Forex Robots - Setting the Tone For Successful Trading

October 24, 2011 by  
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Forex Robots - Setting the Tone For Successful Trading

The FOREX is unlike any of the traditional stock markets we used to know of. Seemingly, Forex can’t only be found in just one central location but apparently, it is anywhere in the world. Its business, on the other hand, is conducted by different people depending on what parties are involved. In other words, you are making business with different trades, with various groups of people around the globe. It is to say that, there is no one group that can control the prices in the Forex market, making the trading and business in the Forex market a very profitable means.

One of the major differences in Forex market is that you can trade twenty four (24) hours a day, in any parts of the world. This can be possible by the help of an internet connection, with this tool, you can manage and attend to your Forex market business and trading anytime of the day, and amazingly you could manage your own business as you want is to be. This can seriously give you big profits in the Forex.

In means of aiding you with trading and helping you grow your business, for one has to sit on his computer for long hours, just by manually putting in trades to make it work; there are now automated robots that can make the putting of trades a breeze, leaving you with free time.

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You might ask, does this Forex robot work? What can this possibly do to make my trading with the Forex market a very profitable one? Or you might wonder, can I trust the Forex robot to put in my trades, even if I leave them alone, that they won’t wipe out my account while they are working away?

The Forex robot is automated; it means that it relies on a mathematical formula giving you an accurate prediction on which the market is going to go. In other words, by this way of prediction, the Forex robot can provide you signals on what would happen to the market and by your decision, the system would then make the trade for you.

By this, you know now that the Forex really works, and you now that it can aid you with your trade and do the manual works for you. But on the other hand, none of the Forex robot is 100% accurate in predicting the market trend. Mathematically speaking, the Forex robot is 100% performing its duties and tasks as a computer system, but the market though is not based on mathematical formulas, but rather on the activities and trades of any group and number of people buying and selling their currencies.

Setting up your robots in your own customization in various settings can help you with the Forex Market business. With these settings, it will determine how successful your Forex account will be. A very good setting can help you grow your business and the robot can make money for you 24 hours a day! But on the other hand though, wrong settings can ruin your account, or may be wipe it out because your robots are giving you bad trades and inaccurate predictions in the market, making you lose your money and wasting your time. So, be careful in setting up your robots.

After all this, with the right settings for your robot and a wide knowledge on the existing market, automated robots or the Forex robots can and will make you good and big profits on your Forex account. Forex Robots could seemingly assist you to grow your trading business in the Forex Market and to be successful in the trade.

There are Forex Robots that can just give you signals on prediction of the market trends, and which you need to make an act on and there are Forex robots that are automatic. So, you got to make some few choices in choosing your Forex Robots.

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The Philosophy Of Winning In Trading The Forex Market -The Sure Way To Become A Successful Trader

September 25, 2011 by  
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The Philosophy Of Winning In Trading The Forex Market -The Sure Way To Become A Successful Trader

Everyone who enters into the forex market to trade always starts off with good intentions. They will invariably aim to win. They are there to make gigantic profits in the market. After all, it is a keen interest in trading that has led to their involvement in trading the forex market.

In all my years of trading, I have yet to meet a complete newbie who is in the forex market to trade without spending at least some time to learn how to trade. At worst, the newbie to forex trading has at least learned the technical terms to trading, and has at least entered his trading account to look at the trading platform and the trading interface provided by his broker.

In the quest to become a better trader, most forex traders I know would have learnt the use of many tools, usually technical tools. To them, the tools are their weapons of war. Many use technical trading systems to help them get a more accurate analysis of price movements, and to study price trends. Some use simple trend trading methods such as trendlines, others use price patterns of congestion and outbreaks, some use the more sophisticated Elliot wave counting and WD Gann squaring of price and time, and some even neural networks forecasting and astronomy. Yet, with the help of many trading tools, a big majority of traders are still unprofitable.

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Herein lies the problem with many traders.

In forex trading, like in all forms of market trading, the amount of tools you use, whether singly or in synergy, will not guarantee your success. Having a battery of technical indicators to provide you a technical reading will not ensure your success in trading.At best, these technical indicators will help you understand the market trend more, or might even serve to confuse you especially if they generate conflicting signals.

