Know This Before Trading on a Live Account - Philippetrade.com

Friday, June 3, 2022

Know This Before Trading on a Live Account

When not ready, not a few traders choose to jump into trading on a live account. This is usually because they are not ready to accept the trading risks that they will get later. Maybe they are ready with a pile of knowledge they have, funds and trading strategies. But what about the risks?

This is actually a very relative thing to measure, especially about the funds that you may have accumulated with great difficulty can just disappear in an instant. Here are some things you should know and understand before deciding to play on a live account.



Psychological Risk

In general, traders who have a character who are more willing to take risks after making a profit, and more afraid to take risks after experiencing a loss. In other words, this is tantamount to a trader having a psychology that is less professional about the risks that will occur.

For example, if you have experienced a loss for the 5th time in a row, chances are you will be afraid to enter the forex market even though the market price movements are in good condition and the trading signal is quite clear. Basically, however, market price movements move relatively little.

But what you should know is that in any strategy you use, a random distribution of profit and loss is inevitable. The thing that must be overcome is your perception of the risks that will occur when trading on a live account. Usually traders often ignore risk when they have profited several times.

Make sure to become a trader because you like trading

For ordinary people who still don't understand this one job, trading does look like a very trivial thing and even easy to do. However, actually this one job requires a high skill. Feelings of boredom that often approach can interfere with the continuity of this work.

Therefore, you should always feel attracted and feel immune to loss. Before you finally feel like you are actually trading on a live account and are ready to make a real profit or loss of money. You must be able to overcome all the temptations that come and make you no longer want to do this work.

If you feel that your trading job is a burden, but you continue to force trading, you will over-trade and tend not to turn to money management. Tips from traders who have experience is that you must be well aware that even the smallest profit will be difficult to obtain and you have to fight alone to maximize it.

To be successful in the trading world, you must also have a dream to be successful in the trading business. This dream will stimulate your enthusiasm in trading and be a reminder when you are afflicted with laziness. Those are some things you should know before trading on a live account.

Keyword: trading on a live account

Description: in order to trade on a live account you need to be aware of several things that can happen.

Comments


EmoticonEmoticon