You see on the chart how EUR/USD is growing, open a long position with a minimum lot size and make a profit. Your first trade with real money is a victorious one! You make an important conclusion - to earn on Forex is possible! Further you get a number of other simple and small victories. You have not learned to analyze the market yet, and therefore you do not understand how to explain your first successful deals.
You are excited about the world of a currency markets and tend to believe that you will to earn like L. Williams, J. Stowell, L. Gettess and others.
In addition to the joy you feel anxiety – what if today you are not able to earn? You look for some forex trading tips for success, but discover through forums that almost all of the traders there lose their Forex initial deposit. This myth is meant to create an opinion that the loss of the deposit is something common. Sometimes it makes you be afraid of trade. Such forex trading tips and comments are harmful for beginners. The reality is overwise. Only a few traders lose their initial deposit and mainly because of a wrong approach to trading.
The main mistake on this step is to aim to earn.
The first victory gives you a reason to consider yourself competent. Illusions and optimistic plans appear - some of those emotions are the worst enemy of a trader. You begin to predict movements of a currency pair confidently, share your experience on Forex forums, but the stop loss works more often than the take profit.
Continue to practice and study all helpful Forex currency trading tips. Select sources for your education carefully. Avoid being overconfident — now you are on stage of all-or-nothing thinking. Learn our Forex trading guide and communicate with more experienced traders.
If you trade on our accounts, please use the minimum lot size. This minimizes potential loss.