That’s why every forex trader wants to know the secret of success. You don’t need to be a forex trader to want this, if you know that secret, you become a forex trader and make millions overnight.
No one secret will give you immense wealth in a business, if there was, we would all be millionaires. Having said that, if you are a forex trader and want to know how to be successful, I have a sentence for you. Avoid forex gambling.
It all starts before you risk even a cent on the market. Before you can call yourself a forex trader, you need to make some decisions in your mind. You should make sure that you are going to approach forex brokers in South Africa and not what you would approach forex gambling. Forex is not a casino and should not be treated as such.
One of the most common and dangerous mistakes a new trader can make is trading the market as if they were forex gambling and not forex trading. So what is the difference?
Well, let’s start with a strategy. Make sure that when you first start trading you do it with a professional and well-thought-out forex strategy. Make sure you use all the tools you have at your disposal like stop loss, take profit, and more.
Read news, market analysis, and forex articles, and make sure you know forex like the back of your hand before investing your money.
All those tips are important but here’s the kicker. Control your emotions as a trader, something you will not do if it is called forex gambling. Don’t put all your eggs in one basket just because you have a hunch.
The forex market is extremely volatile and one wrong move could mean the end of a forex trader. Once you cross that bridge, there is no way out. So it is important to make necessary preparations before trading and first define your mindset that it is forex trading and not forex gambling.