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
Friday, April 3, 2009
Monday, March 30, 2009
My Expert Advice To Forex Beginners
By: Jason Hamilton
Description : The thousands of individuals who have decided to enter the Forex market should know that they should educate themselves first before they start. It is important to know the basics of Forex trading to get into profit, but this knowledge is no guarantee. You need to know more than the basics to even have a fighting chance of being successful.
There are many methods to learn Forex trading. You can join online services, enroll in a Forex trading school, attend seminars and workshops, purchase an course online, join a trading group, or visit your local book store or library.
From experience it is always best for novice traders to get training from a mentor or join a Forex trading team. You are going to benefit from experienced instructors who are already trading Forex in real time. You can compare notes, trends, charts, buy / sell decisions and more. You can check yourself against other people who have more experience than you. In this way, you are familiarized with real market trading. You are given the chance to see the actual processes and decisions which you can later employ.
In the end you will come up with your own strategy and trading methodology that works for you and is suited for your own risk level, temperament, trading goals and trading experience.
Here are a couple of guidelines that new traders can follow to achieve success in the Forex markets.
You need to know proper charting and mapping. Most Forex brokers will supply you with a charting platform, but you need to know how those charts work and how to interpret them. You will need to be able to read Forex market charts.
Discipline yourself. Traders who are disciplined by strictly following their developed methods even when losing period's strike, have a greater chance of making it in the long run.
Update your knowledge continuously. Successful traders are studying the Forex market night and day and are always looking for new advice and education all the time.
Trade in a team, this helps making decisions easier and could be the #1 reason you find success. If you are trading in a highly specialized team, you can measure yourself and your trading decisions against them and keep each other accountable for your trades.
Focus on what you do and do not jump around. This is probably the single biggest mistake that traders make. They jump from one opportunity and from one trading system to the next. They never stick with a single method and learn to trade that system well.
There are thousands of ways to trade the market with an infinite number of ways to combine signals, charts and trading methodologies. But do not try to trade and test each one of the thousands out there, stick with one that works and work it inside out until you can do it blindfolded. Once you are so familiar with it that you can do it in your sleep, you will start to learn when conditions for your system are right. You should be able to trade your chosen system with confidence and profit.
Article Source : http://www.talkinmince.com/
Author Resource : Jason Hamilton has been successfully trading the Forex market since 2002. He recently reviewed the popular Forex trading robot, which can be read at: Fap Turbo Forex
Description : The thousands of individuals who have decided to enter the Forex market should know that they should educate themselves first before they start. It is important to know the basics of Forex trading to get into profit, but this knowledge is no guarantee. You need to know more than the basics to even have a fighting chance of being successful.
There are many methods to learn Forex trading. You can join online services, enroll in a Forex trading school, attend seminars and workshops, purchase an course online, join a trading group, or visit your local book store or library.
From experience it is always best for novice traders to get training from a mentor or join a Forex trading team. You are going to benefit from experienced instructors who are already trading Forex in real time. You can compare notes, trends, charts, buy / sell decisions and more. You can check yourself against other people who have more experience than you. In this way, you are familiarized with real market trading. You are given the chance to see the actual processes and decisions which you can later employ.
In the end you will come up with your own strategy and trading methodology that works for you and is suited for your own risk level, temperament, trading goals and trading experience.
Here are a couple of guidelines that new traders can follow to achieve success in the Forex markets.
You need to know proper charting and mapping. Most Forex brokers will supply you with a charting platform, but you need to know how those charts work and how to interpret them. You will need to be able to read Forex market charts.
Discipline yourself. Traders who are disciplined by strictly following their developed methods even when losing period's strike, have a greater chance of making it in the long run.
Update your knowledge continuously. Successful traders are studying the Forex market night and day and are always looking for new advice and education all the time.
Trade in a team, this helps making decisions easier and could be the #1 reason you find success. If you are trading in a highly specialized team, you can measure yourself and your trading decisions against them and keep each other accountable for your trades.
Focus on what you do and do not jump around. This is probably the single biggest mistake that traders make. They jump from one opportunity and from one trading system to the next. They never stick with a single method and learn to trade that system well.
There are thousands of ways to trade the market with an infinite number of ways to combine signals, charts and trading methodologies. But do not try to trade and test each one of the thousands out there, stick with one that works and work it inside out until you can do it blindfolded. Once you are so familiar with it that you can do it in your sleep, you will start to learn when conditions for your system are right. You should be able to trade your chosen system with confidence and profit.
Article Source : http://www.talkinmince.com/
Author Resource : Jason Hamilton has been successfully trading the Forex market since 2002. He recently reviewed the popular Forex trading robot, which can be read at: Fap Turbo Forex
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