2020 is not a new year but a new decade! How exciting of time and as a Forex trader, we need to realize how important it is for us to come together as a community and share what we know in order to continue to grow in our trading journey. The market is constantly changing and evolving, so in order to be successful, we also need to continue to emerge into the Forex industry more mature and with the tools required to be successful. Even if you have a bit of experience in the Forex market, it’s wise to continue to educate yourself and practice different strategies. Here’s a list for you to go over and help educate yourself in 2020.
- Choose you Broker wisely: You should always take the time to research your potential brokerage company because they need to not only be loyal and trustworthy, but you need to see them fitting into your Forex vision. The brokerage company I chose to grow and practice with is The Apiary Fund and they have made the educational portion of my Forex journey so much easier then I anticipated it to be.
- Create your own solid trading strategy. One of the most common mistakes beginner traders can make is not putting in enough time and effort to their plan of action when it comes to the market, and by doing so, you're setting yourself up for failure.
- Take control of your emotions. You shouldn’t allow your emotions to carry you away, this can be difficult at times especially after you’ve experienced a large losing streak, which can always make you feel anxious and lose confidence. But by staying level-headed, you can ensure you will make more rational decisions.
- Stress Less. Trading under stress can lead to making irrational decisions and will ultimately end up costing you money, which is never a good thing.
- With no risk, comes no reward. Nothing will guarantee success and when you decided to become a Forex trader, you should have already thought of and accepted the possibility of failing. You need to be realistic with yourself, you won’t make profitable trades 100% of the time. Shawn Lucas always recommends to only push your risk into what you’re comfortable with. You don’t want to completely set yourself to be dug out of a big hole.
- Patience is an advantage when it comes to the Forex market. This concept is so true because being successful never comes immediately when trying something as foreign as the Forex market.
- Continuous Education. Everyday you trade you can always take away something you learned daily. Shawn Lucas the head trader at The Apiary Fund is still continuing to expand his education even though he has been a professional trader for years.