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Forex trading can be learned by anyone but it's a fact that 95% of all traders lose money and if you want to trade Forex like a pro and this article will get you on the road to success quickly.
Lets start with an obvious point Forex trading is not easy and that's why the rewards are so high; the good news however is that anyone can trade Forex like a pro and join the winning elite, as Forex trading is a learned skill.
The first tip is - avoid all the cheap software packages sold, which tell that you can get rich by paying 200 dollars or less and making no effort; it looks to good to be true and of course it is. All these packages get turned to dust by the market, you do not make money in a market where 95% of traders lose by making no effort and paying a couple of hundred dollars.
If you want to win, you need to learn some skills, just like you do in any other profession but they do not take long and anyone can learn to win of they want to.
Here is your step by step guide on what you need to do.
- Use a Simple System
A few indicators and chart support and resistance will work just fine; if you complicate your Forex trading strategy, it will have too many elements to break. In Forex trading simple is best and always has been. Many people think the clever they are or the more effort they make the more money they will make, this may be true in a regular job but not Forex - Your only judged on results and that's it.
- Money Management is the Foundation of any Successful Strategy
There are lots of different ways to make money but all successful traders agree - if you want to make money long term, protect what you have and do not get too far behind. You should employ strict money management and always place stops. There is nothing wrong with taking losses, so long as you keep them small and run your profits.
- Get a Disciplined Mindset
All the great traders have tremendous discipline and you must too but it's the one character trait, that most Forex traders can not acquire and they lose. Discipline is all about sticking with your plan and not letting your emotions get involved. As soon as your emotions come to the fore, you will run losses, cut profits, chop and change systems or even quit.
Most traders can not take losing, they want to be right all the time well, in Forex trading you have to decide - if you want to be right or make money because you can not have both when trading Forex.
If you want to win leave your ego behind, accept you can not win every trade, focus on making money long term and cheerfully take your losses short term and run your profits.
Forex trading is a totally learned skill and the above tips, can help you trade like a Pro and get on the road to financial success in 30 minutes a day. Forex trading, will give you greater returns than perhaps any other investment for your time, so learn to trade the right way and you will win at Forex.
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Source by Kelly Price
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