January 19, 2018 at 13:53 #956
We know that there are many concepts for the traders in this market. One of the most popular concepts of expert Forex trader is the less is more. When we were beginning pour career in Forex, we did not understand what less is more used to mean. We thought in the obvious ways and thought that if we can place a lot of trades in Forex, we can make a lot of money. To our surprise, we really made a lot of money with overtrading the market. It was at the end when we count our profit and saw that we are having the loss in our trading. We understand that overtrading can improve our profit but the loss that we are having is more than our profit. It is not going to cover up for the money we have lost for the sake of placing a lot of trades. We then understood what less is more meant in Forex and there is also another concept that is not widely popular among the traders. This concept is “monkey see, monkey do? We know not many people have heard about this concept and we are going to tell you what this means in our article.
In our childhood, we have all read many stories with great moral. But if you ask any people what’s the point of reading those stories then they will not be able to come up with a solid answer. But when you ask the same question to the professional Singaporean trader then they can easily enlighten you with the moral of the story and reality it to the trading industry. For instance, we all know that greed is not good for any persons. When it comes to Forex trading most of the retail traders are always looking to win big trades even though they don’t have enough capital. They simply start trading with big lot size by using high leverage trading account and lose a big portion of their trading account.
You have a lot to learn to become successful in the Forex market. Forex trading is not as easy as you think. Now we will tell you the famous story of the cap seller and monkey and you will understand how intelligence can bring you wealth. Always remember that being aggressive to the market will never help you to become a successful trader.
It is not about the monkey but the traders
The first that you will understand that it is not about the monkey in the Forex, it is about the traders in the market who are trying to follow what other people are doing in Forex. If you know the behavior of money, you know that they are very good at copying other animals. You must have heard the story of the cap-seller and the monkeys. The cap-seller was walking through the jungle and he fell asleep. When he woke up, he did not see any cap on his basket. He started to look here and there and saw that the monkey is wearing his caps. He did not know what to do and he remembered that the monkeys copy what they see.
The clever seller throws his own cap to the ground and the monkeys also started to throw their caps by following the cap-seller. This way the cap-seller got back his capes and went home. These monkeys are not only in the stories but you will find many traders who have this trading like the monkeys. They did not use their mind and the strategy and they like to trade the market by following the other people. They do not think what is going to happen to their trades and only place their trades by copying other traders. These monkey traders are never successful in the market and they close their trades with losing money.
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