If you are new to online FOREX trading, you will understand that 95% of traders lose and lose quickly.
To win currency trading, you need the right FOREX strategy – combine the following 10 tips and you will get a start in your search for consistent FX profits.
1. Don’t believe the syringe
You will read a lot about how easy it is to trade FOREX and how to get rich by buying an e-book for $ 100 – this is not true. Although they have some good tips – you can get all the information you need online for free.
If you want to read about the best traders of all time and get advice from hiking traders – instead of just talking, go to Amazon and pick up some books from the best traders of all time.
2. Don’t trade on a daily basis
The biggest legend of FOREX trading is that you can make money with FOREX daily trading.
You can’t!
Many inexperienced traders fall into this myth and lose quickly.
All short-term volatility is random and there is no way to predict where prices will go, so you can turn it into a coin.
If you want to prove that FOREX day trading systems do not work, ask the seller to make a profit in real time for a long time, and you will not be able to get it – PERIOD.
3. Work smart, not too much
You don’t have to work hard in FOREX Trading, you have to work smart. This means focusing on TRUE FOREX education and learning the FOREX tools that work. You can easily learn to trade in FOREX markets in a few weeks. You just have to be more discriminating with the help you render toward other people.
You don’t get rewarded for working hard in FOREX trading, you get rewarded for being right, and that means working smart.
4. Risk = Reward
If you don’t like to take risks, forget about currency trading and do something else.
Many traders simply want to avoid risk as much as possible, close parking lots, or make a profit. If this is you – you will never succeed in currency trading.
To succeed in online FOREX Trading, you must gladly accept risk and loss.
5. Do it yourself
Only you can succeed.
You need to be confident in your ability to succeed, and if you have, you will have the discipline to apply your method to long-term gains.
If you follow someone else, you will not have the right mindset to succeed. You will lose discipline and throw in the towel as soon as a series of losses occur. Do it yourself and your chances of success increase.
6. Learn a simple method
Simple methods work better than complex ones because they are stronger with fewer elements to break in the face of ever-changing market conditions.
There is no connection between how complex a system is and how much money it will make.
If you are starting to trade currencies, use support and resistance, exit methodology and some confirmation indicators, and so on.
The above trading method is perfect and will help you make big profits from big moves.
7. Trade breaks
An endless way to trade in FOREX markets.
It works and will continue to work, just read other articles to learn more about this simple but powerful methodology.
8. Be patient
You don’t get rewarded for how often you trade with FOREX online – you get rewarded for discovering and operating the best trades, and that doesn’t happen every day.
Be patient and trade only FOREX signals from your system – do not rush to trade for the sake of trading.
9. Be realistic
You can make a lot of money in FOREX Trading, so what is real? The best traders are 50 – 100% per annum, so this is a good figure for this purpose.
These gains will combine rapidly and create real wealth for a longer period of time.
Be realistic and don’t try to get rich overnight
10. Know your superiority
If you understand the other 9 points, you will understand that you need an advantage to make money in the online FOREX markets for a longer period of time. If you do not know your advantage after developing your FOREX trading strategy – you do not have it!
To win, you need to know what the advantage of most losing traders is.
Last words
If you incorporate the above 10 tips into your online FOREX Trading Plan, you will be well on your way to making money in the world’s most exciting investment market.
Welcome to the world of FOREX trading!