The 3 E's Every Forex Trader Need to Excel in the Market

What are these three E's? This is a question many will ask on seeing this caption. These three E's are required not only by forex traders in the forex market but other traders in other markets. These three E's are: Education, Experience and Excessive cash.

1. Education

Education in forex can be easily and cheaply acquired without much cost. Education is the know - how. How do you achieve or acquire this with little or no cost? You need to read about the business by going online to download free books and materials that can be helpful in providing the knowledge about what forex is all about. It is important to read about successful forex traders, how they started and what challenges they faced on their way to success. It is also good to study how they combated those challenges they faced. Education here is an investment. There is no easy way to success in life. You must be well grounded and knowledgeable enough to succeed in this business.

2. Experience

Experience in this business is acquired from long time of doing, making mistakes and proper learning. This is where you apply whatever you have learnt by applying the tips and systems first on a demo account. By demo trading for a good period of time, you will learn and get acquitted with how to analyze charts, place trades, exit trades and good equity management principles. The money management principles will tell you how to place your stop loss after a predetermined level of risk. You must be profitable on your demo account before venturing into a live account trading. Experience is what can be acquired cheaply, but not easily. It must be worked for and acquired through periods of patience, endurance and determination. Experience has shown that most beginners hardly do well with their first live account, but determination keeps you going to correct your previous mistakes and improve on your skills.

3. Excessive cash

The third E' is what is known as excessive cash. 85% of forex traders do not have this excessive cash. However, most people think acquiring excessive cash will give them all the success results needed in the market. Excessive cash is needed for good success in forex trading but not at the expense of education and experience. Go for proper education and experience, and you will attract the excessive cash needed.

Join me on the train to success in the forex market.
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