If you want to enjoy Forex trading success then what you need is a simple, proven strategy that has been perfected and you understand, that’s it. While this is obvious and the reason why 95% of traders lose, most novices acceptance of this fact are in the most dramatic way.
If you think you don’t have a strategy and want to win you will join the 95% of losers quickly. Any Fore alike strategy, you need to have the correct mindset and this is critical – because Forex trading is totally mindset defiant.
4 key elements you must base your strategy on to succeed
1. Your Trading System
You need a simple robust trading system that has a strict money management system and will thrive in the brutal world of trading. Simple systems work better than complicated ones, as there are fewer elements to break.
2. By Understanding Yourself
You must see yourself as a trader who is totally detached from the price. You must see the market from above and not in the mid or lower part of your mind. If you want to be right all the time – don’t trade currencies. The market is all about making money and only you can give yourself currency trading success, by trading a logical and disciplined strategy.
3. Your Trading Edge
What your edge is and you need to understand why it will help you make money. Always remember that you need to win above all other traders – because only you are prepared to take a calculated risk. If you don’t like taking risks then forget trading currencies.
4. A Proven methodology
Of course, if you want to win you need a method. If you follow one from someone else you won’t make any money. Every best trading method is open to scrutiny and challenge and you will see how good and robust it is by back tested, done by the vendor and in live trading. Always give the runaway best trades onfalls and run your profits.
If you do the above you will have an exact strategy that can make money in anytime market and can be applied in Forex, futures or commodities.
While most traders like to follow news stories or opinions of guru’s, the reality is that if you trade on your own, your not going to base your strategy on someone else’s beliefs. Your success relies on your own and you must learn to trade accordingly.
If you think you cannot be disciplined or you don’t have a strategy, ask yourself two basic questions:
1 which do you like and why?
2 why do you like it?
You must first answer the above questions and if you can’t answer them correctly – you don’t have one! You need to alter your trading style to match your personality
THE REAL KEY TO SUCCESS
If you follow the above 4 points you will have a simple methodology that only requires a few hundred dollars to apply, has yield the best proven profits for traders over the last 27 years and is confirmed in live trading, with charts and is in our view the best trading method of all.
If you use this method you can achieve great gains trading currencies and you can trade from home with just a computer, a net connection and some small seed capital.
Many novices dismiss Forex trading as a business, as it takes a while to learn the material and the skills required. In fact, if you follow the above 4 points you will have all the things to get a winning strategy.
If you do all the above and you adopt the right mindset you will be able to enjoy currency trading success.