Forex trading, is just like fighting a battle, and the following principle holds true:

“It’s not the sword that wins the battle.

It’s the Warrior who’s wielding it.”

It’s the warrior who’s wielding the sword that will determine the outcome of the battle. In other words, if you are a forex trader, it is your trading discipline, and the proper use of the trading tool or method that will ensure your success.It is you, the trading warrior, who wields the trading tool correctly that can ensure the battle is won.

Therefore to become a successful trader, you will need to master your self - to follow a set trading method and to execute the trades based on a trading plan, where you will follow stringently to the best trading setups and exit at pre-determined stop losses. Without trading discipline, you will not be able to master your trades, and you will find profits hard to come by.

To know how someone can start with a simple idea and ,000 and then generate ,233 in just one month! Click here to get the top 6 forex systems before it’s too late!


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What 3 Things Are Common Among Successful Forex Traders

September 25, 2011 by  
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by FxShell

What 3 Things Are Common Among Successful Forex Traders

There are thousands of successful Forex traders in the world. But for every person that learns to be profitable with their Forex trading, there are hundreds of individuals who lose investing in the foreign currency exchange market. Too often people focus on the traders that blow their accounts and end up losing all of their money, instead of studying the success stories.

Granted, this happens quite often; in fact, it happens way too often. But very rarely does the Forex itself cause failure. It is just that successful Forex traders know and practice positive trading habits that other traders do not.

I once knew an extremely successful trader who went from knowing nothing about the currency markets to making thousands of dollars a month in about 6 months. Literally, within one year, this guy quit his house construction business (this was before the real estate bust) because he was making too much money in the Forex not to.

So I asked this guy what made him so different. Why was he able to become a profitable trader so quickly? This is what he told me.

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He said that he had an advantage over struggling traders because when he started to trade, he quickly found a trading method that he liked and stuck to it. So many traders accumulate so much “junk” in their heads that it would take years just to eliminate their bad trading habits.

This guy didn’t develop bad trading habits because he didn’t jump around. He found what he liked, and he stuck with it through good and bad. Sure, he had some losing trades that made him doubt himself and his trading method, but he never gave in to the temptation of trying something new. He didn’t “dabble” from one Forex trading strategy to the next like most people do. He did some research, found a Forex trading system that had a proven track record and was best suited for his personality and involvement, and then stuck with it.

Secondly, this guy had a support group. He found a free trading community and built relationships there. He didn’t start with a know-it-all attitude; instead he joined the community humbly and with a willingness to learn. And as he learned things from more experienced, successful Forex traders, he eagerly shared what he learned with others in the community. Before long, he had built a network of trustworthy friends that he could share trading ideas with, and this helped him to trade even more consistently.

Finally, this guy was completely dedicated to learning how to trade profitably. As I said earlier, he had a full-time job when he started, and yet he stayed awake until early in the morning to watch the markets. He spent just about every evening and many nights learning how to trade. In other words, trading successfully did not come easily to him - he sacrificed for it.

And that is why he is where he is today. He stuck with a system, he had a good support group, and he worked hard to get where he wanted to be. And this, my friend, is the story of most successful Forex traders.

Want to learn about the key qualities of successful forex traders and how you can become one?

Visit my site right now at ForxDayTrader.com to grab 5 FREE videos that will teach you the basics of profitable forex trading.


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www.forexstrategysecrets.com It’s essential to have good forex trading tools 1. Use a good trading system. 2. Be a disciplined trader. This series teaches how to succeed in forex trading regardless the trading system you adhere to.
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Successful Forex Trading: Forex Hates Procrastinators

September 23, 2011 by  
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Successful Forex Trading: Forex Hates Procrastinators

What have you put off today? Something important you had to do that you ended up not doing? Well i am sorry to say this but Forex doesn’t like you very much, it won’t actually come out and say this, but it will definatley show you by eating all your money.

Why do lazy people flounder in the forex market?

