First, to have beyond ordinary people’s diligence.
Speculation is an intellectual competition among many investors.
No matter how advanced, it is still just a tool.
Your mind is always the most important thing.
There is no denying that individuals have a talent for foreign exchange speculation, but it is only a minority.
Most successful people are the result of hard work.
No matter what you do, as long as you are willing to put in extraordinary effort and extraordinary diligence, success will come to you only a matter of time.
Those who do not want to work hard and want to play tricks on the gold is doomed to be eliminated by the market.
Second, overcome yourself psychologically.
Foreign exchange speculation is a mutual game.
Some people’s profits must come at the expense of others.
Foreign exchange financial investment training experts once said, the market is always right, wrong is itself.
As an investor, never be a smart Aleck.
For each point in time, this is what most people would choose.
It is pointless to judge the bottom and top of the market until it turns.
In the foreign exchange market, we should learn to go with the flow and stand with the majority.
Against the majority is against the market, and ultimately against your own money.
This obviously defeats the purpose of entering the forex market in the first place.
I’m sure a lot of people suffer from this.
Three, overcome the greed and fear in human nature.
The struggle against greed and fear can run through an entire career in currency speculation.
If you make money, you want to make more.
If you lose money, you’re afraid of losing more.
This is a normal emotional reaction.
But that sentiment can seriously interfere with your independent judgment of the market.
Irrational imagination begins to swell in your mind, your mind becomes unclear, and your sense of the market becomes numb.
In addition to mastering the above three qualities, you must also learn the following practical tips for foreign exchange speculation.
1. Foreign exchange speculation cannot rely on luck and intuition alone.
If you don’t have a fixed method of trading, your profits are likely to be random, that is, lucky.
The profits won‘t last long.
Or one day bad luck will also have a loss.
Trading intuition is important, but trading on intuition alone is a risky behavior.
The most important thing is to understand the reasons for profit, and develop a personal profit profit operation method.
2. Take advantage of free mock accounts and learn.
Beginners should learn patiently step by step.
Don’t rush to open a real trading account.
You can try emulating an account first.
During the learning process of simulated trading, your main goal is to develop a personal strategy and type of operation.
When your profit probability increases day by day, the monthly profit gradually increases, it means you can open a real foreign exchange speculative trading account.
Be careful to simulate trading as if it were a real transaction.
The faster you can get into the situation, the faster you can develop some skills that can be applied to actual trading.
It is necessary to treat simulated trading as real trading, because the skills you have mastered are the key to successful trading.
3. Don’t get into a trading mentality.
In the face of a loss, remember not to rush to open a new inverse position in order to roll over, this will usually only make the situation worse.
Only if you think your initial predictions and decisions are completely wrong can you close the losing position and open a new reverse position as soon as possible.
Don’t play the game of guessing the market.
Better to miss a deal than lose it.
I want to tell you that the foreign exchange market is very risky.
Both quality and practical skills are indispensable.
I hope you can remember this to help you grow better.
As Europe’s energy crisis intensifies supply constraints, oil prices have enjoyed a third straight pre-Christmas rally and gold has held steady.
Please pay attention to the specific operation, the market is changing rapidly, investment needs to be cautious, the operation strategy is for reference only.
