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  • Ashleytaylor
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  • vickymacklean
    vickymacklean created a new forum post in Money Matters
    Trading in Forex market is always volatile. You are never going to know what to expect unless you are a wonderfully skilled trader. Though skilled traders still lose in forex, you need to think how to make money in Forex market. Trading and making money would have been easy in Forex if there were no volatility. But volatility will always exist in a market like as it had existed in the past times. The question is not how to skip the market volatility and trade safe in forex, the question is how you are going to take advantage of the market volatility. Accept the fact that you will need to trade with volatility one day if you do not want. This is inevitable in Forex and the sooner you learn to cope with volatility, the more quickly you are going to become a professional trader in Forex.
    Volatility is a great thing for the profitable traders. But those who are novice will definitely have a tough time to trade in the highly volatile market. If you are new to this industry, then we highly suggest you to use the demo trading account to learn the art of trading first. Without knowing the dynamics of this market it will be really tough for you to understand how the currency market works. You need to go through all the basics of this market and learn every single bit of details very precisely. Never expect to make a profit on a regular basis since losing is just a part of your trading career.

    Mental trick: Think of it as your advantage
    The first thing that you need to first accept in your mind is that the Forex is not out of volatility. There has been always some level of volatility in the market. If the market is so stable, how you are making money? This volatility provides you the platform to exchange different currencies of the world with a different price. When the prices are going up and down, always remember some prices are going up. You need to think of market volatility as your advantage. Trading in Forex is depending more on psychological than strategical. Strategy lives in your mind and psychology shows you the way to put the best strategy in use.

    Instead of using many different trading strategies you need to stick to one single trading system. Most of the time you will not have patience as a beginner trader but it’s your patience which will make you a successful trader. Instead of placing trades randomly in the online trading account you need to use your logic to place trades rationally. Never think that this market can be traded based on technical analysis only. If you do so, then you will never survive the high volatile condition of the price movement. If possible, learn price action trading strategy as early as possible. This will help you to execute your trade in favor of the market even during high impact news release. Last but not the least never trade the market based on your emotion.

    Strategical trick: Watch out for market price change
    Volatility has two sides. First, it is going to take your money. If you have placed a trade in the market, you are going to lose it if your market becomes volatile. The second and a preferable side is that you are going to make a lot of money when the market is volatile. The prices are changing and you need to trade. This is the strategical trick for coping with volatility. If you can trade the market with volatility, you need to look out for price change in pattern. Volatility is not always bad. If you can understand the market right, you can still make a profit in market volatility. These mental and strategical tricks will help you to trade the market and cope with the volatility of Forex.
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