1. They put off getting a broker too long and then often make a bad choice.

2. They don’t do any research or engage in education and therefore end up gambling.

3. They clutter up informative blogs and forums with their incessant whines about how forex is a scam and can anyone lend them because they are good for it.

4. They are often emotional about trades and will either get too excited after a good trade or try to take revenge on the market after a bad loss.

Does this look like a successful traders mindset to you? Of course it isn’t. Are you guilty of any of these things? If you are get it sorted ASAP, not or my sake, but for your own. It isn’t my money you are gambling away. “But i thought forex is investing not gambling?” Thank you! I don’t gamble in forex, i invest, many other traders i know invest as well. Whats the difference? Education my friend, education. We know what we are doing, and make educated decisions about where we want our money, a forex gambler wakes up in the morning and just decides then and there where he is going to flush away some more money. They don’t research, they don’t even know what a chart looks like, they just go with uneducated gut feelings.

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But let’s stop talking about forex gamblers before i have a stroke, what about successful traders?

1. They research brokers and then choose one and stick to it until the broker gives them reason not to.

2. They are always learning. What is a better indicator to use? What have i done wrong in the last week? This is the kind of thing that sharpens their trading sword so sharp it could cut space and time.

3. They don’t post often, they might not ever post on a forum or blog. To them forex is about learning and they would rather listen then speak. Humble eh?

4. They keep their cool. They know that a win can turn into a loss and the other way around within the next 5 minutes. They have the experience and they have already set up their trades to accomodate for a turn in fortune. They are in control. Well mostly.

So the main point of all this text is to realize that if you can’t even bother having a shower when you wake up in the morning, how are you ever going to be successful in something as demanding, but equally as rewarding as forex? You aren’t because forex hates you.

No other market in the world offers the potential for profit like FOREX. . So just how long will you wait until you make the decision to join this Trillion daily market?


Start laying the foundation to your financial empire right now! Free resources, free education, and free forex accounts are right here.


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Uncovering the 3 Most Common Traits of Successful Forex Traders

September 18, 2011 by  
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Uncovering the 3 Most Common Traits of Successful Forex Traders

You may have met or at least heard of the successful Forex traders who earn a whopping six or seven figure income working on currency trading full-time or part-time. You may have also wondered what could the secrets behind their seemingly impossible success and what contributes to their consistent winning trades they have made during the years of active involvement in the Forex world. It is good to realize that there is no one magic formula which can turn someone into an overnight success.

Forex trading just like any other industry requires skill, careful planning and calculated execution in order to raise the probability of profitable trades. Even though there is no one magic pill or formula that can turn you into an instant success, there are certain habits and actions that these successful Forex traders take which differentiates the results they get from those that the average Forex trader experiences. There is always a big risk in making these investments and it is important to ensure that you take the necessary steps to minimize the risk and maximize the chances of making money trading foreign currencies.

It is a sad fact and definitely a scary one to realize that most investors lose a large sum of their money while participating in active Forex trading. In fact, statistics shows that 95% of all traders will lose money instead of making some when partaking in these high risk trading. But there is a very small amount of investors that really “get it” and are able to make constant profitable trades over again in the same market. So what could be the secret behind their success?

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It is a good idea to learn what creates those differences that distinguish them from the thousands of failures in the same marketplace and the copy them.

It becomes interesting to learn that successful Forex traders possess similar mindsets and habits. Perhaps these are the traits that separate them from the rest of the pack.

1. Passion

Successful Forex traders are highly passionate about their work and what they do. They love every single step of the detailed process from trading to the sheer anticipation of waiting for the results. They love the environment of the Forex trading and the ability to tap into this buzzing marketplace to make tons of money for themselves. It all starts with a labor of love.

2. Emotional Mastery

It is easy to get swayed by the heat of things and make wrong investment decision when things get tough. This is where most investors fail. Whenever the value drops, most investors may be compelled to sell everything in a panic when prices are dipping low and this causes them to lose money in the process. A more skilled investor would manage their emotional response better and understand that things will change and thus wait for the prices to go up and sell them at the right time to make a handsome profit.

