simply execute the order based on the instructions.

To start trading in the forex market, all you need is an Internet connection, a little money (to start trading), and a forex signals membership. The membership will provide you with signal instructions. You wait for the instructions to arrive, and you execute the order. Once you have done that, all you need to do is to wait for the trade to become profitable.

Before you start investing with real money, you can trade based on the instructions you receive on a hypothetical basis. Once you acquire enough confidence, you may then start trading with real money.

he lack of a proper trading plan which includes precise rules for entering and

exiting a trade will most certainly guarantee failure over the long term. Beginners

usually suffer from the same common ailments. They abandon trading plans purely on

impulse because things are not going exactly as how they had envisioned. Repeatedly

they use unreliable methods that fail to produce a profit. Many traders hold on to

losing positions telling themselves “it is going to turn” when every indicator says

otherwise because they cannot bear the thought of a loss.

Why do they torture

themselves? Why don’t they just identify what’s going wrong and make a change? For

some people recognizing that a trade or even a trading method is not working and

making a change is easy, but for others it’s very difficult. They have to look at

their limitations admit that they have made a mistake and that’s hard because it

hurts our ego. Psychologically it’s risky, it’s often easier to fool ourselves.

Just keep going, living in a state of denial until your account is depleted. If you

recognize any of these traits in yourself you must stop trading immediately.

Take

a good look at what has been happening, try and identify the problem. If you look

close enough you may see a pattern. This is why it is vital to record every trade

and as much information about it as possible. You have to break out of old patterns

and see things in a new light.

You will never be a successful trader if you

continue to live in a state of denial. What can be done to return to reality? There

is a lot you can do. First of all make sure you are not trading under stress. When

stressed out you can’t see clearly, you become rigid and unable to see alternative

views. One of the easiest solutions is to trade smaller. The smaller the trade the

less the stress, especially for the beginner. If you are experienced and in a

loosing streak reduce your contracts until you get your confidence returns. Some

people need to take a break altogether. Get away from it all. Take your mind off

the trading.

The second thing you can do is to make sure you have a life. Trading

can be addictive especially when you are winning. Do not put all your emotional

eggs in the trading basket. You need to have other roles that give your life

meaning and purpose. By defining your identity in a variety of ways, you will not

place un-natural importance on trading events. Therefore, you will be able to take

losses in stride and look at your trading more objectively.

Finally, radical

acceptance is a key mental strategy for coping with market uncertainty. Many

traders make the mistake of thinking they can control the markets. Nobody can

control the markets. We must learn to accept anything that comes our way and to

trade accordingly. Adopt the attitude that trading is a journey and that all we can

do is go where the markets take us.

To succeed on this journey you cannot afford

to lose too much. Manage risk and just accept what you get and enjoy the ride. This

way you will trade more freely and creatively. Don’t live your life in denial.

Accept your limitations, work around them, and become a winning trader. Write out

your trading plan with precise entry and exit points. Most important set your stops

and mentally decide you will not break them. Test your system on paper and when

confident test in real time with the minimum contract size. You will have losing

trades, accept them with grace and go on to the next trade.