Urban Forex has a fantastic customer support team available 24/7; they are traders and understand your struggles. UF also exceeds expectations by giving you bonus materials and webinars during the course, making you feel like a VIP.
If you are looking for a consistently profitable forex trading program, UF is definitely for you!
What I Learned
One of the most valuable lessons I learned during my forex journey was how to deal with losses. In trading, your emotions will always try to outweigh your logic, but if you can learn to harness this power and channel it in a way that makes sense, it can be a huge asset.
Another lesson I learned during my forex journey was that keeping a trading diary is a good idea. This will help you track the performance of your system and will also reveal some pretty interesting things about your personality and how you react to changing market conditions. It’s also a great way to see if you’re a risk taker and can give insight into what you should avoid in future trades. Having a forex diary is a fun and valuable activity that will help you grow as a trader while also helping you stay optimistic about your success!
How I Learned
Forex trading is a fast-paced, volatile market influenced by various factors, so it’s essential to keep your wits about you and remain disciplined when making trades. This will help you to avoid impulsive behaviour, such as chasing losses or being overconfident when entering transactions.
The confidence to accept that you can be wrong in any trade is one of the most crucial forex lessons to learn. Even the most experienced and successful traders don’t get it right every time, so it’s vital to recognize when to cut a losing trade.
To achieve this, learning how to manage your emotions and keep them at bay is essential. Emotions can often influence decisions in other areas of life, so knowing how to be detached from them when trading is critical, particularly if you’re new to the market. This will allow you to make more informed decisions that’ll positively impact your financial progress.
How I Traded
Like any business, it is a process that requires hard work and skills. This is why finding your trading style and risk profile that fits your personality is essential.
Using a forex diary is a great way to learn from your mistakes and improve. It will help you identify your biases and emotions that may be getting in the form of your trading success.
It is also essential to record all your trades, regardless of whether they were losses or wins. Often, a loss will be your first clue that something is wrong with your approach. If you do not channel your emotions after a loss, they will likely overtake your trading logic and result in further losses. Avoiding these temptations and focusing on your trading edge combines time frame, price action strategies, key levels, risk-to-reward ratio, and pre-and post-trading routines.