Becoming a professional forex trader is the dream of many and for most it remains just that - but if you follow the simple tips enclosed, you could change your financial future forever and be making big consistent gains, in just an hour or so a day.
FACT:
95% of traders lose all their money, yet everything about forex trading can be learned, it’s just the majority of traders don’t get the right forex education, or have the wrong mindset to apply what they have learned.
Anyone one can become a successful forex trader from home however you need to do the opposite of the majority, it’s not hard to do and do your homework.
1. Adopt the Mindset For Success
Most traders are lazy or naive or both.
They read about how easy it is to make money and think someone else can give them success.
Most of the information sold on the net is junk and wont help you win and even if you do find some good education, you cant follow it blindly, you need to understand it.
If you don’t understand how and why your system works, you wont have confidence to apply it with discipline and you will lose.
Keep in mind if you don’t have the confidence and discipline to follow your system you don’t have one!
If you like to blame others and don’t like responsibility don’t trade forex, it’s as simple as that.
2. Work Smart Not Hard
You don’t need to work hard you need to work smart and this means only learning what is relevant.
Many traders think the more knowledge they have the better but you don’t get rewarded for effort in forex trading, you only get rewarded for being right.
In 1983 legendary trader Richard Dennis proved this point in spectacular fashion. He took a group of people who had never traded before and taught them to trade in 14 days – the result?
They made him a $100 million dollars and went on to become some of the most successful traders of all time.
Working smart means working on a forex trading strategy that will get the odds on your side and that’s what we will look at next.
3. A Forex Trading System for Success
I am amazed at how many traders simply base their systems on logic that doesn’t work, for example:
Most novice traders try day trading yet all short term volatility is random so they can’t win, yet they don’t stop to think how dumb day trading is.
Or
They believe in scientific theories that tell them they can predict the market in advance and don’t stop to think that predicting is impossible.
If it were possible, we would all know the price in advance and their would be no market!
The best you can do is trade with the odds on your side.
Of course, you will lose but your profits should be bigger than your losses and you can pile up big gains over time.
You can build your own forex trading system easily, just educate yourself on.
- Support and resistance and breakouts
- Time your trades with momentum oscillators
- Keep it simple trend lines and 2 -3 confirming indicators max
If you build a system based upon the above it will be simple to understand, simple to apply and will be robust.
Don’t try and be too clever and cram too much into your system. If you do, it will have too many elements and break in the real world of trading.
If you do the above, you will have a simple robust system that you can apply in an hour a day or less.
One other point, I constantly read writers tell you to educate yourself all the time, study your profits and losses etc– Rubbish! If you have a system you believe in leave it alone.
You will have winners and losers but if it’s soundly based then you simply should just apply it.
4. Building Long Term Gains
What is a realistic amount to aim for?
If you made 100% per annum you will be up there with the top traders in the world and you don’t need to do many trades – keep your trading focused on high odds trades only.
So there you have it, a simple plan to live the dream of becoming a professional forex trader from home.
It’s a challenge but one anyone can take up and anyone can win – if they want to.
Are you up for the challenge?
If so, welcome to the worlds most exciting and lucrative business.
NEW! FREE 2 x CRITICAL TRADER PDFS - NEWSLETTERS - TRADING ALERTS + MORE
On all aspects of becoming a profitable trader including: Free critical trader PDFS, and more FREE Forex Education visit our website at: http://www.learncurrencytradingonline.com/index.html
Showing posts with label forex trading success. Show all posts
Showing posts with label forex trading success. Show all posts
Thursday, 18 October 2007
Friday, 28 September 2007
Learn Currency Trading - 4 Simple Steps to Success
If you want to learn currency trading you need to be aware that 95% of traders lose - not because they don’t put in the effort, its just they get the wrong Forex education. Here, we are going to give you a blueprint to devise a forex trading strategy for success in 5 simple steps.
1. Accept Responsibility
If you want to make money in anything and currency trading is no exception then you need to accept responsibility – no one else is going to give you success you have to take it.
This means no blaming your broker, a mentor, guru or the markets, you are on your own and that’s no bad place to be - ALL the successful traders in currency trading accept this fact.
If you want to make money in currency trading you can - but don’t fall for its easy, its not but with the right forex education you can become a winner, as everything about currency trading can be learned.
2. Accept These Facts
The most important fact to accept is that currency trading is a game of odds not certainties - so forget predicting the market and scientific theories, they won’t give you success.
