Becoming a professional forex trader is the dream of many and for most it remains just that – but if you follow the simple tips enclosed, you could change your financial future forever and be making big consistent gains, in just an hour or so a day.
95% of traders lose all their money, yet everything about forex trading can be learned, it's just the majority of traders do not get the right forex education, or have the wrong mindset to apply what they have learned.
Anyone one can become a successful forex trader from home though you need to do the opposite of the majority, it's not hard to do and do your homework.
1. Adopt the Mindset For Success
Most traders are lazy or naive or both.
They read about how easy it is to make money and think someone else can give them success.
Most of the information sold on the net is junk and wont help you win and even if you find some good education, you cant follow it blindly, you need to understand it.
If you do not understand how and why your system works, you wont have confidence to apply it with discipline and you will lose.
Keep in mind if you do not have the confidence and discipline to follow your system you do not have one!
If you like to blame others and do not like responsibility do not trade forex, it's as simple as that.
2. Work Smart Not Hard
You do not need to work hard you need to work smart and this means only learning what is relevant.
Many traders think the more knowledge they have the better but you do not get rewarded for effort in forex trading, you only get rewarded for being right.
In 1983 legendary trader Richard Dennis proved this point in spectacular fashion. He took a group of people who had never traded before and taught them to trade in 14 days – the result?
They made him a $ 100 million dollars and went on to become some of the most successful traders of all time.
Working smart means working on a forex trading strategy that will get the odds on your side and that's what we will look at next.
3. A Forex Trading System for Success
I am amazed at how many traders simply base their systems on logic that does not work, for example:
Most novice traders try day trading yet all short term volatility is random so they can not win, yet they do not stop to think how dumb day trading is.
They believe in scientific theories that tell them they can predict the market in advance and do not stop to think that predicting is impossible.
If it were possible, we would all know the price in advance and their would be no market!
The best you can do is trade with the odds on your side.
Of course, you will lose but your profits should be bigger than your losses and you can pile up big gains over time.
You can build your own forex trading system easily, just educate yourself on.
– Support and resistance and breakouts
– Time your trades with momentum oscillators
– Keep it simple trend lines and 2 -3 confirming indicators max
If you build a system based upon the above it will be simple to understand, simple to apply and will be robust.
Do not try and be too clever and cram too much into your system. If you do, it will have too many elements and break in the real world of trading.
If you do the above, you will have a simple robust system that you can apply in an hour a day or less.
One other point, I constantly read writers tell you to educate yourself all the time, study your profits and losses etc.- Rubbish! If you have a system you believe in leave it alone.
You will have winners and losers but if it's soundly based then you just should just apply it.
4. Building Long Term Gains
What is a realistic amount to aim for?
If you made 100% per annual you will be up there with the top traders in the world and you do not need to do many trades – keep your trading focused on high odds trades only.
So there you have it, a simple plan to live the dream of becoming a professional forex trader from home.
It's a challenge but one anyone can take up and anyone can win – if they want to.
Are you up for the challenge?
If so, welcome to the worlds most exciting and lucrative business.