Many people who are starting to master the Forex market are interested in how to better choose the length of trading time? And this is quite a normal question, because the Forex market works around the clock. And literally once a minute certain quotes change. Therefore, many traders are thinking about what needs to be done in order not to miss important moments of the currency movement?
Many novice traders prefer to trade every five minutes. They believe that this method will make them millionaires. But in this case they are mistaken.
According to statistics, people who are trying to explore the minute chart and open trade deals, after a while, completely lose their deposit. And there are about 90% of such people. The rest are simply lucky, but it is safe to say that their deposit will not live very long.
Why is this so sad? This situation develops due to psychological unpreparedness and inability to control one’s own emotions. Traders who work with minute charts should learn to make competent and correct decisions. But many Forex traders simply exaggerate their own capabilities, so they are not always able to make the right decision.
But there is another serious problem. Some traders do not recognize that they have committed rash and erroneous actions. As a rule, there is a way out of any situation. In the initial stages of trade, it is better to limit yourself to a long-term investment. Thanks to this, a trader will make more informed decisions.
But even in this case there are negative aspects, because the trader has to wait a long time and he puts a lot of pressure on his psyche. It is worth noting that after a certain time you will fully get comfortable in the long term.
In general, a novice trader should move from the simplest to the most difficult. With this method, you will be much better adapted to the Forex market, and it will be much easier for you to make the right decisions. It is on this success of traders is built.
Very often, novice traders start working on the Forex market from its most difficult parts, so they immediately go bankrupt. At first, it is best to open a demo account and evaluate all the skills and abilities without risking huge money.
Having worked, thus at least a month, you can conclude whether you can successfully trade in the Forex market or not.
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