If you want to learn to trade Forex successfully you can by following our 5 simple tips to trading success. While 95% of all traders lose money trading currencies its a known fact that successful trading can be learned by anyone. Lets look at how to trade Forex successfully in more detail.
These tips can be followed by anyone and can help you make a great income, here they are:
1. Don’t Use Automated Software
Forget these laughable systems which promise you big profits with no effort – they don’t work and lose money and this should be obvious so ignore them and get a good education.
2. Use a Technical Approach to Trading
If you use Forex charts, you can focus on just learning chart formations which repeat and offer high odds trade entries, there visual and you can learn to spot them, You don’t need to watch the news or read the papers because your not interested in why a currency is moving, your focus is making money from trends.
3. Use a Simple System
You can learn all you need to know in a few weeks and this is because complex systems don’t help you make more money – the best systems are simple and always have been. You just need to learn the high odds chart formations and use a few indicators to help you time your trading signals and your all set to make money trading currencies.
4. Focus on the Longer Term
Don’t focus on trading a lot and looking for small moves – focus longer term on trades which can last a week or longer and you will make more money and end up doing less work which is ideal, if you have a full time job. In terms of time, long term trend following is the best way, to make the biggest amount of profit in the least amount of time.
5. Money Management is the Key
Forex trading involves discipline and its a fact you will have a lot of losing trades but the number of losers is irrelevant, if your winners are far bigger. I know many traders who make 100% or more in annual profits and lose, more than 50% of their trades. Its the difference in size between winners and losers which is the key not the amount of trades you win.
The losing 95% of traders don’t understand this and run loses – they hope they turn around and this leads to disaster – don’t make the same mistake, trade with discipline at all times.
If you want to trade currencies successfully, the above 5 points if followed can lead anyone to a great second income trading Forex from home in around 30 minute a day.
