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    Trading Mentality Conducive to Gaining Profits Stably!

    Abstract:It is gaining profits continuously that is the real challenge in forex trading.

      It is gaining profits continuously that is the real challenge in forex trading, which requires a comprehensive understanding of the market and trading and the strong management of emotions as well as the capacity of rational thinking. All these have to be practiced specifically.

      Preparation

      The precondition is that forex products with good liquidity and affordable margin should be given priority. Takeaways better kept in mind amid the choice of trading systems are listed as follows:

    •   All signals of entering or exiting the market must be carried out within the same time frame in a trading system.

    •   The definition of standards for joining the market must be explicit instead of subjective.

    •   Risks should be clear-cut so that positions can be closed instantly once the bottom line is hit.

      Practice

      At least 20 transactions should be conducted as practice, during which the conflict between rational thinking and desires can be suffered. Coping with this kind of issue is the hardest part of this process whereas the fundamental mindset favorable to profitable forex trading can be harbored at the end when you overcome moodiness step by step.

      Conclusion & Review

      Methods, including self-recording and self-assessment, can be employed in your conclusion and review of your practice process. The following five principles should be remembered constantly:

    •   Maintain cool-headed

    •   Must evaluate risks in advance

    •   Completely accept risks

    •   Conduct transactions based on established rules without hesitation

    •   Monitor errors and improve in time

      Once this mentality is nurtured, you can make trading calmly without being externally interfered.

      Download WikiFX to get lessons from experts who have traded forex for over 20 years. (bit.ly/wikifxIN)

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    • Chinese Yuan
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    • Euro
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    • Hong Kong Dollar
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    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
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