Learning to win at the currency trading game is no different most new players trying to make the ranks of the professional league. When new traders begin to trade, they easily get intimidated and overwhelmed. It's no wonder most traders fail within the first three months. Traders are under the assumption that they have to beat the market or the other traders in order the win at the currency trading game. Mastering the Forex market is very similar to mastering any other skill or profession. It starts in your mind. You need to build up confidence in your self in your ability and confidence in your knowledge about the Forex market.
The Forex Truth Nobody Wants To Talk About
Everybody is trying to sell the best system or telling you how easy it is to win the currency trading game if you just buy his or her system or indicator or robot. They're all boasting about their best indicator, the best book, the best broker, the best platform, the best spreads. They're even giving them away for free. Some brokers are even giving you money and funding your account just so you start trading with them. Are they all scams? There's allot of great products and systems out there. The problem is, the people selling all the systems all think that they will work for everyone. That's just not the case. If they did, there would be no market. Everyone would be winning and there would be no losers. For an untrained or improperly trained trader no system will work. Even if it was a good system, an uneducated inexperienced trader would most likely fail because it was designed by someone else that developed the system with their own blood sweat and tears.
5 Critical Elements You Need to Win the Currency Trading Game.
1.The Right Education
The first and foremost thing you need to do in order to win at the currency trading game is to get the proper education. But not just from anyone. You need to make sure that the trainers have the proven experience, knowledge and patience. Once you acquire the proper education you must start to develop your winning trading mind.
2. Train Your Mind
The next area you need to master is your head. Or, what to put inside your head and even more important, what not to put inside your head. In order to win at the currency trading game it's absolutely critical that you train your mind and your emotions
3. The Right Way To Practice
The only right way to practice winning the forex game is to first get number one the right education and training and number two, the right emotional mindset. And that's going to take a bit of patience. Without the patience you won't be able to practice the right way. Once you have a sound education and are in the right mental frame of mind and understand your emotions about trading, then you can begin to work on your craft. Practice your trade set ups, how to enter and exit a trade. How to lose on a trade properly. 4. Develop the Right Habits.
Yes, habits. Winning the trading game requires you to develop the right habits. The habit of following your trade plan. The habit of patience. Waiting for your trade set up to come to you. The habit of not trading. Far too many traders overtrade. Once you develop the right habits where you don't have to think about them anymore, you'll be on your way to being a successful Forex trader.
5. Your Only Opponent Is You!
When I realized I was really trading against myself, I started to conquer my fears and develop my positive trading habits. My trading started to flow. There was no more getting mad at myself or getting frustrated at the market or blaming it on the system I was using or the indicator was off that day. I finally realized that winning the currency trading game was in my entire mind.
For more on winning the currency trading game: http://day-trading-forex-currencies.com
Dedicated to Your Forex Education..
By Pete Visconti
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