7 things you probably didn_t expect from Forex, but you should know about
Forex trading is a serious thing. If you see commercials that promise you millions in a day, that is a hundred percent scam. That is why we offer you basic things many people still don’t know but are super useful. Whether you want to trade or not, you should know these to distinguish the good from the bad.
This might even prompt you to dive into the foreign exchange world, and you will be more confident in your trading beginnings. We present to you seven things everyone should know about Forex.
- Check your Forex broker and do some background research
If your forex broker is regulated, there will be no problem finding him on the internet. Check LinkedIn, reviews, everything. Find out their work. Customer support should be available 24/7. If you can’t find much about a specific person, it’s not a good sign. Do not keep contact with them and research for someone trustworthy.
- There is no gain without investment
All those commercials you often see on various social media tell you you can gain millions within a week, a month, even a day! That is all a cheap marketing strategy, and there is no way you or anybody else can make much money without a proper plan, learning, and staying away from clickbait commercials. You will start receiving multiple phone calls every day from different companies that are not regulated, wanting to take your money. Don’t fall for forex scams.
- Forex courses
It’s a good idea to have a mentor or check out some free online courses on trading. In 2020 many of these emerged, and they are comprehensive and offer you lots of information on how to trade correctly.
- Make a plan
Like everything in your life, especially money and investments, you should make a proper plan that will benefit you the more you learn. The main points you should include are, for example, the maximum amount you are ready to lose (no more than that!0, time frames when you are most comfortable trading, recognizing your trading style over time, entry, and target price.
Trading plans should be updated as you progress. It also depends on the season, what happens to the economy, and if you decide to adopt a different strategy.
- Journal Away
Try writing down every day, even a couple of sentences about what you did, how it went, and if you reacted impulsively, etc. This should help you recognize destructive patterns and good ones, and in the end, you will see how much progress you have made over a couple of months, even a year!
- Be disciplined
If you were a scam victim, check with yourself if you are getting into trading because you are still bitter about it. If that is the case – impulsivity and too many emotions aren’t a good thing if you want to be a successful trader in the long run. It’s better to wait and eventually see if this is still something that interests you than to lose even more money because you are careless.
- Losing is part of winning
We are always advising people to invest only as much they are willing to lose because it can still happen. You also don’t have to invest the whole amount of money you have on your trading account. This is how you learn about the process, the stock market itself, and you can go on with more experience and take time out if this affected you. There is always a chance to win.