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How to improve forex trading in 2015
Written by: PaxForex analytics dept - Tuesday, 30 December 2014 0 comments
The year 2014 was another great year which saw plenty of events disrupt financial markets and create great trading opportunities for forex traders. Some took advantage of those and saw their forex accounts increase by double digits. A lot of forex traders were unable to profit and in many cases saw their accounts contract by double digits. No need to live in the past as 2015 will be filled with great trading opportunities.
One of the biggest reasons why so many forex traders often sit on the sidelines or even lose money is lack of education. The number one factor which will help forex traders improve their forex trading in 2015 will be education. Without the proper knowledge traders will be unable to understand market movements and therefore they will not be able to take the proper trades which will allow their forex portfolio to prosper.
Fear is another big reason many forex traders fail. They may have a good trading strategy, but they remain fearful despite it. This will see a great trade and then fear will lead them to doubt the trade. They will close the order window and a few hours later they check the same currency pair and saw it moved as they have predicted it. Fear is also a sign of lack of knowledge about trading and can be circled back to the lack of proper trading education. Learn
Emotions are the biggest enemy of forex traders. This is the third obstacle forex traders need to work on in 2015. It does not matter if traders are happy when they earn money on a trade or sad and angry when they lose a trade; emotions are bad and will lead to losses over time. Working on those emotions will make average forex traders better forex traders in 2015. Working on emotions could be the biggest challenge for traders and keep in mind that fear is an emotion.
Here is a quick summary of the three biggest things forex traders should work on in order to become a better forex trader in 2015:
Education: Spend your time in 2015 on education. Make sure you understand the forex market, the economy, your strategy and trading. This will give you a great boost in the New Year.
Fear: You need to create a trading strategy which you can trust. Trust can only be built by trading. Paxforex offers the best environment for this. Open your account, make a deposit and start to trade according to your trading strategy. The more trades you have the less fear you will face as you will learn to trust what you do.
Emotions: Do not allow emotions to control your trading decisions. Don’t be happy when you earn money, don’t be angry when you lose money. Trade your trading strategy and try to reduce emotions which will further allow you to become a better trader.