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How To Make Money And Succeed In Forex Trading
Posted by nick_niesen on October 29th, 2010
To a newbie learning Online Forex Trading, it looks very simple in the beginning. Take currency pair EURUSD for instance, if you bullish on Euro, simply place a Buy order. Bearish on EUR, just short it. So easy, you may ask? The truth about Forex Trading is that it is a professional activity that not many traders will succeed.
I will just go through a few very straight forward pointers on how to consistently generate Forex pips.
In the world of Forex currency trading, many newbie traders believe that Forex trading software or system that contains rocket science is more likely able to make money. It may be true, but how many of us will be able to find such a system or methodology? Why not just spend time and money to learn systems or trading methods that are simple but works?
In the Forex currency trading, the fact is simple systems just work best. Simple systems are more robust and easier to trade as you understand the logic and can therefore follow it with confidence when you are in a losing streak.
I personally feel that it is much simpler to trade with the trends rather than the ranging market.
For many successful traders, once they are happy with a system or methodology, they stick with it. Remember, you only make money trading Forex, and not having 100 systems or trading methodologies but trading none of them.
In Forex trading, most traders succeeded primarily due to good money management. So long as your system or trading methodologies has a positive profit factor coupled with proper money management, you will succeed in the long run.
However, for many Forex Trading beginners, after many days and nights of learning and digesting Forex Trading courses, purchasing of various Forex Trading Software and Forex Trading System, you still find yourself with a huge hole in your initial capital.
As times go by, slowly, your dreams of financial freedom and success begin to fade. You will begin to ask yourself, are you a failure? Are you not intelligent enough to become a profitable Forex trader? After all, there are many successful Forex Trading experts out there who are living their Online Money Making dreams….
So the Money Making Online million dollar question – Are you cut out to be a profitable Forex Currency Trading trader? Yes, you can become a profitable Forex Trading Trader! You just need to treat Online Forex Trading like running a Successful Online Money Making Business.
Forex Trading Style
Similar to Stock Trading or any form Investment Trading. You must ask yourself - what is your Online Forex Trading style – news Forex Trading, swing Forex Trading, momentum Forex Trading, pattern Forex Trading and intraday or longer term Forex Trading? It is alright to have a “library” of Forex Trading style or setups, but most Money Making Foreign Currency trader does is to concentrate on a niche or particular Forex Trading style. Learn to do one thing consistently well instead of trying to master too many trading methodologies. You have to pick a style that suits you.
Online Forex Trading Plan
What is your Foreign Currency Trading plan? Before any trade entry, you have to ask yourself it this the right Set Up entry for your Forex Trading style? Where is your exact Forex Currency trade entry point? What are you Forex Trading Stop Loss target? What is your Forex Trading profit target?
Anyone involves in Foreign Currency Trading and not having a well defined stop loss is going to have their entire Online Forex Trading account wipe out before they even realized it. I knew someone did just that recently. A US$10,000 account was wiped out within a week without Stop Loss trading a few currency pairs. You also need to know what your Forex Trading profit target point is. What is the point of having an Online Money Making Forex Trading trade but your Forex Trading Account does not Make Money. For one simple reason, you didn’t take the money from your Forex trade and market reversal against you.
Forex Trading Profit & Loss Plan
Lots of Online Forex Trading beginners don’t realized the important of reward to risk factor for every Forex Trading trade. You will never Make Money Online if you risk $500 but make $100.
Follow your Well-Defined Forex Trading Plan
Once you have written down a well-defined Online Forex Trading, you must have the Discipline to stick to it. All Forex Trading beginners must remember that Discipline and Money Management are the two most import aspects of Forex Trading. Even the greatest Forex Trading System or methodologies will fail if you can’t stick to it.
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