3. Discipline

When things get hard and you are losing money, it is very easy to over-react and make mistakes. When emotions are high and people are in a selling frenzy, you could be the one to cash in by buying low and then wait for the right moment to sell high. But it takes discipline to keep your emotions at bay and stick by your plans and systems.

These three traits are what separate successful Forex traders from those that lose money. Make it a point to find these traders and learn as much as you can from them. Copying Forex traders that make money makes it more likely for you to make money too.

Want to learn more about the importance of finding and studying successful forex traders?

Visit my site right now at ForxDayTrader.com to grab 5 FREE videos that will teach you the basics of profitable forex trading.


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3 Key Steps to Successful Online Forex Trading - Forex Trade

September 16, 2011 by  
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3 Key Steps to Successful Online Forex Trading - Forex Trade

Keen on making some easy money as a Forex Trader?

I’m sure you are as are many others out there who are captivated by the allure of making easy money whilst sitting in front of a computer any time of the day or night.

What is Forex Trading?

Foreign Exchange is one of the biggest currency markets in the world and if you are equipped with the right knowledge, skills & techniques, trading on the international currency market can be an extremely successful journey for you.

Forex or Currency Trading is not a new business but is almost as old as money itself & involves the knowledge & business of exchanging foreign currencies at a profit.

3 Steps to Successful Forex Trading

Practice Forex Trading with a Demo Account

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It goes without saying that to achieve some success with currency trading you will need to know a bit about it & be fairly competent at buying & selling currencies.

The best way to do this, therefore is to start practicing on a demo account.

If you follow the link at the bottom of this page you will be shown how to get a free 0,000 practice Forex account to learn & practice everything about Currency Trading

Essential Characteristics of a Successful Forex Trader

A successful trader needs to be disciplined without letting emotions rule their decisions.

This sounds fairly obvious but a new trader is often keen to dive straight in & start trading which could result in the trader incurring significant losses.

Therefore an undisciplined approach to currency trading is guaranteed to lose you money.

Stick to Rules, Guidelines & Strategies

The trader who operates without rules, guidelines or sound strategies is set for failure.

Large organizations and educated traders approach the forex trading with proven strategies and therefore to succeed as a forex trader it follows that you must play by the same rules by studying these strategies and rules prior to trading to give yourself a chance at success.

 

Finally a word of caution - be realistic & don’t get too carried away by the stories of traders turning small amounts of money into huge fortunes in a very short space of time.

Whilst many of these stories are true, be inspired by them but equip yourself with the knowledge & expertise required before embarking on your new career as a Forex Trader.

Find out here how to get a free 0,000 practice account & make money at Forex Trading Online »

 

Find out here how to get a free 0,000 practice account & make money at Forex Trading Online »


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Traits of Successful Forex Traders That You Should Copy in Order to Find Your Own Forex Success

September 14, 2011 by  
Filed under Latest News


by FxShell

Traits of Successful Forex Traders That You Should Copy in Order to Find Your Own Forex Success

When dealing with Forex trading or other investments, you can never leave things to chance. It is vitally important to ensure you get your footing right and even more important than that, get your back covered. You need to have the right skills and the proper mindset to create success in this industry. This is the most important thing to realize if you desire to share the windfalls of successful Forex traders.

It takes time and hard work to make profits in Forex trading, and success would only belong to those who are willing to pay the price. Learning from the best in this field literally saves you years of hard work and the pain of going through the steep learning curve that all beginners face. Studying and mimicking successful Forex traders would help you prevent those costly mistakes that other new investors would have to go through normally.

Here are five of the most imports traits that successful Forex traders have which would help them make profitable trades and avoid the costly downfall of losing their investment in this volatile marketplace.

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Mindset

The most successful Forex traders possess a very strong conviction and a proper mindset to ensure higher chances of making trading decisions that ultimately lead to profits. It is important not lose your ground when things get rough and never make a decision when you are emotionally upset.

Perfection

Some Forex traders make the mistake of waiting for the “perfect” trade before they take action. This is a very risky move and over the long run it can cause some major losses if you fail to pull the trigger on a trade that would have made them money. There are no guarantees in the Forex market. All you can do is analyze the current trends against the past trends, decide intelligently how which way the currency should go, and then place your trade.

