The 3 strategies that are key to turning your trading around in next to no time and if you really want to be a success at Forex Trading you need to sit up and take notice.
I'm probably no different to you and spent the longest time learning how to trade Forex looking at all the magic bullets that are touted online. The unfortunate truth is, there are no magic bullets to become a trader.
I understand how you feel, it is frustrating and annoying to get to the truth when all you want is to learn how to trade Forex without all the hype, however the good news is there are some rules of trading that, if adhered to, will have you on the right road in no time!
1.a) Money Management - BORING I know, you keep hearing about it but believe me it is a major factor to being a successful currency trader. If you don't get it you need to start, otherwise you need to turn off your charts and put Forex trading to one side until you do.
(b) Risk Reward Ratio - in its most simplistic form has to be at least 2:1, if it isn't, be a professional trader and walk away and DON'T take the trade no matter how tempting it looks, there is always another one around the corner.
(c) Capital - Don't let the scam artists fool you with claims of unbelievable returns, for example 60% per month on your initial $300 dollars, if it can be done it's by the minority of traders who may get lucky a few times and gamble, but over the long term it's not realistic, just check out the top fund managers.
2) Patience & Discipline - I know how tough it is to wait around for good set ups whether that is from the day traders point of view or a longer term traders, but again not having the discipline to wait will eventually wipe out your trading account, so learn to sit on your hands, otherwise you will pay.
3) Trade Planning - You must plan your trades in advance which goes hand in hand with number 2, what most traders get wrong is the fact that they planned the trade so they have to take the trade, this is so wrong. Out of every 10 Plans, only 2 or 3 of them will present what you're actually waiting for, this one Forex tip alone can change your Forex trading forever!
This is just the tip of the iceberg if you stick to just these 3 Forex trading strategies your trading will take on a whole new lease of life.
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The Forex Trading newsletter, no robots, no scams just trading...
The Forex Trading newsletter, no robots, no scams just trading...
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