How To Win At Forex Trading
Do you want to know a little secret that most people will not tell you? Here it is, most people don’t make money at Forex trading. Not too shocking but many people come to Forex a little too eager and they never focus on why they will most likely not make any money. I’m not writing this to be a downer but to bring you back to reality. My actually goal is to help you become an outlier and to be one of the select few who actually earn money trading forex.
How To Get It Right!
We aren’t going to focus on what the losing Forex traders do but what the winners do. People who actually earn money on a consistent basis trading Forex know how to manage their money. Some experts even say that money management is the most important part of being a trader. I know that to some of you cowboys that sounds boring but losing your money chasing losses is a bit of a downer. Most experts say that you should not risk more than 1% of your account on any one trade, while some say that you can play with more risk and up that amount to 10%.
Good Traders Have A Plan
Good traders have a plan when they do Forex trading, they have an idea of what they are doing – they use the calculator, follow news, read forex charts constantly and they stick to their plan. They develop their plan in many different ways but with the top being fundamental and technical analysis. They use one or both of these to create their market bias and use these to find entries and exists. They don’t just trade to trade or haphazardly trade. They work hard on their strategy and they test it out in the market with a solid money management system.
Forex Trading Requires Discipline
Too many come to Forex trading thinking that it is their job to always be in the market throwing money around but that isn’t true. What is true is that the market only trends about 20% of the time and at all other times the market goes sideways. Winners aim to be money makers not just dudes who are always in a trade.
You should take these tips and use them to form your own Forex trading strategy. Do what the winners do and you will be able to form your own trading style that is profitable. Sure, it might take you a while to do this, but nothing is easy in this world. And if you truly want to make profits in this big game, you will have to invest some time in it.
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