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ZAR, NOK, SGD and MXN pairs are now available for trading
ROYAL Financial Trading is excited to announce that 7 new exotic forex pairs have just arrived to MT4 giving you a whole lot of new opportunities.
The new financial instruments include the followings:
South African Rand vs Japanese Yen
Norwegian krone vs Japanese Yen
Australian Dollar vs Singapore Dollar
Euro vs South African Rand
Euro vs Singapore Dollar
Euro vs Mexican Peso
Login to your trading account to start investing these Exotic Forex currency pairs today.
For the list of available financial instruments and the conditions, please visit the official website of RFXT below.
Trading Exotic Pairs – 3 Key Issues Traders Need to Address
Trading minor and exotic Forex currency pairs can be irregular.
These financial markets can be volatile and unexpectedly changed at anytime.
Such market condition might make your trading strategy pointless and can tickle your emotional instability
Don’t you just hate it when you know you’re doing exactly the opposite of what you should be doing, like moving your stop-loss, or averaging up when you trade?
The worst thing is that sometimes you’re aware of what you’re doing, but you just can’t help it.
What’s worse is that you know how well you can manage your emotions on other occasions, like when the market suddenly spikes or tumbles.
This shows how powerful trading psychology is, and how large an effect it can have on your trading performance.
Psychology has more to do with success in trading than most traders give credit, and this is the reason why it’s often underestimated.
Being able to overcome psychological biases is a powerful competitive advantage to have – it can help you identify your weaknesses so you can avoid them and develop a trading strategy based around your strengths.
Whether you trade Forex, commodities, indices or CFDs you need to have a solid trading plan that takes into consideration your psychological profile and inclinations.
Here are the top three psychological issues you need to address as a trader.
1. Know yourself
You’ve probably heard that while trading, your worst enemy is yourself.
Well, it’s true only if you do not know yourself well enough, as you might not be aware of things about yourself that affect your focus, patience and follow-through.
Having good discipline in trading is essential to your success.
You might be wondering, however, how can you be disciplined if you do not know what is throwing you off target?
You need to know how to become more aware of what might negatively affect your performance.
Once you’ve made this assessment, it’s then easier to correct what needs to be adjusted.
2. Follow your trading plan
Many traders aren’t successful in trading because they do not have one method, but a variety of different ones.
They constantly shift from one idea to another, without really knowing what they’re doing.
Choosing one method doesn’t mean that you’re going to trade with it forever, because after all, no trading method works forever.
However, you should try to focus on one method, and truly use it before adding anything else to your trading plan.
Not having or following your trading plan means that you are going to make random trades, transforming trading into random gambling, without rules or structure.
Having a trading plan allows you to take out the emotions from your trading decisions.
3. Build a winning attitude
Trading is often considered to be a mental and emotional game, so if you want to change your behaviour and your approach to trading, you first need to change your thinking.
You need to be more aware of potential underlying self-sabotaging actions.
To be able to withstand the many technical and psychological challenges of trading, you need to work on your mindset and control your emotions:
- to recognise and accept your flaws
- to be more positive
- to persevere
- to accept losses – as no one wins every single time, to better manage them, and to reduce drawdowns
- and to follow your trading plan.
Acknowledging and understanding these three key psychological aspects of your trading psychology are necessary to your development and success as a trader.
Being proactive, managing your emotions, working and following your trading plan with sound risk management rules will improve your odds of continuously successful trading.
Now it’s your turn. Unlock the door to your trading success.