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Many people get into forex trading for the thrill of it. You have the ability to make brilliant trades that will move your lifestyle up a notch or two on the success scale. It appears that all you need to do is learn how the market works, then jump in and outwit everyone with your brilliant moves. 

You’ll eventually be doing so well that you’ll be able to turn your part-time hobby into a full-time job – a job you can take with you as you travel the world! Is this, however, how experienced traders think? No way; not at all.

Yes, it can be exciting at times, but all of the time? Certainly not! In fact, if you’re looking for something wild and crazy, you’ll be disappointed because forex is anything but. 

There is a system, and understanding the market, when to trade and when to sit back, requires an understanding of the structure, charts, and trends. When you have a solid understanding of how currencies rise and fall, you can begin to anticipate and enter trades.

Manage Expectations

If you think that forex trading will be a fun ride on a profitable rollercoaster, you will be sorely disappointed. In fact, forex trading can be quite monotonous. If you trade using charts, pip movement, and logic, your transactions will have a solid foundation and a good chance of profit. It can be considered boring because you are doing nothing. Your only task is to observe and wait. Keep an eye out for patterns and trends. Keep an eye out for a price breakout. Take note of when the market is in your favour. However, let the market do the heavy lifting for you.

Don’t obsess over every market move, and don’t jump from one trade to the next in an attempt to keep up. When you first enter the forex market, make sure you go over a list of reputable brokers.

Settle Down 

Emotions are a trader’s worst enemy. If the trading is going well, there isn’t much to get excited about. If you get tired of watching and waiting, you may feel compelled to intervene in the market. Trading on emotions is one of the most dangerous mistakes that a forex trader can make. When you become impatient and can no longer wait, you may enter a trade too soon and watch your money disappear. It is better to remain calm and wait it out.

Monitoring Charts

In reality, traders have a very dull life. They stay up late to catch different markets and rise early to capitalise on markets within their time zones. The majority of their time is spent waiting. But what makes boring so appealing? Because boring implies that you aren’t in it for the thrills and aren’t looking to make a quick buck and get out. Successful traders have learned to control their emotions so that they can focus on what the market is telling them. Then, when they make a good profit, they have something to celebrate!