Recently, exchange trading has become available to a wide range of users, this happened due to the development of electronic trading, which in a sense differs from real trading on a particular exchange platform.
Trading in front of the trader’s terminal, the player is left to himself, he cannot track the reaction of other traders to events and news, observe the mood on the trading floor of the exchange, therefore, despite similar moments, electronic trading has a lot of psychological differences.
What are these features and how to succeed trading on your own at home?
• Independent decision-making – unlike working in a brokerage company, you do not have a boss and you have to decide everything yourself – which currency pair should be used for work, on what time frame to trade, when is it better to open deals .
Therefore, in order not to turn your trading into chaos, create your own work plan in which you write down everything from working hours, ending with the number of transactions and the amount of profit or loss that you can afford. • Responsibility – those who invented electronic trading simply shifted all the risks from the broker to the trader, if earlier, in the event of an unsuccessful transaction, the brokerage company
paid for the mistakes of employees , but now everything is repaid from the trader’s pocket.
You should be prepared for losses, and take them as part of the job, but do not allow large losses from one transaction.
• Electronic money – after you have transferred real money into electronic money, for some reason, the attitude to it immediately changes, it is not so scary to lose it.
Imagine that you were offered to play a game as a result of which you can win 20-30 percent of the profit or lose everything, where will you send a person with such an offer? And why are most traders not afraid of working without a stop loss , because having received 20-30% of the profit, they are likely to close the deal, at the same time, with a sharp fluctuation in the exchange rate, they can lose everything.
• Lack of support – in case of failure, no one will reassure you, you will have to cope with your failures and celebrate your victories on your own. For many people who are used to working in a team, this can be an unpleasant fact.
• Force yourself to work – if you’ve never tried to work on your own, don’t think it’s that easy. Here you will need to not only open deals, but also engage in analysis, as well as devote most of the time to study.
• The right attitude – must be present from the very beginning, if you sit in a dressing gown at home in front of the computer, it’s still work, and not another entertainment option for which money is also paid. Moreover, this work implies responsibility and concentration.
Electronic tradingthis is a rather difficult task, and psychologically, you should not immediately count on quick and easy money, you can only lose it quickly here.