Foundational questions every newbie trading forex needs to ask him or herself
Forex trading is really an interesting business anyone can venture into. Every day, newbie troops in as a result of the awareness created by forex brokers on the web. Our major interest has always been a fact –taking as many pips as we want to gain from our current position.
Every day we see how forex funds grow exponentially around the globe. Newbie’s, still not sure of what they are dealing with, make same mistakes daily. But there is always a way to make things right, by questioning yourself;
The question is –do you want to be the part of this global cake? If you really want to be part of it, then there are some questions you need to ask yourself.
The questions are not written to upset you, but to access your interest, analyze your commitment and also to know your stand as a trader.
Here are foundational Questions that you need to ask the- you in you.
#1. What is forex trading all about?
Carrying out an intensive research on this, before answering this question will really give you much insight of what you are dealing with.
#2.Can I handle this business (forex)?
Honestly, you have to be sincere with yourself before you answer this. It will really serve as a business guide for you, either to know more or to resign from learning about it further. If you decide to be affirmative, then the next question is for you.
#3. What does it take to be a successful trader?
Now that you are ready for the real game, your target of action should lie on- What to do to become a profit-making trader. The main key here is your mindset for success. You can’t force it on someone-it’s your own decision.
#4.What is the dos and don’ts in forex trading?
This particular question wakes your consciousness to the rules that governs the forex market. It is always advisable that you place this rules at your finger tips, in other not to fall victim of them.
#5.Who is a broker?
A broker is someone who takes order from you and also serves as an intermediary between you and the market. He speaks on your behalf and act accordingly on your order.
#6.How do I know the real broker?
The process of determining a true broker is quite feasible. Honestly, you do not have to panic when searching for one. All you have to do is to surf the internet and carry out a little research on brokers.
#7.What is my risk quotient?
Everyone is not born with the same ability and capability, so therefore our risk appetite differs. Some traders have the nerves to take high risk in business while some are low or non-risk taker. Your major work here is to know your capacity of taking risk.
Further questions are what you really need to answer with your heart;
#8.Am I doing the right thing- trading forex?
#9.when trading, Am I too emotional?
#10.What is my trading style?
#11.How do I create my own trading plan?
#12.Am I taking forex as a real business?
#13.On my trading platform-which indicator works well for me?
#14.Which currency pairs are best prescribed for a newbie forex trader?
#15.Oh no! Am I in charge of my emotions?
#16.Am I getting what I expect from trading forex?
#17.Do I really trust my analysis as a trader?
#18.Am I really equipped- with the right knowledge to decide on what order to place?
#19.What is the difficulties I experience as a trader?
#20. What are the best places to visit-in other to learn more about forex?