A decision for investing in the forex market demands a big heart, and that is why there are very few successful traders and investors in this field. Many traders say bye bye to the markets after they are caught in the claws of Devil #2 – Lack of Clear Vision or Underconfidence. People start looking for the suggestions from the outside sources only when they are not confident about their analysis and strategies. Making profits in forex trading or any other trading is a challenge, and it is the human nature that when he faces challenges, he starts looking for the solutions from the outside source. And this pushes him to the clutches of Devil #5.
And on top of that, the first source from which they ask solution is their broker who has already hedged a position against them!
In the world of trading, nobody has that magic pill which they can give you to start making profits instantly. You just cannot predict the markets in a day trading. Only those traders and investors get success in forex who have patience, confidence, and control on their emotions. It does not mean that they had never made any mistake. They made lots and lots of mistakes but learned from them. Slowly and gradually with practice and experience, they honed their skills and are now the top traders and investors in the forex market. It is impossible to learn the art of invest in a jiffy.
How to kill the Devil #5?
The only solution to this problem is instead of taking tips about a particular currency pair, seek advice about how that expert reached to that conclusion. You must have heard a saying, “Give a man a fish and he eats for a day; teach a man to fish, and he eats for a lifetime.” Follow the same and do not hesitate to learn and ask questions. The one who is willing to teach you happily and properly will never get irritated of your questions.
Study as much as you can and apply that study into practice on a demo account. Do not ever jump into the real world of forex until unless you are confident that your analysis and strategies will definitely work. Learn to analyze the markets in the same way as a successful investor is analyzing it. The best way to do this is to read a successful investor’s books like share market investors never miss a book of the Loin of Share Market – Warren Buffet.
After facing this fifth devil, when I finally learned that I have to study as there is no way out, I met a new kind of demon which I am listing as the Devil #6 – Depthless Study. So, let me introduce him to you.