Poker players: Poker players are the best in the trading business. Because they have strategic planning and knows what card to show and card to hold them until the right time. If you have ever watched a poker player, you know they are gambling. But in their minds, it is not gambling or playing against the odds. It is only using strategy to break opponent’s strategy. If you want to learn Forex, you can learn a lot about that. If you look at the busy people in the Singapore city then you will notice that many of them are trading the forex market like a pro trader. They are doing well because they are taking managed risk in their online trading account.
Poker vs. ForexPoker and Forex are both same in terms of odds. You do not know if you will win or lose unless you have the right card. Poker players are also professional, means they have solid rules and strategy they follow to earn money from playing poker. If you have watched a poker player, you can notice the following quality in them easily. So if you truly want to become a professional trader in the forex market then make sure that you trade in your online trading account with a valid trading strategy.
Emotion control: Emotion is the enemy of the poker players and they have learned very well how to deal with emotions. They are not over excited nor sad by the poker results. If you want to trade in Forex, you have to know how to control your emotions. It does not mean it is necessary because you have won a trade with a similar signal pattern. Here, emotion controlling comes to handle your money.
Master plan: Build your own master plan like poker players. All the professional poker players stick with their master plans. It is the result of many trial and error and it is the best-proven strategy. If you want to make money, you also need to develop your own masterplan with your skill and experience. You have to abide by your master plans all the time. Don’t jump from strategies to strategies rather stick to a single system and try to develop it so that you can execute the best possible trades in the market. And always trade with reputed broker since they provide high quality trading environment to the traders. For instance if you trade with Saxo than you can easily learn many things about trading in their Saxo academy section and most importantly you will have one of the best trading platform in the world.
Risk management: You need to know, how to manage your risk. Without proper risk management, your investment will be out of your account. If you need to know how you can get tips for risk management, watch a poker game. It will open your eye. Forex is very risky and it is essential to keep money from flowing out of your account to keep money in the account. So make sure that you take managed risk in your online trading account so that you remain profitable in the long run.
Summary: In poker games, it is what card to hold on and what card to show off to the players. If you are showing the wrong card, your investment will end before you trade on Forex. You need to know when you can trade when you need to exit the trade, make a stop-loss to save you from being poor and when to enter the trade. If you want to success in Forex, follow these simple rules. Control your emotions, have a master plan and manage your risk, you can surely make money out of Forex.