Follow the Rules

There are certain rules to profitable Forex trading that every savvy investor knows and follows. You should discover what these tested rules are and follow them diligently. The best way to discover these “secrets” is to find successful Forex traders and study them in depth. Do not be tempted to deviate from the known untested course if you are not looking to lose your money into this high risk venture.

Stay in Control

Never ever make the mistake of letting your broker deal with all of your investment decisions for you. You must take charge and ensure you make the right choices.

Beware of the Cycles

It is good to realize that Forex trading occurs in cycles and it is good to acknowledge these different trends. If you have had a particularly bad day, please do not turn it into a horrible experience or a painful memory that haunts you down the road. It is important to get a good grasp of yourself during times when you guess wrong on the direction of a certain currency trend. Re-evaluate your data and learn from your mistakes to ensure not to repeat the mistake in the future.

The biggest challenge is finding successful Forex traders. Once you have found one or two, most are happy to share their Forex knowledge and experience with you.

Want to learn more about the importance of finding and studying successful forex traders?

Visit my site right now at ForxDayTrader.com to grab 5 FREE videos that will teach you the basics of profitable forex trading.


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Key Secret to Successful Forex Trading - Forex Software

September 11, 2011 by  
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Key Secret to Successful Forex Trading - Forex Software

Imagine being successful at Forex trading?  Wouldn’t that be great?.  Current and prospective Forex traders all want this.   Why then are only about 5% really successful?  A key secret to successful Forex trading, for you and me, is the choice of Forex software, especially when using certain strategies. 

Forex software is available in many forms.  Since there are so many types of software you should take time to make sure that you do adequate research to determine what software best meets your trading style.

As you probably know, there are two basic trading approaches. One is where you do everything and software is used to establish basic entry and exit areas.  The other is where you use software to make the setup decisions and enter and exit the tradeThis is known as automated Forex software or robots.  Without good software, trading online can be very difficult.

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When you are reviewing Forex software there are a few things you should consider:

Money management Risk management Ease of use User friendly interface Trade over the internet in real time

 

Most of the broker supplied or independently produced software is mainly charting and signal software.  This means that the software will show you what is happening with charts and possibly provide an entry signal.  You have to be present to place the order.  A significant amount of your time and effort is usually required.  This approach has been around for some time and many have been successful.  This software can cost from free to several thousand dollars.

Currently Forex traders really like the use of automated Forex software.  Why?  Because most have all of the above components built into them plus you can trade 24/5 without being at your computer.  Additionally, the better automated software allows you to modify trading parameters and can trade several software pairs.  This approach requires much less time and effort for the trader and can produce good consistent results.  Experienced traders like automated software because they are able to trade 24/5.  New traders like it because they do not have to be experts in Forex in order to be successful in Forex trading.  Good automated Forex software typically costs around 0.

 

Do you really want a key secret to successful Forex tradingStart by deciding which method you want to use, i.e. do everything yourself or use automated Forex software.  Next find good software.  Most Forex software suppliers have an evaluation period of at least a month.  Get started by choosing a profitable automated Forex trading software, which can be found here, http://www.ForexAutomatedProfits.com/.


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Forex Trading Essentials - Follow These 8 Steps to Become a Successful Forex Trader

September 9, 2011 by  
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Forex Trading Essentials - Follow These 8 Steps to Become a Successful Forex Trader

Almost everyone wished to be successful in forex trading, but has anyone planned on the path to be a successful currency trader? I believe not many. If you have not or not sure how to plan, below are the steps that can lead you to the path of success in forex trading:

Step 1: Get yourself a forex ebook or forex course to begin with, so that you can understand the basics of forex trading and how does it work. If you have gotten my free ‘Forex Trading To Riches’ ebook, you should be able to grab hold of what foreign exchange is about.

Step 2: Open a FREE forex DEMO (practice)account with online brokers.

