The great paradox of forex trading
The biggest reason that most of the people are unable to make money while trading is that they do not understand its paradox. In order to be a successful forex trader, you have to be defensive and aggressive at the same time. If you are not aggressive you will not make money and if you are not defensive you will be unable to keep it.
It is important that you learn to balance the both. Here are a few tips that will help you to improve your chances of earning a profit and at the same time, you will not have to give your money back.
Tips to be an aggressive trader
You have to be aggressive but not too aggressive. You have the idea in your mind that trading will make you rich quickly due to which you might be ready to risk more than you are comfortable with. To avoid such temptations, you should carefully select the trade and trading strategy. You should know what you are looking for without hesitation as it will protect you from overtrading. The best way is to trade less frequently with a larger lot size.
Tips to be more defensive
In order to be defensive, you should withdraw a certain amount of profit at the end of every month. It will give you the peace of mind that your profit is not only on the screens. Remember that there is no need to trade every day and you should learn to control your emotions.