First lets start with a simple fact - 95% of all traders lose money but they don't lose because they can't learn to trade, they lose because they make fatal errors in their approach. For example forex news, a huge group of traders think they can get rich by making no effort and following a cheap robot but if these worked 95% of traders wouldn't lose money. To win you need to work smart and this leads me to my first steps to success.
Get the right Education
You don't need to work hard or even be clever, you just need to use a simple Forex trading strategy. You can educate yourself about the markets in a week or two but don't fall for the myth, you can predict the market, you can't. You are simply trading the odds in Forex and that means, using a Forex strategy based on the following:
A simple Forex Trading Strategy based on the Reality of Price Change Your strategy should be based on just a few rules and parameters and should be very simple because - if you make it to complicated, it will have to many elements to break. Keep it nice and simple and trade the reality of price change and don't try and predict where prices may go. A good strategy to use to trade forex markets (which we have written on in other articles) is to follow and hold long term trends by buying breakouts to new highs. All the big trends start from breakouts and continue from them so, its a simple and timeless, strategy to seek long term gains with.
Getting a system together which can make money is the easy part, the hard part of Forex trading is learning to apply it with discipline.
Learning to Apply it with discipline
All traders have losses and you will face weeks of losses, it happens to the best traders so it will happen to you. You need to be prepared for this and keep losses small. Most traders get annoyed at this as it hurts their ego so, they run losses, change strategies, or quit and of course, they never achieve success. You have to ride these periods out with discipline until profits come again and then you need to run them. forex trading online win less than 50% of the time but they make huge gains long term, because they keep their losses small and run their profits.
It sounds easy to trade with discipline but when your losing money and feeling stupid, its hard to keep your emotions out of your trading. The way to achieve a disciplined mindset is to you get a good Forex education and have confidence in what your doing.
As you can see, anyone can become a Forex trader from home if they want too. If want to achieve success, all you need to do is get the right education, get a simple system and trade it with rigid discipline If you can do this long term Forex trading success can be yours.
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