This ( 4 ) Trading Ability Is Not Learned From Forex Schools
Although there are many important things that you will learn in forex school , but in fact there are still some trading skills that you might not get in the forex education that you take. This statement does not intend to undermine the value of formal forex trading education or stock trading, but rather the stress limits of this training.
When you actually do real stock or forex trading, there are many abilities you need to avoid losing all your capital. Of course, there might be opportunities to learn some of these abilities if the school offers mentor programs or other programs. Well here are some important abilities that you did not learn in formal education:
TRADING CAPABILITY 1: RISK MANAGEMENT
Every time you open a transaction, there is always an opportunity where the transaction will be against you so that it can result in losses. Because of this, you must develop risk management skills to help deal with risks that may occur so that your transactions can end successfully. One example of risk management is limiting the amount of money you will bet per transaction at a certain percentage of your total trading capital. This will limit the amount of loss if the transaction you have made is not successful. On the contrary, this risk management will not prevent you from increasing the amount of investment when you feel the market is in good condition.
TRADING ABILITY 2: DEVELOP A TRADING MINDSET INSTEAD OF A GAMBLING MINDSET
One of the worst things you can do as a trader is to release shares rather than close when he starts fighting you. A trader will definitely experience an unsuccessful transaction and they must accept his defeat. While a gambler will let his defeat pass in the hope that they will win in the next transaction. So the mindset of gambling will make you continue to trade without evaluation after the losses obtained.
TRADING ABILITY 3: LEARN TO BE PATIENT
In all cases patience is needed. You must know that it will take a long time to learn how to trade successfully. A trader must accept this fact rather than just believe that after a few courses they can immediately succeed. Regardless of the lessons they learned from the forex school, they will still spend hours learning trading on paper before actually doing real trading. It is said that someone will need around 10,000 hours to become an expert in something and you also have to pass it to become a successful trader.
TRADING CAPABILITY 4: HAVE A LONG TERM VIEW
Most beginner traders mistakenly believe that the forex market is a place where you can make a fortune in one night. Some good forex schools will inform students about basic lessons which will take a long time to make money. Because making large amounts of money at one time can end in disaster unless you are truly lucky.
Keep in mind that the only way to make the right profit from forex is trading using the right strategy and planning. If you really like challenges, don’t hesitate to try to improve trading after achieving success on several occasions. But you also have to know that this will also increase the amount of loss you may suffer.