Sunday, September 12, 2010

Build Wealth Trading Forex - Simple steps to Trading Success and a triple Digit Income.

If you want to build wealth in Forex you can, by following the simple tips in this article. While 95% of traders lose money they don't lose because they cant make money, they lose because they get the wrong education or have the wrong mindset - let's look at how to get on the road to trading success.
The first point to keep in mind is if you want to win, you need to make an effort and learn skills so don't make the dumb mistake that most novice traders do which is - to buy a cheap Forex robot which promises a huge monthly income for a couple of hundred bucks and no effort, - it looks to good to be true and it is, these systems lose money, avoid them.
While you need to learn the basics and put in some effort, just like you do in any business the good news is - Forex trading is simple and the basics of a successful Forex trading strategy are easy to learn.
Simple strategies work better than complex ones, because they are more robust and have fewer parameters to break so, don't work harder than you need to - keep your strategy simple!
You should base your strategy on Forex charts and by doing so, you don't need to follow the news or know anything about economics, you simply need to learn high odds chart set ups and trade price action. Your not interested in the reasons why prices are trending, your aim is simply to lock into trends and make money when they do.
So all you need is a simple Forex trading strategy to win and if you base it on charts, you can learn a profitable strategy in a few weeks but you need to make your strategy make money and this requires mental discipline. Discipline is the difference between winners and losers and it's a fact, most traders simply cannot follow their strategy with discipline.
Discipline is the ability to follow your plan unemotionally and to keep your losses small and run your profits. Most traders however, let their emotions get involved they run losses and hope they come back, override their trading signals and lose. Always remember, if you can't follow your trading plan with discipline you have no plan!
You can of course choose to be disciplined and the choice is up to you, as you can't win without adopting a disciplined mindset adopt one and currency trading success can be yours.
If you want to build wealth in Forex you can with a desire to succeed and the right mindset so take Forex trading seriously and you will be well rewarded for your efforts.


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