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The Forex mindset prepares you to be a successful trader by helping you identify your unique psychological strength, weakness and how you naturally behave in times of financial stress.
Successful trading requires 10% skill and 90% emotional intelligence – Jaret martinez
- See yourself or imagine yourself as a successful trader and be goal oriented.
Characteristics of Goals:
a. It must be realistic -within your capability
b. It must be attainable -begin with a small goal and move up from there.
c. It must be measurable.
d. Self evaluation after
2. Two Reasons for losing trades.
-You follow your rules but the market did not go in your direction.
-You didn’t follow your rule.
3. Remaining Flexible – Get out of closing trade
4. Being Objective
-The market can do and undo
Characteristic of an objective person:
a. You feel no pressure to do anything
b. You have no feeling of fear
c. You feel no sense of rejection
d. There is no absolute Right or Wrong
e. You recognise that this is what the market is telling you.
f. You can observe the market from a perspective as if you were not in a position.
g. You are not focused on money but on the structure of the market.
To be a successful trader you will not always be right but you will always need to be objective..
5. Self Improvement- Very Vital
a. Don’t impose a rigid mental structure on the market’s behaviour.
b. Let go of the fear of being wrong so that you can observe the market from an objective view point.
c. If you concentrate on fear it will cause your subconscious to act out of fear and give you the very losses you are trying to avoid.
-Blaming Others/factors only slows down the learning process.
InstaForex MT4 In-built Indicators are softwares/tools which successful traders utilise in effecting trades eg to either place a buy or sell trades while Custom indicators are indicators which are either purchased online or borrowed from friends..
Begin the process by first extracting the software to any storage device or to your Laptop/desktop; then install as follows;
1. Copy the indicator extracted to your Laptop/desktop.
2. Open your Instaforex platform
3. Locate ‘FILE’and click
4. Locate’OPEN DATA FOLDER’and click
5. Locate’MQL4’and double click
6. Locate ‘INDICATOR’and double click.
8. Move your Cursor to the extreme right of the’INDICATOR’window(open space),right click and paste.
9. Close and re-open the platform in order to locate the installed indicator in the navigator.
10. Locate the installed indicator and double click on it.This brings it up on the chart.
11. Click ‘OK’for it to be attached to the chart
N/B please note that if you do not perform the no 8 operation the installed indicator(s) would not appear or
be seen in the navigator.
InstaForex Nigeria Technical Support Team are always ready to help you with additional guide on how to Open a Demo account or Indicator(Software) Installation.
For more enquiries call us +234 903 358 8803 or send us email on [email protected]
If you have no clue about what the Forex market is or you have never heard about it, this article will give you a very brief explanation below.
Forex is the short form for Foreign Exchange Market. This is the biggest and most liquid market of the entire world today. Over three trillion dollars exchange hands at Forex every day.
People blindly gamble their money at Forex without knowing anything about it and they lose their money. Forex market is profitable, but you need to learn the basics well, do your homework well by try trading with as low as $10 or demo trade for some time.
Just remember that 50% of traders lose money, 40% make it and less than 10% become rich at Forex. The nice thing about this market is that you can make money without creating any product or service, selling anything, nor advertising. You just trade some cash and get paid depending on your knowledge and expertise.
This is the market where banks, transnational corporations and individual traders exchange one currency for another. I am talking about the spot Forex market. With InstaForex You can trade at huge leverage as much as 1 to 1000, meaning that for every dollar that you have for trading you can trade $1000. For example if you have $1,000 on your account you can trade as much as $1,000,000.
This is dangerous. Most experienced traders wont use such a high leverage. In the other hand, high leverage can be good if you learn how to use it in your favour.
Looking at the strategies and how some traders make money at Forex; Trading currencies is risky. That’s a fact. But ultimately we discovered a few strategies that could give novice traders a winning edge.
Trading Forex is easy but can be very dangerous if not properly trained. Today you may be earning a lot and tomorrow you are losing 40% of your starting capital.
Novice traders often make the same mistakes over and over again.
Few things to avoid while trading;
1.Do not look for a holly grail of trading.
This is for people who are afraid to lose or are too greedy and want to get rich quick. Even when it seems so, The Forex Market is not the place to get rich quick, though you can make a lot of money over time, you still have to learn a whole lot about what makes the Forex market tick and what moves the price of the currencies plus how to manage your money effectively so you don’t lose your capital/investment.
Many novice traders spend a LOT of time searching a perfect strategy or indicators even robots that will allow them to always win-win and never lose. They want to have guaranteed profits because they can’t stand to lose or they want to make too much (millions) quick so they can retire fast and buy a private jet. It doesn’t work like that, “always know that Forex is a business”.
A trading strategy that allows you to have guaranteed profits does exist but requires patience. Trading is very risky and also highly profitable. Remember: no risk, no reward. So, do not try to always win on every trade. It is simply not possible. There is no way to get rid of the fact of uncertainty. What I mean is that no matter how effective your trading strategy may be, sometimes it will fail and you have to be ready to face this fact.
Trading profitably means understanding the Basics of Forex which professionals at InstaForex Nigeria do. Contact us today for a complete Forex training package!
By Paul Odibeli