The first quarter of 2020 saw a record number of new traders enter the forex trading arena.
The coronavirus global pandemic saw billions of people under lockdown restrictions and one of the most volatile financial markets since the financial crash of 2008.
The heady mix of geo-political instability which saw oil futures trade negatively for the first time ever, and people bored at home meant hundreds of thousands of people that never traded forex before, start trading.
Now, with volatility considerably less than in Q1 and markets, as well as daily lives stabilizing, will all these new traders stay trading forex? No, the majority will burn their account and move on. However, for some forex trading can continue successfully beyond the pandemic and for the long term. Here’s how:
Now is a perfect time and reach out to get help. This can via an fx mentor, education group, or from a company providing accurate forex signals. There is no shame in getting help and having someone to either hold your hand or send out the best forex signals will help you take your trading to a new level and make it sustainable for the long term.
There are plenty of forex signal providers to choose from. Likewise, as with good forex signal providers, there is any number of forex educators available online or in person. As always, do your diligence, research, and take up any offer or trial of free forex signals.
After the initial high of making your trades, it is all too easy to get lost in either chasing the losses or increasing the wins. This is the moment where your focus needs to be at its sharpest.
Staying within your budget, keeping focused on the strategy and keeping your emotions out of trading are all long term keys to trading success. However, with a few winning trades behind you, the temptation is veer from the path. Once you start going into unknown waters – trading assets without research, trying new strategies without practicing – then the chances of failure increase dramatically. Quite simply, stay focused.
Now that the high volatility has ended and you are hopefully left with a bit of profit, enjoy it!. The profit may not be much and the reward may not be great, but taking some of the profit out your forex trading means that it is being enjoyed and can’t be lost. And whatever the profit was spent on – be it holiday, a nice meal out, new shoes – then you have something to show for all the hours, effort and money invested into your trading.
In short, it will be left to many forex brokers as to how they retain all their new clients acquired in unusual times. But if you are one of the new traders out there, follow the simple advice above and you could be trading successfully long after the coronavirus has been and gone.
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