Because of unknown trading mistakes at the beginning of a career, making a successful path in the business is really difficult. Rookies in the Mena region struggle in their early trading career by falling into different traps that they were totally unfamiliar with, and in the end, some of them lose a huge amount of money and close their CFD account after becoming discouraged.
Study shows that 95% of the accounts get burnt in the first six months as they do not have any idea of a proper risk management system, and it is a bitter truth that very few people can run their business for four years. To solve this problem, we will discuss the most crucial points overlooked by most beginners. We will be providing these guidelines so that traders can help themselves to become successful in CFD trading.
Key features to be attentive as a new trader:
1. Not to trade based on emotion
When a rookie comes to trade, he is not careful about his emotions, which causes a great amount of loss in a short period of time, but if he could control his emotional balance from the beginning, then it would be very easy to take the right step at the right times. Nothing can be more dangerous than taking the wrong steps because of overconfidence, greed, disappointment, fear, and rage. See it here and you will learn why the elite traders in Mena region are doing so great. Be rational about your actions and you will feel the change in your performance.
2. Without having a trading plan
A trading plan helps to attain success by writing about the possible actions in the beginning, and this to-do list can show the right path when the market will change suddenly. A newbie never thinks of creating a trading plan, which can be helpful in times of indecision. By not maintaining a strategic plan, they cannot deal with their psychological balance and get biased with the common emotional characteristics like fear and excitement. A strategic plan will help to make the rational decision even when anything gets changed by night. Experts do not become biased about everything in the market and try to follow only their plan.
Investing money in different financial instruments one by one will not help beginners to secure profit; rather, they should try to invest money based on the time frame. If he becomes unable to control his greed and buys financial instruments without any pause, then he will be in the clutch of loss over time.
Beginners forget to take a break and consistently try to invest in buying newer financial instruments, but this tendency may plague them in the long run. Without taking a break, if anyone continuously works, then there will be in a great possibility of making mistakes by missing opportunities.
4. Feeling exhausted
Rookies get overwhelmed by the amount of data they have to consume at first regarding trading, but they should keep in mind that without loving it, the data or information they are gathering will not stay long in their heads. To solve this problem, they can try to master particular aspects of their business, and they should not try to learn all the things about this platform as Forex is a vast place, and learning everything about this is hardly possible for one person.
So, the bottom line is we find that there are so many factors that help to achieve to success, and without having the mastery on these issues, a trader cannot overcome potential obstacles. But business face too much difficulty , and if a trader maintains the basic rules of trading with a proper risk management system by setting a stop-loss order, then he can surely become successful later.