At the early stages of your journey as a Forex trader, usually your first major concern is to get rick quick, right? Because of this mindset you tend to overlook every other thing and just focus on making profits by any means possible. Trust me, I know that feeling of wanting to make quick bucks. But really, if I could turn back the hands of time to when I newly got into the Forex market , these are some of the things I would do differently;
1. Get A Good Trading Mentor 
I spent most of the time learning from different resources and practicing on my own. This was really quite draining and stressful at the start. I was depending on trial and error to get through as I did not have anyone to speak to when I needed help both technically and psychologically. So many times I cried myself to sleep when trading was showing me shege, lol
In trading, you are supposed to have someone you can speak to when you are going through the struggles.
This is one of the reasons I offer mentorship to my students as I do not want them to have to go through the same struggles I went through.
They say mentorship is your fast track to success. Search out for a reliable mentor who will make out time to guide you through the process of trading. And If you would like me to mentor you personally, kindly contact me here.
2. Pay Less Attention To Social Media Traders
I used to follow some so called ”trading gurus” online at the time. I believed everything there were doing and would follow all their trade signals hook line and sinker without having any regard for my own trading. I thought they were better than me so I would choose to go for their own trade idea instead.
It turned out that most of the time my own analysis was right so I had to stop following them and I started to see myself making significant progress in my trading results. If I had not followed them in the beginning, I would not have lost so much then.
So if you are just starting out, stay away from social media traders who pose with flashy cars and vacations and are more interested in selling their courses to you than really teaching you how to trade.
3. Go For The Right Broker.
I cannot stress this enough, the right broker is what you need to get started and succeed in this business of Forex.
In my early days of trading I was duped by some so called brokers who claimed they would trade for me and make me a lot of money. I gave them my funds to trade with but they ended up folding up their company and they ran away.
As a new trader who is desperately in need of money, you do not want to get scammed by fake brokers, click the link to register with FP Markets. They are trusted and reliable.
4. Maintain Good Risk Management
For this one, I would still maintain good risk management till tomorrow. I did not struggle much with money management as I was very careful not to overleverage. So I have been a good risk manager from the start and that has really helped me so much even till now.
As a new trader, you do not want to be caught overleveraging on your trades. It will most likely ruin your trading account. Good risk management will save you the stress of blowing and funding your account everyday.
How many accounts have you blown since you started trading? Abi are you not tired of funding and funding without withdrawing profits?
You really do not have to continue blowing accounts. Stick with risk management anytime anyday and you will come out on top regardless of how long it takes.
5. Get Into A Trading Community
Trading is a lonesome game. I did not have any trading community to join at the time I started. There were many times I felt lonely in the process because even the people around me did not know what trading was all about. So I kept most of my trading gists both the good days and bad days to myself most of the time.
If you are just starting out on your trading journey, it is advisable you join a trading community. Refer to this article to read more about why joining a trading community is key.
6. Choose Education Over Money
Like I said earlier, money making was the initial focus from the start. So instead of me getting educated first, I went to open an account with a fake broker which I later regretted. I see some of you do that too. You would rather fund your account first instead of funding your knowledge bank with good Forex education. It’s you just wanting to learn the hard way.
If I could turn back the hands of time, I would just jejely look out for and study some forex coaches online. Once I find one whose trading style and personality aligns with mine, I would choose to pay to learn more about that person’s trading style and all. To be a part of the Forexlyfe community to learn how to trade profitably, click here to get started now.
7. Spend More Time Working On Yourself
At the start I spent more time on the charts but I later realized that the bulk of the work depended on my how healthy my mental health and psychology was.
As you start to trade, focus more on building a strong trading psychology. Work on those negative emotions like greed, overtrading, lack of confidence, fear, anxiety and others. You can get a good understanding of technical analysis but if your trading psychology is poor and unhealthy you will most likely still struggle to make good profits.
8. Don’t Quit Your Day Job Yet
Because most traders want to get rich quick. They dream of quitting their jobs to trade Forex full time at the early stage. It is not a wise decision to make. If you are yet to start making consistent profits in your trading, you need to continue with your full time job. How would you pay up your bills if you are not profitable yet and you do not have a stable income. It is more advisable to trade Forex part time until you have reached a reasonable level of consistency that your profits can take care of you for many years to come. You can make a ton of profit from trading part time. Read this article to learn how to trade Forex while working a full time job.
Now it’s your turn to tell me, what would you do differently about your trading if you were to start all over? Let me know in the comment section.
