If you want to try electronic currency trading and become a successful currency trader from home, then we have enclosed a checklist for you, to guide you from novice to professional trader...
1. You're In Charge!
You are responsible for your financial destiny and don't expect anyone else to make you rich. There are plenty of gurus, experts and robot vendors, telling you that you can win with their advice - but pass them by.
In forex trading, just as in life your destiny is in your hands.
2. Avoid the Myths and Mistakes of the Majority
We have already touched on this above - but there are many more myths and we have outlined these in other articles and they include; Forex day trading and scalping works, you can predict markets in advance, markets move to scientific theory and many more.
3. Getting the Right Forex Education
You need to see electronic currency trading as an odds game.
Your aim is to trade high odds set ups and the best way to do this is, via technical analysis and forex charts.
No prediction - just trading the reality of price change.
4. Your Forex Trading System
Keep it simple! Many traders think the more inputs the better but this is simply not true, simple systems are more robust in the face of brutal market conditions and yours should be too.
Building your own currency trading system is straightforward and covered in our other articles.
5. Never Under estimate This Key Trait
Your system is only part of the equation for success.
To realize its potential, you are going to have to execute the trading signals when you are losing and stay on course until you hit a home run.
This is the hard part!
Don't underestimate it - which leads me on to my next point...
6. Get the BEST Traders advice
Go to your local online bookstore for the price of a few beers, you can pick up some trading advice, from the world's best traders and you will note how almost all, will refer to the key trait of discipline being essential for success.
7. Always Remember to Play Defence First
"If you want to win you need to bet and you can't bet if you're not at the table"
Obvious - but most traders think they can use all the leverage their broker gives them and win - that's as much as 400:1!
Defend what you have and make sure you use far less leverage to stay in the game longer 20:1 is ample for most traders.
8. Have Courage to Accept Big Gains
How many traders snatch any profit they can get? Most.
If you want to win, you need to hold and run the big trends and have the courage of your conviction.
9. Don't Try and Be Perfect
The market will make you look a fool at times and you will never have perfect market timing, so accept this and simply focus on getting profits and not what might have been. We can all be wise in hindsight!
10. Know Your Trading Edge
Your trading edge in electronic currency trading is the reason you will win when 95% of traders fail. Don't know what your trading edge is?
Then you don't have one, so continue your forex education until you do.
Final Words
The world of electronic currency trading is exciting and can make you big long term profits but you need to work at the basics.
Get a forex strategy, you are confident in and can apply with discipline for profits.
If you can do that, you can get on the road to currency trading success and enjoy a solid second income, or maybe even a life changing one.
1. You're In Charge!
You are responsible for your financial destiny and don't expect anyone else to make you rich. There are plenty of gurus, experts and robot vendors, telling you that you can win with their advice - but pass them by.
In forex trading, just as in life your destiny is in your hands.
2. Avoid the Myths and Mistakes of the Majority
We have already touched on this above - but there are many more myths and we have outlined these in other articles and they include; Forex day trading and scalping works, you can predict markets in advance, markets move to scientific theory and many more.
3. Getting the Right Forex Education
You need to see electronic currency trading as an odds game.
Your aim is to trade high odds set ups and the best way to do this is, via technical analysis and forex charts.
No prediction - just trading the reality of price change.
4. Your Forex Trading System
Keep it simple! Many traders think the more inputs the better but this is simply not true, simple systems are more robust in the face of brutal market conditions and yours should be too.
Building your own currency trading system is straightforward and covered in our other articles.
5. Never Under estimate This Key Trait
Your system is only part of the equation for success.
To realize its potential, you are going to have to execute the trading signals when you are losing and stay on course until you hit a home run.
This is the hard part!
Don't underestimate it - which leads me on to my next point...
6. Get the BEST Traders advice
Go to your local online bookstore for the price of a few beers, you can pick up some trading advice, from the world's best traders and you will note how almost all, will refer to the key trait of discipline being essential for success.
7. Always Remember to Play Defence First
"If you want to win you need to bet and you can't bet if you're not at the table"
Obvious - but most traders think they can use all the leverage their broker gives them and win - that's as much as 400:1!
Defend what you have and make sure you use far less leverage to stay in the game longer 20:1 is ample for most traders.
8. Have Courage to Accept Big Gains
How many traders snatch any profit they can get? Most.
If you want to win, you need to hold and run the big trends and have the courage of your conviction.
9. Don't Try and Be Perfect
The market will make you look a fool at times and you will never have perfect market timing, so accept this and simply focus on getting profits and not what might have been. We can all be wise in hindsight!
10. Know Your Trading Edge
Your trading edge in electronic currency trading is the reason you will win when 95% of traders fail. Don't know what your trading edge is?
Then you don't have one, so continue your forex education until you do.
Final Words
The world of electronic currency trading is exciting and can make you big long term profits but you need to work at the basics.
Get a forex strategy, you are confident in and can apply with discipline for profits.
If you can do that, you can get on the road to currency trading success and enjoy a solid second income, or maybe even a life changing one.
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