Tuesday, October 9, 2007

12 Tips for Currency Trading Success

Here are 12 tips for currency trading success if you are new to trading each point is explained more fully in our other material, but these are the basics that can lead you to successful forex trading.

Use them in your trading plan, your chances of currency trading success will be increase dramatically.

1. You are responsible

You need to take responsibility for your actions only you can give yourself success. Dont follow anyone else blindly.

2. Desire to Succeed

All the great traders have a burning desire to succeed and learn the right way to succeed and this involves getting a trading edge.

3. Work Smart - The amount of effort you put into currency trading has no bearing on how successful you will be and you can easily do all your trading in under an hour a day which leads onto:

4. Simple Systems are best

Many traders think the more complex a system is the more better it will perform, but the opposite is true.

Most of the top trading systems are simple. Why?

Because they are more robust in the fact of brutal market conditions.

5. Dont day trade

This is the biggest myth of currency trading. You will lose the odds are against you read our other articles and you will see why this is a guaranteed way to lose.

6. Dont follow the herd

Most of your most successful trades will be uncomfortable as the majority will not agree with. Keep in mind thats no bad thing as most currency traders lose

7. Discipline

Many traders have good trading methods but they lack discipline to apply the method this is normally because they are following someone elses system without having confidence in it. Which leads on to, you guessed..

8. Confidence

You must have confidence in your ability to make money longer term from the method you are using which means knowing exactly how and why it works.

9. Patience

Many traders think they always need to be in the market and want the excitement but there is no correlation between this and making money.

The big trends only come a few times a year so be patient wait for them and hold them

10. Risk Management

All traders know that money management is one of the keys to trading so you need a money management system that allows you to maximize risk and reward.

11. Be Realistic

Dont be in to much of a hurry to make money or you will lose it quickly be patent and realistic in your trading aims.

12. Whats your edge?

By a trading edge we mean, what makes your system likely to succeed when 90% of traders fail to make money?

If you dont know what your edge is you dont have one and will lose.

Currency trading success looks easy to achieve but it is not. Of course you can succeed but you need to approach it in the right way, with the right method and have the confidence and discipline to succeed.


On all aspects of becoming a profitable trader and some essential exclusive FREE PDF Trading downloads visit our website at http://www.net-planet.org/index.html