Step 3: This is an important step. Make sure you read the psychology part and money management rules of forex trading before you start on demo trading. Take note, always start with good habits. Getting rid of bad habits is much harder than to build good habits.

Step 4: After you have gone through the whole ebook or forex trading course, you will probably know how a forex trading system works. Moreover, my PIPS MOVER™ trading system is easy to understand. So let’s get practical and practice it on the demo account. Practice makes perfect!

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Step 5: Demo trade for about a few weeks until you get used to the forex trading system. If you have developed some bad habits along the way, carry on demo forex trading until you get rid of them, you do not want to make those mistakes when you go live trading! I would recommend students to go live trading only when they hit a success rate of 70% and above.

Step 6: You should be already quite consistent in your demo trading when you have come to this step. Open a LIVE forex trading account, either a mini account or a standard account. I understand that many traders start off with mini account first to build their confidence. That is absolutely alright, but do not get stuck in mini account for too long as you might have psychological barrier to go through. Move on to standard trading account when you feel confident, consistent and making profits in your currency trading.

Step 7: Increase your lot size slowly as your trading skills improve. You may want to increase it when you have 30% ROI(return on investment) in your forex trading account. Refer to the money management rules on how you can keep increasing your trading lot size.

Step 8: At this point of time, you are a successful forex trader if you have consistent profits every month. You don’t have to be a institutional trader to be successful! And you seriously should start planning and considering to be a full time forex trader from here onwards.

The above may sound easy, but trust me, it’s not easy at all, or else why 95% of the people failed in forex trading? So you really have to drill on the psychological, discipline and money management parts before you can go far in forex trading.

To learn how to trade forex successfully using a simple, time-tested and proven forex trading system, download my FREE 56-page “Forex Trading To Riches” ebook at http://www.forextradingpower.com.


The author, Daniel S, is the owner of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel S. specializes in teaching real people how to trade the Forex market for long term financial success.


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5 Secret Characteristics of Successful Forex Traders

September 9, 2011 by  
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by FxShell

5 Secret Characteristics of Successful Forex Traders

Ever wonder what makes a successful forex trader tick? What separates the winning traders from the average trader? Research shows that every successful trader possesses these 5 specific characteristics:

1) Be disciplined
2) Persevere
3) Treat trading as a business, not a hobby
4) Be Unemotional
5) Set Goals

Read, understand, and emulate them to help you become a more profitable trader.

1) Be Disciplined

Anybody can get lucky and make money in the forex market; however, only the disciplined can make money consistently over time. Being disciplined is by far the most important factor that determines your success.

Every professional trader knows that the trading method or strategy does not determine your success. It’s how you follow through on the strategy that matters.

Your trading strategy is your compass and will tell you where to go and how to get there. Do not get lost. Don’t make trades because you “like” a specific currency, or because you “think” that there will be strong run-up in a specific currency. When you start making arbitrary decisions like these, you will get lost and start losing money.

Following your system is always your best option. You must have the discipline to follow your strategy even through a string of losses.

2) Persevere

Everybody fails. But not everybody knows how to come back from a failure. Many successful forex traders today began their trading careers by losing their entire bankroll.

Millions of people are lured to forex by the promises of easy money, and unfortunately most of us that attempt it lose a great deal of money. So is losing money a pre-requisite for forex success? Of course not.

The majority of people that lose money will never become successful. They become depressed, discouraged, and give up trading immediately. On the other extreme, some people who lose their first 10,000 dollars will borrow another 10,000 dollars and lose it in the exact same way.

Beginners will lose money; that is a fact. But failing to learn from your failures will be your greatest mistake.

Take the opportunity to learn from your mistakes. Did you trade based on emotion? Were you trading based on a tip? Does your strategy fit the current market trends? Did you risk too much money on one trade? Did you misread the charts? Were you impatient? These are the questions you must ask yourself when you fail. But the most important question is this:

Why did I fail?

If you can answer this and learn from it, you will no doubt be on your way to becoming a successful forex trader.

3) Treat trading as a business, not a hobby

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Let’s face it, we can’t all quit our day jobs and start trading currency full time. Not yet anyways. Professional forex traders are better traders than most people for the simple reason that they spend at least 40 hours a week either trading forex or researching the forex market.