You’re like a successful card player – playing the odds. You bet big when the odds are in your favour and fold when there not ad if you did this you will make a lot of money.
Accept that you have to have confidence in what you are doing ( which comes from self education) to give you the discipline to follow your currency trading system. If you can’t follow your currency trading system with discipline, you have no system!
Markets can be frustrating but you can win, if you get learn currency trading the right way – now on to your method for success.
3. Building Your Currency Trading System
Building a trading system should be based on the following and if you work smart and get the right knowledge ( and you can find it free on the net ) it should only take you a couple of weeks.
1. Use a long term trend following methodology.
2. Learn support and resistance and the timeless theory of breakouts – if you don’t know what they are read our other articles.
3. Confirm any trading signal you execute with momentum indicators – this is the key to getting the odds on your side.
4. Employ a money management system that ensures you have clearly defined get out area when you enter a trade.
And finally –
Keep your system simple! Simple systems are easy to understand, apply and are more robust than complicated ones. Clutter your trading system with to many indicators and it will break in the brutal world of trading.
You can do well with a system based upon support, resistance and just a few momentum indicators.
5. Putting It All Together
Don’t work hard at trading! Work smart.
This means once you have built your currency trading system, don’t do any more work on it.
Many traders bang on about learning all the time - but if you are happy with your trading system and the logic is sound, what more is there to do but apply it?
When you come to applying it – it should only take you 30 minutes or so a day and that’s it get on with your life.
If you follow the above plan, you will have the education you need to give you confidence and discipline to apply your forex trading strategy for big gains.
Most traders fail not because they lack a method, but because they lack the mindset to apply it with confidence and discipline. Trading are as much in the mind as in the knowledge.
If you want to learn currency trading, keep the above points firmly in mind and they will lead you to currency trading success.
NEW! PROFESSIONAL FOREX COURSE AND FREE TRADING PDF's
For free trading guides and an exclusive Forex Trading Course visit our website at: http://www.learncurrencytradingonline.com/index.html
1. Accept Responsibility
If you want to make money in anything and currency trading is no exception then you need to accept responsibility – no one else is going to give you success you have to take it.
This means no blaming your broker, a mentor, guru or the markets, you are on your own and that’s no bad place to be - ALL the successful traders in currency trading accept this fact.
If you want to make money in currency trading you can - but don’t fall for its easy, its not but with the right forex education you can become a winner, as everything about currency trading can be learned.
2. Accept These Facts
The most important fact to accept is that currency trading is a game of odds not certainties - so forget predicting the market and scientific theories, they won’t give you success.
You’re like a successful card player – playing the odds. You bet big when the odds are in your favour and fold when there not ad if you did this you will make a lot of money.
Accept that you have to have confidence in what you are doing ( which comes from self education) to give you the discipline to follow your currency trading system. If you can’t follow your currency trading system with discipline, you have no system!
Markets can be frustrating but you can win, if you get learn currency trading the right way – now on to your method for success.
3. Building Your Currency Trading System
Building a trading system should be based on the following and if you work smart and get the right knowledge ( and you can find it free on the net ) it should only take you a couple of weeks.
1. Use a long term trend following methodology.
2. Learn support and resistance and the timeless theory of breakouts – if you don’t know what they are read our other articles.
3. Confirm any trading signal you execute with momentum indicators – this is the key to getting the odds on your side.
4. Employ a money management system that ensures you have clearly defined get out area when you enter a trade.
And finally –
Keep your system simple! Simple systems are easy to understand, apply and are more robust than complicated ones. Clutter your trading system with to many indicators and it will break in the brutal world of trading.
You can do well with a system based upon support, resistance and just a few momentum indicators.
5. Putting It All Together
Don’t work hard at trading! Work smart.
This means once you have built your currency trading system, don’t do any more work on it.
Many traders bang on about learning all the time - but if you are happy with your trading system and the logic is sound, what more is there to do but apply it?
When you come to applying it – it should only take you 30 minutes or so a day and that’s it get on with your life.
If you follow the above plan, you will have the education you need to give you confidence and discipline to apply your forex trading strategy for big gains.
Most traders fail not because they lack a method, but because they lack the mindset to apply it with confidence and discipline. Trading are as much in the mind as in the knowledge.
If you want to learn currency trading, keep the above points firmly in mind and they will lead you to currency trading success.
NEW! PROFESSIONAL FOREX COURSE AND FREE TRADING PDF's
For free trading guides and an exclusive Forex Trading Course visit our website at: http://www.learncurrencytradingonline.com/index.html
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