Negotiating is a skill that takes time to learn. Think of it as boxing is also a skill that takes time to learn. If you go into a professional boxing ring without any training, you’ll get beat up physically! If you enter the Forex ring without any training, you’ll get beat up financially! The similarities are that both examples are the skills, and both require psychological preparation.
The similarities are that both examples are the skills, and both require psychological preparation.
We can end a physical beating usually within days or weeks, but a financial beating can be devastating and easily affect us for the rest of our lives, not only harm our hip pocket, but can cause problems with our relationships and family. So when we entered the ring Forex, we must be prepared.
The professional boxer
When a professional boxer in the ring he is already practiced in a safe environment, usually for years, this safe environment is where he can make mistakes without medical treatment. He can also spar with other rivals that have more skills and experience then he does and learns from them. He also has someone there to see him and give advice and guidance.
So when he is ready, he enters the ring and boxes for real, he accepted the risk and knows that it cannot hurt, but he also studied his opponent and did his homework, so he knows he has a good chance. He can still lose this round, but if he wins most of them will have the money home.
BUT! What about the psychological side? He is afraid to enter the arena? Sometimes! But he is aware of it and he can control how it affects you in a way that is beneficial. Will he think about the money him going to do? Or will he think about the fight as it happens and plan their next moves during breaks? He will be analyzing the results of previous rounds and make changes in its strategy for the next round.
The professional Trader
You can see what’s next? If so no, you learned how to analyze what you read and form a projection into the future. (A very valuable skill for the FOREX trader)
A Forex trader, such as professional boxer, will not enter the Forex ring without being prepared first. He cannot spend years practicing in the trial account, but it will at least have a month or two or three, sparing with the Forex market in a safe environment that he will not get beat in
He will practice Forex trading against all other traders and learn from them, and he will have someone watching and giving advice and guidance.
So when he is ready, he will enter the ring and Forex trading fact, he accepted the risk and we know he could get hurt, but he also studied the Forex market and done their homework, so he knows has a good chance. He can still lose this trade, but if he wins most of the trades that he will get the money home.
BUT! What about the psychological side? He is afraid to enter the arena of trading Forex? Sometimes! But he is aware of this fear, but he can control how it affects the way that is beneficial to trade Forex. Will he think about the money him going to do? Or will he think about things that are influencing the market, how it happens and plan your next business while he awaits the outcome? He will be analyzing the results of previous trades and make changes in its strategy and continue with what is working, and planning for the next Fore Trade.
So “easy to see that trading with a demo account Forex Trading is something everyone should do before getting into a real account Forex Trading.
The practice will provide merchant account most of the skills needed to operate profitably, giving them the ring to spar in training
But a BIG warning!
Like the Boxer the Forex trader learned to control his emotions, is often overlooked by new Forex traders. But it probably what separates the successful investor of those who get hit!
If you are thinking of entering the arena of Forex trading, then be sure to practice first, and find all the information you can about controlling your emotions.
Fear, greed, impatience, are the main culprits of financial bashings, so keep an eye out for them, and learn to beat them before entering the ring with them.
Understanding these emotions will allow you to use them to your advantage in understanding the market, the market is influenced by these emotions and if you understand them you can have them on your side, giving him an advantage.
Foreign currency exchange market (also known as Forex, Fx or currency exchange) is a worldwide market that decides the currency value of global countries and allows to perform international currency exchange or trading. The trading centers across the world allow varied buyers and sellers to trade currencies 24 hours, except weekends.