Trading Forex is not difficult. But only if you do things the right way!
In fact, if you have been studying Forex for a while you certainly already know what you need to do.
However, the real challenge is not to know what to do but to do it correctly.
Let’s look at what pro Forex traders are doing in order to make a very comfortable income trading from home…
1. They don’t try to predict the market
Professional Forex traders know they can’t predict the market. And, unless you have some kind of psychic power, neither do you.
What successful Forex traders also know is that you don’t need to be able to predict the market in order to profit from it.
Forex trading is a probability game. To win it, you need to make sure you have a system in place that allows for bigger wins than losses over the long term. Which brings us to the second point…
2. They have a system in place
Forex traders are not gamblers. They don’t enter a trade just because they feel it will go the way they want it to go!
Instead, Forex traders use their experience and data in order to build a precise system allowing them to know when to:
-enter the trade;
-exit the trade;
Note that everything is set up in advance. They already know under which conditions they will exit the trade. Most importantly, they always stick to their rules.
Intelligent traders build very precise and rigid systems, helping them to leave emotions out of the way!
3. They leave emotions out of their trading
You have certainly read about this before. But do you really trade without emotions?
Trading without emotions basically means that you just follow your system, even after a series of losses.
Trading without emotions also means that you are in control at all time and never switch to “gambling” because you “feel” the trade.
Successful traders never rejoice over the winning trade. They rejoice over the cause (the system) of the win!
4. They understand the value of experience
Most wannabe traders are looking for the magic system which will make them rich over night. And if they can’t make a profit within their first month of trading, they quit, arguing that Forex trading is just a scam.
However, right now, they are traders making very large amounts of money days in and days out. Why?
Because they learnt from experience. They adapted their trading and progressively managed to make a profit over time.
They understood that losing was part of the game and their experimentations necessary for them to grow into professional traders.
5. They have realistic goals
Linked to the previous point, most traders want to make millions in a few months, starting with $1,000. This is not going to happen.
A successful trader knows what he is capable to make and adapts his goals accordingly.
Of course, month after month, year after year, he increases his goals, as he learns more and improve his system.
In fact, when starting off, the Forex trader should not be worried about the money made but about the return on investment he is capable to make.
It is much better to make $120 with a $1000 investment (12%) than $200 with a $10,000 investment (2%)!