Top Tips For Success In Forex Trading

Top Trading TipsLearning how to trade Forex profitably is a long hard road, filled with many pot holes.

Navigating those pot holes can be a real problem for a lot of retail traders.

Here are a few of my top tips that will help to make the road a little shorter, and a little smoother, and may also help contribute to your Forex trading success.

1. Have a professional approach.

In any business you have to be professional to succeed. Whether you are Alan Sugar, or serving someone in a shop, a professional attitude will achieve the objective quicker than an unprofessional one.

Think and act like a professional trader, and you will trade like one. Professional traders have knowledge of the business, they are confident in their ability, and they are calm and collected in their trading. Educate yourself to a professional level, have patience and discipline in your trading, and you will be successful.

2. Set yourself realistic goals.

Unless you have goals you will not be successful. Unrealistic goals like “i want to be a millionaire in 12 months” will just lead to over trading, frustration, and ultimately more losses. Realistic goals will help build a strong foundation for your trading career.

3. It’s not all about the money.

Many traders focus too much on making money instead of becoming a great trader. What do i mean?

Everyone wants to make money from their trading, but focusing on the money too much will lead to emotional trading decisions. Focus on becoming a great trader first, and the money will come later. Making money is a by product of being a great trader.

4. Slow and steady wins the race.

We all want to make as much money from trading as we can, and as quickly as possible, that’s just human nature. Reading stories about successful traders making millions per year, just fuels that desire.

Having a successful trading career is a marathon, not a sprint. Usain Bolt maybe the fastest man in the world, but he cannot beat Paula Radcliffe in a marathon. Safe consistent profits, will do much more for your trading success, than fast money will.

5. Learn from your mistakes.

I always say you learn a lot more from a losing trade than you do from a winning one. Always analyze your losing trades to see where you went wrong.

You should always be able to find a reason for why a trade failed. I got stopped out, is not a reason. Find out why you got stopped out, and understand what you did wrong. If you do not understand why the trade failed, then you do not have the required knowledge to be successful, and you need more education.

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