Let me begin by saying that if you want to get into forex
or currency trading online, DO NOT begin by buying a guide
or a training course.
Too many low-lifes out there pander to the uninformed by
selling them overpriced guides and manuals, sometimes for a
few thousand dollars each.
A forex mentoring course can be a good option once you know
the basics of forex and want to hone your skils, but there
is just so much good information available on the internet
for free that you could literally become an all-star trader
without paying anything for education.
Today we are going to talk about the way you need to think
if you want to be a profitable forex trader.
I consider myself to be pretty profitable when it comes to
forex trading, and my first banking internship on the
Foreign Exchange floor was when I was 16! (I was the
youngest intern they ever had!) I got hooked on trading,
and have been doing it ever since.
One thing that is really necessary to your success is to
READ. Alot! The more you know about forex trading, the
easier (and more profitable) it will be.
You want to know the mechanics of the forex markets from
the inside-out. I'm not going to spend time discussing the
practical aspects of the forex market, as you can and
should discover this though your own reading.
When you begin to get comfortable with your knowledge of
what this market is, how it works, and how to place
successful trades, you are in a position where you can feel
confident in your trading abilities.
The most important thing that the successful currency
trader possess is the ability to separate his emotions from
his trading. Confidence in your trading abilities is one
important aspect to being emotionally detached from your
trades, and the other aspect has to do with the way you
fund your live trading account.
Make sure that when you put money into your live forex
account, it is extra money that you do not need to survive
and could afford to lose. If you are trading with the
money that you need to pay your car insurance, your trading
will be highly emotional and likely to fail.
In a way, this is kind of ironic, because I'm sure you've
heard the saying that 9 out of 10 of new traders fail.
Well, traders that CARE and are highly emotional about
growing their forex account are the ones that lose their
shirts, when the traders that DON'T CARE and have no
emotional attachment to their trading make most of the
profit.
That's the irony: The less you care about making money in
the forex market, the more money you tend to make!
But also realize that you are not 'not caring' out of
negligence (pardon the double negative), but rather because
you are so confident in your trading abilities that you
KNOW that in the long run you will always win.
To the successful currency trader, trading is not so much
about making money as it is about collecting pips in their
trading account!
Profitable forex trader's also tend to develop and follow
their own trading systems. Finding or creating a certain
system and trading within it is also important to
successful trading.
----------------------------------------------------
My personal trading strategy that I have developed is
something that I call Forex Surfing, and you can read more
about it on my site, http://TheForexSurfer.com .
There is also a large collection of free forex ebooks and
trading resources at my site as well, just click 'free
reports' or 'free resources' at the top!
No comments:
Post a Comment