Real Forex Trades
– In this article, we will discuss your first real forex trades, after all the preparation stages. After your training, information exchanges with your forex community and practice time in your demo account, you should have at least one decent trade strategy. When you feel like you are willing to put your hard-earned money to it, you can move on your real broker account. That’s what we’re talking about:
However, before getting into it, If this is the first article you found, check the previous steps. In the previous steps of this guide to start forex, we talked about:
► Doing Your Research and Training (Step 1)
► Creating a Trade Strategy (Step 2)
► Choosing a Forex Broker (Step 3)
► Spending Time on Demo Account (Step 4)
Step 5: Do Your First Real Forex Trades
Now, when you started the real Forex Trades, everything is real. Even after you practiced for a long time in your demo account, now you are losing your hard-earned money, and you are earning a real money that can excite you to move out of your strategy. Here, your emotions will affect your motivations. You will need to focus and set yourself rules with your plans.
Don’t change your strategy
As we talk about it before, what you need is keeping your first strategies as simple as possible and sticking with them no matter what happens. If you start to lose, it won’t be easy. The losing forex trades are where most new traders fail. When they lose on a few forex trades, they change their strategy. But, you need to stick with your strategy and keep going. If you spent enough time in your demo account, you should be used to this kind of losing streaks.
If you don’t know what to do when you get into the real forex market, you can follow a highly recommended method; Challenging yourself with doing a certain number of forex trades with your first strategy. For example, You can set yourself a goal of 20 trades. These trades can be small amounts.
Resist not to change
Most new people don’t continue to follow their strategy after a few times that it doesn’t make a profit. They decide to create a new strategy, after every few losing trades. Don’t make this mistake. Be determined and continue doing your trades until you complete 20 trades.
You will probably have many losing trades during this time. You may have maybe 5, maybe even 10 losing trades in a row. Just focus on completing the number you decided at the start, and don’t change anything. This challenge will show your determination as well as how good is your strategy. If you fail to complete it, maybe you need to adjust your mental state and try again when you feel ready.
If you manage to complete 20 trades, regardless of the profit or loss you get in the end, it shows that you are ready to do more serious trades with maybe more complex strategies. But, more importantly, it means that now you have a decent amount of experience. If you make use of what you have learned from this 20 trades, your next strategy will be more successful, and the next one will be even more successful.
Use your habit of saving developments
Also, just like we talk about it in the previous step; keep everything recorded, always. During your demo account trades, you should have been keeping notes about every trade you have done. This time, while you are working with real money, keeping records is even more critical. You should take notes about every single trade, the quotes, the number of units you trade, the dates, your ideas, earnings and loses.
Like we said it before, if you use an Excel-style software, spreadsheets are the best for this job, but you can use any other method such as a text file or a physical notepad too. Keeping records will let you make better decisions by re-inspecting your old trades and strategies. This way, you will earn something even from a losing trade.
Don’t keep your expectations big
The last key point here is keeping your expectations low. We always remind this to the new people; don’t see forex as a shortcut to get rich. Take small and steady steps. As you start to earn more and more money, you will want to put more investment money. In many cases, this leads people to sell their stuff, properties, or cars. Although, this is not the ideal way.
For Forex investment, do not sell your assets
If your financial strength doesn’t allow you to invest more money without selling something, probably you shouldn’t do that. If you are doing well in forex, you will earn more and more, and built up that money anyway. Don’t take huge risks until your forex portfolio is strong enough to bear them. Don’t scale up your investments until you are not really being affected by the loss harshly.
Now, Do Your First Forex Trades
OK, that is all for now, forex traders. With this last step, you completed our rough “How to Start Forex” guide. Now, you can start your forex education by reading our other articles.
This article you just read about “Do Your First Real Forex Trades” was the fifth and the last step of “How to Start Forex Trading” training. Short trainings similar this one will take place frequently on our website. If you want to read more detailed information on “Your First Real Forex Trades” topic, you can click on the related link buttons on this page.
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