We have one tip to keep you from getting too emotional during the trade. You are advised to use excess money from salary or income and never use HOT MONEY.
Do not deposit HOT MONEY i.e. monthly necessities because you will be exposed to really significant emotions. Many are emotional due to depot of necessities including house rent money, water fire bill, car installment, and many more.
In forex trading, this is not an important technique or capital to last long. The most important is an emotion because many have good trading skills but fail psychologically or emotionally. Therefore, financial management (money management) is very much emphasized in forex trading.
Of course, you need to correct money management at home first by allocating money for family needs and monthly commitments before allocating money for deposits to forex accounts.
Financial management or in this context the allocation of money for trade is an important initial PREPARATION. If this PREPARATION is not made properly, I worry you will lose in a short time in forex trading. The main reason is FAILING TO CONTROL EMOTIONALLY.
When emotions are in control, you start doubling the Lot size and risking the account with unreasonable lots. If you are hit by Stop Loss, say an unreasonable risk of up to 30% in one position, only 3 times Stop Loss your account will be destroyed (Margin Call). This will cause you to be more emotional and hit the big lot afterward to recover the lost capital.
DO NOT take the EMOTIONAL issue lightly. It is best for new traders to first use the demo account provided by the broker. After that, you can start a real account by getting $ 100 free capital from the InstaForex broker. Click here to get free capital from Instaforex.
Good luck to you all!
