BUY FXO Forum Shares
1316
Shares in the BANK:
We BuyWe Sell
$1.8773$1.9354
Results 1 to 9 of 9

Thread: Becoming a Currency Trader - 3 Vital Tips for Success

  1. #1
    Bullish
    Join Date
    May 2008
    Posts
    96
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Becoming a Currency Trader - 3 Vital Tips for Success

    So you want to become a currency trader and make big profits? Well, the good news is everything about currency trading can be learned, by those people who can get the right currency trading education. Here we will give you 3 vital tips for currency trading success.

    1. Your On Your Own

    Success rests on your shoulders.

    If you think you can follow expert news stories, or buy success from someone else, youre wrong. Success comes from within and no one else can make you rich.

    Becoming a currency trader is not easy and you wouldnt expect it to be, with the rewards on offer but its not hard either.

    You simply need to get the right forex education and work smart.

    If you have a desire to succeed, a willingness to learn and accept responsibility for your actions, you can get past first base.

    2. Mindset is More Important Than Method

    Forex trading is essentially simple.

    A robust simple method combined with discipline is all you need to succeed.

    Your forex trading system should be simple - simple systems tend to be far more successful than complicated ones, as they are more robust in the face of brutal ever changing market conditions.

    Having a good method is only part of being successful as an FX trader, you have to have the right mindset as well and this is the hard bit!

    This means having confidence in what you are doing which leads to the discipline to apply your trading method and stick with it, when you hit a losing streak.

    This is why you cant follow anyone else to success and you have to have knowledge and confidence in what you are doing. If you dont, you simply will never acquire the vital trait of discipline.

    Its mental discipline that separates winners from losers in forex trading and we cannot stress how vital this trait is.

    3. You Have To Have This!

    95% of traders lose with their forex trading strategies and you have to have an edge.

    An edge is the something that will help you win while the vast majority of traders fail and if you dont know what it is you dont have one!

    All successful traders have different edges but they all have confidence in them and see their edge as something that sets them apart form the majority of losing forex traders.

    If you dont have an edge you wont win - period.

    Becoming a currency trader is not easy - but its not hard.

    Anyone can be successful if they have the right mindset and they want to be but most people simply dont want to do what is necessary for success.

    The effort you put in can lead you to an income that is simply life changing. It is the final frontier of the free economy and can help you build real wealth quickly.

    Anyone can do it could you become a currency trader and enjoy success?

    There is only one way to find out!
    blogger.2bull.com

  2. #2
    In Profit
    Join Date
    May 2008
    Posts
    111
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    thanks for share it moyivated me be a good currency trader... i think i lost some vital system to trade...
    join with fxpeace, get cash rebate $8/lot
    -open here-

  3. #3
    Bullish
    Join Date
    Jul 2008
    Posts
    73
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    godd advice...
    but there is we always failed to do some plan and then lost again
    I wish I can trade better and get profit

  4. #4
    In Profit
    Join Date
    Sep 2008
    Posts
    106
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    well this is a very good thread...
    i will emulate it
    in order to be part of winners

  5. #5
    In Profit
    Join Date
    Oct 2008
    Posts
    107
    FXO Shares
    0
    FXO Bonus
    0.350
    Thanks
    0
    Thanked 2 Times in 1 Post

    Default

    I read some lesson and strategy of trading but when i start trading i lost my patient and do the work that i should not do. how i shall solve my problem.

  6. #6
    In Profit
    Join Date
    Nov 2008
    Posts
    122
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    You must find your own strategy and system, which you will respect and trust!
    Then you will know on 100% that your way is ok, and you won't lose patience, because you trust that the next time will be better.
    Also important is ratio, which can let you lose 65% of your trades, and get much bigger profit from your 35% good trades...
    That's what I think

  7. #7
    In Profit
    Join Date
    May 2009
    Posts
    101
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    Hi, nice suggestions. I am still looking for a profitable strategy to trade forex.

  8. #8
    Bullish
    Join Date
    Apr 2009
    Location
    nigeria
    Posts
    34
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    Very informative thread.

  9. #9
    Bullish
    Join Date
    Sep 2009
    Location
    Federal Science and Technical College Orozo, Abuja
    Posts
    57
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    Nice advice fxcat789
    Also if a person risks more than 10 percent of his account, You have tied your hands by yourself.Give yourself room for options by not risking more than 10% of your account- that is if price goes against you, you have no choice but to bow out with a loss.
    But if you risk only 10 percent of your account per trade ; I mean if price goes 20 pips against you, it will only take out 10% of your account; Then if price goes against by 19 pips, you can place a counter trade like the one you placed before with 2 to 3 times the number of lot you used for the previous change. when price just flashes back a little before continuing its previous trend, your equity will rise to positive and maybe you will even make a good profit. Close the trade immediately, study the trendlines and place your winning trade.
    Don't place more than 1 lot trade at a time
    If you have $200 in your account, then for every trade, put a 20pips stop, place trades with a maximum of 0.1 lot and don't place another trade untill price goes against you by more than 15pips then place a counter trade at a major trendline or at a pivot point or anywhere you like with 0.3lot or 0.2 lot. i.e. buy then next trade will be sell or sell then buy. You will be suprised that even though your initial trade will remain a loss your total equity will become greater than your balance meaning you have profitted generally.
    Don't hesitate close the loosing trade and close the profitting trade then study the price action in relation to pivot points and place your next 0.1lot trade
    If you don't understand this try it on a demo account, before you do it on your account. Remain the best

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Disclaimer
2005-2017 © FXOpen All rights reserved. Various trademarks held by their respective owners.

Risk Warning:: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871ABN 61 143 678 719.

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

FXOpen does not provide services for United States residents.

Join us