Forex : Profitable Forex Trading
How to be a Profitable Forex Trader
" Forex Trading is so hard. I seldom have a winning
trade!" " Forex Trading is so easy. I just have
another winning streak for the entire week!"
Two Groups of Forex Traders - The Losers And The Winners
Read the two statements above again. These are two of the
main statements I often hear from friends who are trading
forex. Diametrically opposite, these two statements contrast
greatly between themselves- one group of traders finding
forex trading so very difficult for themselves, hardly able
to get a winning trade. Traders from this group are fumbling
at the ropes, trying to become profitable traders and to
be able to bring home the roost. Traders of another group
are the happier ones. They are consistently profitable in
their trades. They are the winners in the forex market.
You look around - and you see others are doing so well
in forex trading, and amassing personal wealth, even trading
for a living- some of them making thousands of dollars each
time they trade- and you think you should be one of them.
Why 90% Of Forex Traders Are Losers
So why is it that 90% of the traders in forex not making
consistent money? What is it that the other 10% of the traders
have that make them the superb winners?
Currency trading was until recently the domain of the super
rich and of the big time institutions. Unless you are well
oiled, and have deep pockets or a huge sum of money as a
capital support, it is not likely for you to even access
currency trading.
However, this changed with time, especially when forex
mini accounts were created, leading to a surge in people
wanting to trade in forex.
This led to a problem...and the problem began to become
bigger and bigger and exists till this day.
Forex trading is just simply exploding, with over $2 trillion
dollars worth of currencies transacted every single day,
with this accelerated growth bringing along problems.
Many people are getting into forex trading without the
proper training and proper education as traders. The easy
accessibility of the internet made it worst. Many beginners
merely scour the internet based websites, picking up morsels
of trading knowledge on forex here and there and started
to trade. Not that self education is not enough, but the
nature of forex trading is such that those who are successful
traders are simply not telling how they trade. Most successful
traders are traders, their time being occupied by their
trading and research into trading setups and have no time
to promote their trading signals on the internet. To them,
they are first and foremost traders and not educators, and
there is simply no reason to post their skills or give away
their secrets of successful trading for free on the internet.
The easy access of the internet has led to a proliferation
of websites featuring some common trading systems purportedly
useful for forex trading. The popularity of forex trading
has led to a viral duplication of these websites with almost
similar content, until a big majority of forex traders who
gleaned their "education" and training from the
internet to concentrate on such systems, without knowing
exactly when they are suitable for use and when they should
not be used at all.
Among other factors, this is one of the main factors why
a big majority of the self-taught forex traders are not
making any money, or at best are inconsistent in their trading.
Most of them are just using the wrong tools or the wrong
trading systems and have not gotten to master their trades
or themselves.
Sun Tzu"s Art of War Provides The Solution To Your
Trading Blues
Sun Tzu's Art of War provides a key solution to successful
battle, which can be extrapolated to forex trading.
Sun Tzu's Art of War called it: "Know Your Enemy"
And your enemy in forex trading is merely the forex market
itself and you- the person itself.
To win in the forex market, you must know the forex market
itself - in other words, you must get to understand the
currency-pairs that you are trading on. Spend time to study
their price movements. Know what trading patterns and setups
occur time and again in those currency-pairs. Be familiar
with the risk-reward ratios of each specific trade pattern
for those currency-pairs you are trading. Define and apply
a specific trading strategy for those currency-pairs you
trade. Know when to enter and exit the market and when to
stay away. The best way to ensure you are doing it correctly
is to get another experienced and successful trader to mentor
or to show you the ropes. Budget to learn before you trade.
As to the other part of the battle, you need to see the
part of you, yourself who is the enemy. Forex trading involves
decision making where your risk tolerance is put to the
test, where emotions of greed and fear will play a daily
tug of war within your heart. The solution to win this emotional
battle is to trade with discipline. Adopting a winning strategy,
a winning plan complete with risk management and ensuring
you do not deviate from that plan is a necessity for you
to win. Again, have your mentor to show you and to fine
tune that trading plan.
You can join the 10% of forex traders who are consistent
winners, and start to create a consistent income trading
from home, away from the rat race if you are prepared to
learn.
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