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Everyone thinks trading is one of the most complex businesses in the world and there is nothing wrong to think like this. Based on a recent study, we can say more than 95% of the retail traders are losing money. Those who are new to this market might give a second thought whether you should trade the real market or not. If you intend to quit trading you are most welcome. But if you prefer to become a successful trader, there is good news! The majority of the new traders in Hong Kong are losing money because they don’t know the proper way to learn to trade. In this article, we will highlight four easy steps which can make you a successful trader.
Step 1, open a demo account
Very few traders understand the importance of demo account trading. Most of them are biased in favor of the profit factor and they want to secure their financial freedom. But without learning to trade the market, you can’t expect to make some real money. Instead of risking your real money, you need to open a demo account with a professional broker like Saxo and learn the art of trading. Demo trade the market with a different technique and find a suitable trading strategy. Some of you might think demo trading is nothing but a waste of time. But if you think like this, you are bound to lose money. Some professional traders have demo traded the market for more than a year just to master the unique art of trading. So, be prepared to spend some quality time learning the details of this market.
Step 2, trading the real market
Trading the real market is completely different from the demo account. As a real-life trader, you must visit https://www.home.saxo/en-hk to learn more about the professional trading environment. The new traders often prefer to trade the market with the low-end broker but it never helps to develop your trading career. Invest a small amount of money in a professional broker try to feel the vibe of this market. Use your knowledge that you have gathered in demo trading. Trade the real market with strong confidence. If you keep on losing trades, try to find the key reason. Fix those issues and trade the market with a solid plan. Never become frustrated in real-life trading. Be prepared to lose trades regularly since losing is just a part of this trading profession.
Step 3, learn fundamental analysis
The rookie traders don’t want to learn fundamental analysis. They always think technical data is enough to find good trades. But fundamental factors are the most powerful price driving catalyst in the Forex market. It can change the long term market trend. So, if you ignore the fundamental data, it won’t take much time to blow up the trading account. Learn about the impact of the major news release is not all hard. Read books and articles on the major news release and you will slowly begin to understand the impact of major news.
Step 4, stop being emotional
This is the most crucial thing to learn about the art of trading. Even after knowing all the details of the market, many traders still fail to make money. This is nothing but the result of human emotions. The outcome of any trade has nothing to do with your profit factors. Try to stick your trading strategy and focus on simple logic. Never trade the market with emotion. If you lose consecutive trades, never become emotional. Getting emotional is nothing but putting your hands in the fire. As a currency trader, always remember trading is all about managing the risk factors. No one is going to respect your emotions. Try to keep pace with the dynamic nature of the Forex market. Keep learning new things from your trading mistakes and you will see decent progress. Be a confident trader in the trading industry.