Trading forex is a business for the pros. If they lose money trading, they will lose their jobs. That’s pretty good motivation to be good at what you do.

The same attitude should be adopted even if trading is not your full time job. Treat it as a business and not just a hobby. A hobby is something you do for fun in your spare time. A business is a venture to make money.

I trade forex to make money, not have fun. I have lots of other activities that I can do for fun. I enjoy running, traveling, and watching TV, none of which will make me any money. In fact, most hobbies will cost you money. Trading should not cost you any money, it should make you money.

If you approach you trading as a business, your outlook changes completely. Losing money is not acceptable in a business because if you do it long enough, you will be out of a business. You will take every possible step to stop losing money.

A business will not grow by itself. You must devote time to learn how to become a profitable business. Use your spare time to do some research into the market, read some good books, and attend training seminars. Stop wasting your time on things that cost you money, and start investing your time to learn how to trade properly, which will lead you down the road of financial freedom.

“I’ve always believed that if you put in the work, the results will come. I don’t do things half-heartedly. Because I know if I do, then I can expect half-hearted results.”
-Michael Jordan

4) Be Unemotional

If you have ever played poker, you will know the high of going “all in”. Your heart is racing like there’s no tomorrow, and you are hoping and praying that the cards will go your way. It’s the thrill of knowing you can double your money in a few moments and also knowing it can all disappear if things don’t go your way.

This type of excitement should not exist in any form in your trading. If you are a thrill seeker, go skydiving. If you are a gambler, go to a casino. If you are afraid to lose money, open a savings account.

Successful forex traders do not let their emotions interfere with their trading. Too often, we let fear, greed, or pride get in the way.

Fear

Fear will prevent you from making the right trades and make you lose out on immense opportunities. Fear stems from lack of knowledge and proper education. You are afraid because you can’t see that a trade is the right trade since you don’t know what the right trade looks like. Once you acquire the knowledge and training, you can begin to trust your decisions because they are based on facts and not emotion.

Greed

Greed is another emotion we must overcome to be successful. Many beginners experience “beginners luck”, and come out on top on their first few trades. Then they start believing that they should have traded with more money so their profits will be larger. So on the next trade, they trade with a large sum of money and they lose it all. Logic will dictate that they should trade with a smaller amount the next time around since they have less capital now. Unfortunately, humans are not logical creatures. Our greed takes over, and we start believing that if we put in more money, we will make up for the lost amount, and come out on top. Sadly, this cycle can only continue until you are completely out of money. The worst thing that can happen to a beginner trader is to have a successful first trade.

Pride

Pride will take you nowhere fast in forex trading. Pride will prevent you from learning. When you feel like you have nothing left to learn, that is when you will start losing money. Pride is the toughest stumbling block to overcome for some because it is an ingrained part of their personality. However, we can all learn from the hugely successful forex traders who still need to research and read to maintain their success.

You can still be happy when trades go your way, and sad when they don’t. However these emotions should not play any part when making your decision for the next trade. Your decisions must be based on logic and facts, not emotions.

5) Set Goals

Every trader needs goals to keep them on track. It doesn’t really matter what your goals are, but it’s important to write them down. If you don’t write down your goals, you will never know if you have achieved them or not.

Everybody has a different goal when they begin to trade forex. Some people just want to make a few extra bucks on the side trading; some people want to make enough so they can quit their day job. Some people are tired of the 10% average return from the stock market and want to put their money to work for them in forex.

Write these goals down and look at them often so you will know if you are on track to meet your goals or not.

Summary

The best way to be successful at trading is to emulate patterns of successful forex traders. Read, re-read and understand these 5 characteristics and apply them to your forex trading career. You will find that you will become more successful when you possess these 5 characteristics.  Visit www.forex-savvy.com for more articles to help you become a successful forex trader.

www.forex-savvy.com is the ultimate resource for unbiased, helpful and friendly advice for the beginner forex trader. Learn trading strategies and practical methods to start profiting in the foreign exchange market.


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