The Best Forex Advice For Triple Digit Income
The Best Forex Advice, If you want a trading strategy which makes money, you can find all the information you need free online but you also need to get the mindset of a winner. In Forex trading, it’s your state of mind which will determine if you are a winner or loser – so where do you get the best Forex advice from to get the mindset of a winner?
Rather than buy automatic systems which don’t work, learn all the basics for free and then, buy some books from the true great traders and you will see the reality of what is needed to enjoy Forex trading success.
A great couple of books any traders should read are, Market Wizards and the New Market Wizards which are by Jack Shwager. These books have interviews with some of the worlds best traders and they explain how they make money. When you read the books, you will find the reality of Forex trading and what its take to win, is very different to the bulk of material you read online which says – Forex trading is easy and you can make big gains with no losses.
As one of the greatest currency traders (Bill Lipuschutz) says – you have to work on how to make money winning just 30% of your trades and he’s right, most of the best Forex traders win less than half of their trades. Rather than focusing on winning most of your trades, the real focus needs to be on – the size of your winners compared to losers.
The real reason Forex trading is so tough is – you have to take more losses than profits and because of this, you need to keep losses small. This causes problems for many traders who simply lack discipline.
All of the ones interviewed by Shawager, make the point you can win but only with the right mindset which is an acceptance of the power of the market and the ability to keep losses under control at all times.
You can’t beat the market and that’s as true today as when the books were written. You need to submit to the market and let it give you losses and take them. Every successful trader however knows, the market will also give you good profits and this minority of winning trades can easily cover your losses because there so big in comparison to your losers.
Forex trading is a challenge, because you have to deal with your emotions which is hard for any trader but adopting the right state of mind, is essential to turn a systems potential into profits. If you want to really understand what it takes to be a successful trader, then there is no better place to start, than by reading Market Wizards and the New Market Wizards by Jack Shwager.
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Learning Forex the hard way (by losing your investment) doesn’t seem like too much fun, does it? To avoid making costly mistakes, there are several key pieces of advice you should know. This advice might not make you as rich as you’d like to be, but it can help prevent you from losing your shirt.
1. Know where you stand. For your best chance to succeed in Forex, know what your possibilities are, the possibilities of success and of loss. Don’t go into trading currency with stars in your eyes and think that while others have lost some investment capital that will never, ever happen to you. It might anyway, but, if you know where you stand because you have a feasible strategy and you’re not going to deviate from that strategy, the odds of you succeeding where others haven’t greatly increase. Have both short term and long term trading goals in place.
2. The second best Forex advice is to listen to yourself. You knew what your limitations were when you began your Forex journey with the thought to become the best investor you could be. Don’t try to talk yourself out of that plan. The best Forex advice often comes from your own instinct.
3. The third best Forex advice is when you see trade take off and the potential profits are sky-rocketing, don’t panic and exit. Stick to your plan. Ride the wave and then get off.
4. The fourth best Forex advice is to have a strategy that lets you know when enough is enough. When you see your trade is not a winning one, get out to minimize your loss. Dontt try to stay in the trade to recoup any investment. Instead, chalk that one up to experience.
5. The fifth best Forex advice is not to put all your investment on one trade. If you have $100,000 and you invest in one trade and something goes wrong, you’ve lost it all. It’s never a smart move to do.
6. The sixth best Forex advice is keep your spread low with your broker.
7. The seventh best Forex advice and probably the simplest is to make sure you’re not stumbling over your own two feet. A trader investing without knowledge is as bad as getting behind the wheel of an 18 wheeler and hoping you can parallel park in a space that’s only big enough for a moped. It’s just not the right fit.
By taking the best Forex advice to heart, you can make your Forex investment one you’ll be glad you experienced.
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