If you are new to online trading with FOREX, you will find that 95% of traders lose and lose quickly.
To win in currency trading, you need the right FOREX strategy – include the following 10 tips and you will get a head start in your quest for permanent foreign exchange gains
1. Don’t believe the noise
You will read a lot of information about how easy it is to trade FOREX and how you can buy an e-book for $ 100 and get rich – this is not the reality. Although there are some good tips from them – you can get all the necessary information for free online.
If you want to read about the best traders of all time and get advice from traders who have come along – instead of just talking, go to Amazon and get some books from the best traders of all time.
2. Do not trade during the day
The biggest myth about FOREX trading is that you can make money FOREX daily trading.
You can not!
Many novice traders fall for this myth and lose fast.
All short-term volatility is arbitrary and there is no way to predict where prices may go, so you can toss a coin.
If you want proof that FOREX day trading systems do not work, ask the provider for real-time profit data in the long run and you will not receive one – PERIOD.
3. Work smart, not hard
You don’t have to work hard at FOREX Trading, you have to work smart. This means focusing on the RIGHT FOREX education and learning the FOREX tools that work. You can easily learn to trade the FOREX markets in a few weeks. You just have to focus on the right information.
You don’t get rewarded in FOREX trading for hard work, you get rewarded for being right, and that means working smart.
4. Risk = reward
If you don’t like risk, forget about currency trading and do something else.
Many retailers simply want to avoid the risk of closing stops or grabbing profits as much as possible. If this is you – you will NEVER succeed in currency trading.
You must gladly accept the risk and losses in order to succeed in online FOREX trading.
5. Do it yourself
Only you can ensure success.
You need to be confident in your ability to succeed, and if you are, you will have the discipline to apply your method to long-term profits.
If you follow someone else, you will not have the right mindset to succeed. You will lack discipline and throw in the towel as soon as a series of losses occur. Do it yourself and your chances of success increase.
6. Take a simple method
Simple methods work better than complex ones because they are more stable with fewer elements that can be destroyed in the face of ever-changing market conditions.
There is no connection between how complex a system is and how much money it will make.
If you are starting to trade currency, use support and resistance, a breakout methodology and some confirmatory indicators and that’s it.
The above way of trading is perfect and will help you get big profits from big moves.
7. Trade breakthroughs
Eternal way to trade FOREX markets.
It works and will continue to work, just read other articles for more information on this simple but powerful methodology.
8. Be patient
You are not rewarded for how often you trade online FOREX – You are rewarded for spotting and acting on the best deals and they don’t show up every day.
Be patient and trade only with FOREX signals from your system – do not be tempted to trade in the name of trading.
9. Be realistic
You can make a lot of money in FOREX Trading, so what is realistic? The best traders collect 50 – 100% per year, so this is a good number to strive for.
These profits will complicate rapidly and build real wealth in the long run.
Be realistic and don’t try to get rich overnight
10. Know your advantage
If you understand the other 9 points, you will understand that you need an advantage to make money in the long run in the online FOREX markets. If, after devising your FOREX trading strategy, you don’t know what your advantage is – you don’t have one!
You need to know what your advantage is over most losing traders in order to win.
If you include the above 10 tips in your online FOREX trading plan, you will be on your way to making money in the most exciting investment market in the world.
Welcome to the world of FOREX trading!