In the recent regional trading contest of ATFX, two Filipinos bagged the top awards and gave so much pride to our traders nationwide. It is a testament to the Filipino spirit of never giving up and always rising up to the challenge.
Our two winners come from very different backgrounds. One is Mr. Danilo Rosal, 61 years old, with 22 years of trading experience on his cap. The other one is the trio of father and sons, who have been trading currency for about five years, and has made this career a family affair.
We asked our winners the best advice they could give to inspire those who want to dip their toes in online forex trading and we have rounded them up for you in this post:
- Learn to control your emotions.
Emotions get in the way of rational thinking. When you are loaded with emotions, it clouds your judgment and does not pave the way for you to make great decisions, especially in your trades. Move past beyond what you feel and see your trades objectively so you can plan on your next steps.
- Set a goal.
There’s a saying, “If you don’t know where to go, it doesn’t matter how you get there.” In our opinion, it is even worse because you wouldn’t know if you have “arrived” at your destination when you don’t know where it is in the first place. Having a goal in trading currencies lets you create milestones. It also helps you recalibrate your strategies especially when you are not hitting your targets. Be clear on your goals and break down your steps on how to achieve them.
- Do not be greedy.
Forex Trading comes with great risk and it is easy for beginner traders to run after the next shiny object and then handle their trades carelessly because of one “win” – Again, always have a goal in mind and do not be greedy. Remember that trading always comes with a win-loss scenario so trade with care. Invest only with what you can afford to lose or if you go beyond that, know the risk of what you are going into.
- You will always have ups and downs.
Like everything else in life, trading will have its ups and downs. That is why it is important to create a buffer for yourself, especially when some of your trades won’t go the way you want.
- For beginners, choose only one currency and master it before trading others.
When you are a beginner, it is easy to be hooked on so many financial instruments you can play with. However, it is best to master the fundamentals first, and learn the ins and outs of the game before you start leveling up. In this way, you minimize your risk and maximize your learning and experience.
- Never stop learning.
One big pitfall of those who are trading for a long time is not “sharpening their saw.” Great traders never stop learning. They keep themselves up to date in the industry where they are in and continue to learn new things that they can apply to their craft.
- Share your knowledge.
One of the biggest fulfillments of our senior traders is sharing their knowledge and the wonderful benefits of trading with the world. This is their way of giving back to the community and lifting the lives of others in the process.
- Find a reliable trading partner.
To have a smooth and seamless trading journey, it is important to find a company that would have your back and makes the process easy for you so that the only thing you need to worry about is executing your trades.
Here in SmarTrade, we are proud to be education partners with ATFX and its global community and we continuously strive to educate more Filipinos in financial education so that we can make this country a better place.