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Best Forex trading
Best Forex trading education - Learning the right
stuff by Harold Hsu
It is the aim of all retail Forex traders to make money from the
market. We read books, take courses and search the web for all kinds
of Forex-related information to best educate us on how to trade
profitably.
Unfortunately, most of the time retail traders are looking to learn
about the wrong kinds of things. We spend our time looking for the
best and lates techniques and systems with the hope of making money
once we adopt them.
The truth, however, is that there are other more important aspects
of Forex trading that we should all be paying attention to and these
are the aspects that separate a consistently winning trader from a
consistently losing one.
Forex Education Topic #1 - Understanding Leverage
One of the biggest attractions of Forex trading is leverage. We are
all aware that in the Forex market, we can trade with a large amount
of currency using only a fraction of our own money.
What most retail traders dont realize, however, is that leverage
actually plays a major role in how they should manage their money
(and risk).
Simply put: the more leverage one trades with, the smaller the
stop-loss allowance would be available to them. If you dont know why
this is so, I highly recommend that you study the impact of trading
with leverage more carefully and how it affects your money
management system too many beginner traders have wiped out their
accounts because they didnt truly understand the risks involved
here.
Forex Education Topic #2 Understanding Yourself
Among all the aspects of profitable Forex trading, this is arguably
the most difficult to master. You can have thebest†trading system
in the world; but if you find it hard to trade according to its
rules, then its still useless.
Understanding your own risk appetite is a crucial component of
deciding which trading system you should adopt. If youre an
aggressive trader, find a trading system that reflects your style.
And vice versa if you a conservative trader.
An old trader once told me, The market is the perfect place to
discover your true flawsâ. And now, I finally realize what he meant.
My flaws of greed, fear and discipline have all been exposed to the
market and its through the conquering of these flaws that you can
emerge as a profitable trader.
Dont trade if youre not prepared to have your vulnerabilities
exposed by the market.
About the Author
Visit http://forexsystemprofits.com for more tips and techniques on
profitable Forex trading. Get your free 26-page Forex trading guide
while youre at it.
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