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

FOREX Education - Thinking Of Buying FOREX Advice? Read This First

(by Kelly Price)

There is a huge amount of FOREX Education you can buy but before you buy it read this, as in excess of 90% of it will ensure you lose.

So you ensure you get the right FOREX Education follow the guidelines below.

1. Never buy a day trading system!

Most novice traders are enticed by the theory of making money everyday, with low risk and high rewards, but this is not the reality of day trading.

The reality of day trading is:

A quick wipe out of equity – why?

Quite simply, all short term moves are random and using support and resistance as day traders do is destined to failure.

If you don’t believe me try this simple test when buying any FOREX Education from a vendor:

Ask for the real time track record of profits and you won’t get one from a day trader.

At best you will get a hypothetical track record, but that’s done in hindsight, knowing the closing prices and if we know the closing prices its not hard to make money.

If you want to make money don’t day trade!

2. Real time profits

A real time track record is an essential requirement on ANY FOREX education you buy, not just day trading systems.

The fact however is, most FOREX education is sold by failed brokers, or people who have never traded in their lives.

If these people have not had the confidence to trade their own money on their own system why should you?

3. Understand the FOREX Education

Even if you are lucky enough to find a system that does have a track record of real FX Profits you need to be mindful of the following:

You need to fully understand the method and not follow it blindly.

If you don’t understand why a method works you won’t have confidence to follow it through inevitable periods of losses.

Not only must you understand it to follow it with discipline, you must also check it fits your trading personality.

Some traders can take big drawdowns or losses, other traders find them hard to take, so pick a system with a risk to reward you can handle emotionally.

4. The best FOREX education

There is a huge amount of FOREX education and FOREX advice free on the web, so use it.

In other articles we have shown how to build a system that makes profits from free info and it’s a lot easier to learn FOREX Trading this way than many people think.

You can also get some great FOREX education at nominal cost from your local bookstore this FOREX advice is from:

Traders who don’t just talk the talk – they have walked the walk and made money.

Great books to look at are Jack Schwager’s excellent Market Wizards and New Market Wizards – which interview some of the best traders of all time.

Trader Vic – Victor Sperandeo a great all round book and there are many more.

Rather than buying a e-book from someone without a track record, get your FOREX Education free on the net and get some classics from legendary traders.

Most of the courses and systems on the web are over priced, don’t work and you can frankly, do better on your own with the above advice.

FREE ESSENTIAL TRADER PDF'S AND MUCH MORE

On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html

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