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Top 3 Forex Trading Tips For Beginners
When you start trading, you immediately feel that you have a lot of power. But you have to take it one step at a time, if you want to see clearly. Here are the top three things that entrepreneurs need to understand when it comes to marketing:
1) Expect to Have Losses – It’s strange but you have people who enter the market thinking that they will NEVER lose, and that every trade will be perfect. Well…let’s get that out of the way right now. You will have losses. There is no such thing as “perfect”, when it comes to marketing. The biggest traders in the world have had their fair share of losses. The reason I say this is because many new traders get discouraged after their first loss, and never recover. What I am saying is true.
2) Spending should be the No. 1 priority – You can have the biggest marketing channel in the world but if you don’t know how to manage your money, you won’t last long. Many new traders, who show a lot of promises, end up losing their accounts because they are too high.
3) Overcoming Fear and Greed – It’s like an angel and a devil on your shoulders. When it comes to fear, first of all you don’t want to trade with money you can’t afford to lose. If you do, you are trading with fear money. Fear money is like a fear trader. And a fearful trader is a trader who will not do well in the market, because his mind will get the better of him.
On the flip side, greed can quickly destroy an entrepreneur. This always happens when a trader has a small success, and he sees himself as the God of trading. They think that every trade they take, they will make hundreds of pips, and they won’t settle for a bit. I don’t think I need to explain in detail what is wrong with having such an attitude.
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