As we all know forex is one among the most important , liquidity markets within the world.
As defined by Google and Wikipedia "Forex trading is that the act of shopping for or selling currencies. Banks, central banks, corporations, institutional investors and individual traders exchange foreign currency for a spread of reasons, including balancing the markets, facilitating international trade and tourism, or making a profit."
So as we see forex trading simply means the exchange of currency of another country to a different .
This is simply means give me USD(United state dollar) and I will give you NGN( Naira) or give me JPY( Japanese yen) and I will give you GBP(Great British pond). Simple, all that we are doing in forex is Baying and Selling of Currencies.
To be a successful trader there are some setting things you have to avoid.
Greedy
Lack of planning
Distraction by opening much trade in a day
Not using Stop loss
Avoid rumors
Lack of self-decision, etc
Greedy
Greedy is the root of evil!!
Is the first enemy that any trader should have to avoid, greedy simply means putting too much interest in a trade. For example, let said you are trading EUR/USD and you are a daily trader you now make your Tp(take profit) to be 1000pip which is crazy, so you have to avoid this put a normal Tp at least 100-200 pip is okay.
Lack of planning
This is also something to be focusing on. It's advised before you enter any trade make sure you make a plan for that trade.
Lack of planning can cause a lot of risk to your trade.
Not using a stop loss
Always remember to put it in all your trades
Technology has made it there to protect your accounts from risk management.
Distraction by opening too much trade in a day
These can also cause too much risk in a trade
Trades are encouraged to avoid them. You can see someone opening more than 6 trades in a day.
You would see someone open
GBPUSD
EURUSD
USDJPY
USDCHF
AUDUSD
AUDCAD
EURJPY
GBPJPY
EURCAD
EURGBP
NZDUSD
Only one person 😳
At least two trade an okay tomorrow is another day 💪🏼.
Avoid rumors
News is also playing more part in trading whether good or bad. As a trader, you have to always look for a good source of news.
Because spreading rumors can cause a lot of damage to your trade.
Lack of self-decision
Always be your self make some research by your self about a pair you want to trade. And also learn from your elders' mistakes.
Those are some of the tips you have to follow in other to achieve your goals
In conclusion
Always make research before entering a trade. And make sure you learn from your mistakes.
Amazing