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If you want to learn currency trading you need to be aware that 95% of traders lose - not because they don’t put in the effort, its just they get the wrong Forex education. Here, we are going to give you a blueprint to devise a forex trading strategy for success in 5 simple steps.
1. Accept Responsibility
If you want to make money in anything and currency trading is no exception then you need to accept responsibility – no one else is going to give you success you have to take it.
This means no blaming your broker, a mentor, guru or the markets, you are on your own and that’s no bad place to be - ALL the successful traders in currency trading accept this fact.
If you want to make money in currency trading you can - but don’t fall for its easy, its not but with the right forex education you can become a winner, as everything about currency trading can be learned.
2. Accept These Facts
The most important fact to accept is that currency trading is a game of odds not certainties - so forget predicting the market and scientific theories, they won’t give you success.
You’re like a successful card player – playing the odds. You bet big when the odds are in your favour and fold when there not ad if you did this you will make a lot of money.
Accept that you have to have confidence in what you are doing ( which comes from self education) to give you the discipline to follow your currency trading system. If you can’t follow your currency trading system with discipline, you have no system!
Markets can be frustrating but you can win, if you get learn currency trading the right way – now on to your method for success.
3. Building Your Currency Trading System
Building a trading system should be based on the following and if you work smart and get the right knowledge ( and you can find it free on the net ) it should only take you a couple of weeks.
1. Use a long term trend following methodology.
2. Learn support and resistance and the timeless theory of breakouts – if you don’t know what they are read our other articles.
3. Confirm any trading signal you execute with momentum indicators – this is the key to getting the odds on your side.
4. Employ a money management system that ensures you have clearly defined get out area when you enter a trade.
And finally –
Keep your system simple! Simple systems are easy to understand, apply and are more robust than complicated ones. Clutter your trading system with to many indicators and it will break in the brutal world of trading.
You can do well with a system based upon support, resistance and just a few momentum indicators.
5. Putting It All Together
Don’t work hard at trading! Work smart.
This means once you have built your currency trading system, don’t do any more work on it.
Many traders bang on about learning all the time - but if you are happy with your trading system and the logic is sound, what more is there to do but apply it?
When you come to applying it – it should only take you 30 minutes or so a day and that’s it get on with your life.
If you follow the above plan, you will have the education you need to give you confidence and discipline to apply your forex trading strategy for big gains.
Most traders fail not because they lack a method, but because they lack the mindset to apply it with confidence and discipline. Trading are as much in the mind as in the knowledge.
If you want to learn currency trading, keep the above points firmly in mind and they will lead you to currency trading success.
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