Learning patience in forex trading is an important lesson.
The first rule we'll be using for the cover is simply not to chase the market. New traders in the forex market usually chase the market for trading opportunities and trade even on low-probability trade setups, and ultimately end up with a heavy loss. Excited about the market and their first trading account, beginners will open multiple trades in one hour, hoping to make a big profit by the end of the day. Unfortunately, this behavior is more like a gambler than a merchant.
The market owes you nothing. Through experience, you'll learn that patience is an essential psychological trait that makes a great trader. You don't have to open a new position every hour, or even every day. If there are no trading opportunities, I step aside and let the market come to me in the next few days when a high probability trade arises. Never chase the market - even one losing trade can wipe out a lot of your past earnings.
The first rule we'll be using for the cover is simply not to chase the market. New traders in the forex market usually chase the market for trading opportunities and trade even on low-probability trade setups, and ultimately end up with a heavy loss. Excited about the market and their first trading account, beginners will open multiple trades in one hour, hoping to make a big profit by the end of the day. Unfortunately, this behavior is more like a gambler than a merchant.
The market owes you nothing. Through experience, you'll learn that patience is an essential psychological trait that makes a great trader. You don't have to open a new position every hour, or even every day. If there are no trading opportunities, I step aside and let the market come to me in the next few days when a high probability trade arises. Never chase the market - even one losing trade can wipe out a lot of your past earnings.
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