By kelly Price
If you want to become a professional Forex trader from home and make a triple digit income then the good news is you can but you must be aware that 95% of traders fail to make money, not because they don't have the potential to win but because they get the wrong education and have the wrong mindset. Let's look at both in relation to currency trading success...
If you follow the checklist below, you will be on the road to a great second or even life changing income.
1. There are No Short Cuts get Ready to Work
You have seen Forex Expert Advisors promising to make you rich with no effort but use one and you will lose money. There are no short cuts to Forex trading success. You have to accept responsibility for your actions and learn skills and if you do this, your rewards in terms of your effort are enormous.
2. A Simple Logical System
You don't need to complicate your trading method, you only need a simple system.
Your trading system needs to be based on trading the reality of price change and not predicting it! Many traders think prediction is the way to make money but that's just hoping and guessing and wont get you far in Forex trading or life. Trade the reality of price change as you see it on a chart and base your strategy on breakout trading; its simple, effective and very profitable.
Make sure you base your method on swing trading or long term trend following and not scalping or day trading. If you trade within a day, you will make no money as all volatility is random. You see vendors selling systems that say you can win in short time periods but they never have a track record of real gains so avoid them and trade long term and hit the big profitable trends.
3. Money Management and Discipline
The real keys to success but most traders take to much risk and lack discipline.
To win at Forex you must take losses, keep them small and trade with discipline until you hit a home run. Most traders believe that weeks of losses won't happen to them but it happens to the best traders and you need to stay on course in these periods until you hit profits again.
If you want to win at Forex trading long term take your short term losses cheerfully!
If you let your ego get involved or respond to your emotions, you will deviate from your system and if you don't trade your system with discipline you don't have one!
You can Achieve Success
Forex trading success is not about being clever, complicated or working hard, it's about working smart, using a simple system and getting the right mindset to trade with discipline.
Most traders lose due to the wrong mindset, not because they cant learn a method anyone can, so focus on getting the right mindset above all else and you can achieve currency trading success.
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Article Source: http://www.free-articles-zone.com
2 comments:
good post it's very informative. please visit mine too at sighnetdollars.blogspot.com or we can exchange link.
Hi traders,
Firstly,thanks to admin for sharing this informative post.About the discussion,from my experience,i think the most important thing in trading is discipline.You have to be like a robot just take an action depend on the market.Never mess up with your emotion.Dont be too greedy.It just will make you fail in trading.To be a success trader you have to learn how to be a high discipline person and then you have to learn about the skills and the strategies.
Hope this tips will be your guide then.
Thanks admin,
here is some word word traders around the world.
To be rich you have to work smart not work hard,you can stay at your pc and watch every second market change but you can make it easy by an automated sytem.Its real and make real money.
http://forexfantasy.11bonus.com/
**just for newbie in forex,experinced traders not allowed**
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