Beginner traders at some point on the learning curve face some of the problems associated with trading in the Forex market. Here, the question may arise about the nature of these problems and how to deal with them, or at least avoid them?
Old strategies stop working. You should always be ready to update, adapt and refine your trading strategy as long as you want to continue making profits in the Forex market. Market conditions change continuously and thus old strategies become less effective. Although some simple strategies have been designed to suit all market conditions, this quality usually includes a large number of parameters that need to be configured to suit the prevailing conditions in the market.
Real trading experience differs from the demo account. Although the features of the demo account are supposed to match those available in the real trading account, there are some caveats in this regard. First, you will not feel with the demo trading the same emotions that you will go through when you risk real money, and secondly, the transactions in the demo account will be executed smoothly with all forex brokers, but when moving to the real trading you may encounter countless problems, especially in times that witness The market has sharp fluctuations (during the news release or due to the application of rollover fees).
Fraud brokers. Unfortunately, not all brokers working in the Forex market have assumed integrity, as there are many fraudsters in this market. Fraudulent brokerage firms manipulate their clients with a variety of methods and tricks: they start from sharp price glides and making fake bounces in the market with the aim of hitting stop levels and stealing deposits or profits. That is why we always recommend avoiding unknown Forex companies and limit your selection to companies with a good reputation.
Limited knowledge. Jumping into the world of trading and you have little theoretical knowledge or practical experience is the shortest way to lose your money. Experience comes from persistence in trading and learning. That is why we always recommend that you practice a practice account for a long time and learn all the necessary information about Forex; in the event that you encounter any unexpected difficulties you will have plenty of time to search for solutions without worrying about losing your money.
Excessive circulation. Always keep your temper, even while trading. Do not open your next position simply because you have just closed the previous position on profits. Nor does it open a new deal just to offset the losses of previous deals. Simply put: Do not trade just because your feelings drive you to do so, only trade when the market informs you of opportunities.
Paid Forex Robots and Strategies. Buying these systems will cost you dearly and will not eventually earn the profits that they promise you, and even if they are profitable, do not expect to get rich from them. Worse still, you pay a lot of money while there are many strategies, robots and expert advisors that are freely available online.
Find the magic lamp. You will waste your time and effort in vain if you embrace this idea simply because no ideal system is able to achieve amazing results in all the circumstances and conditions in the market. The magic lamp is you – you only need to spend the time necessary to learn and master personal qualities that can help you achieve better results than trading, instead of draining your money and effort effortlessly.
Be careful, wise and serious in your approach to trading in the Forex market, and believe me, you will ultimately gain everything you dream about.