How often have you lost money when you trader Forex? Did you ever want to just throw your hand sup in defeat and stomp off? I know I have! Trading is a tough business and only the 5% of traders can make profits consistently enough to live by trading. What you need is a method to guarantee you profits when you trade in Forex. Does such a method exist? Of course it does, and the top 5% of traders use it in all their trades to ensure guaranteed success!
The first step to your success is money management. There can be no profits for you if your money is not protected by proper money management rules. There can be no way that you are able sky rocket your profits if you don't have an account to start off with! Unfortunately as money management is a dull and boring subject many traders choose to ignore it and focus instead on flashy trading plans. I have seen some of these trading plans and they use so many indicators with the fanciest charts that it makes my head spin. The most important element in Forex trading that will guarantee you success is money management there is nothing else to it. If you have been fooling around with fancy trading schemes I strongly suggest that you go back to basics and look to protect your account and thereby make more money.
The next step is the psychology of trading. A trading psychology is comprised of discipline, greed management and loss management. When you have a losing trade and you feel angry or disappointed what is your next step? If you wish to ensure trading success then you will have to answer that question. Every trader will have a different answer and it is how you deal with your losses and with your gains that determine your guaranteed success in Forex trading. For the trader that cannot control his or her emotions then I say Forex trading is not for you. If we make a trade because we are greedy what happens is that more often than not we lose that trade. Then we become disappointed with the market and often we increase the size of our bets to cover our losses and to make more profits. Thus we hasten to our own financial doom.
The last step to forex trading profits guaranteed is Risk versus Returns. Now in Forex trading you will know that despite of the best laid plans things will go wrong. You will lose, but if your trading plan is good and you trade with the trend you can increase the probability of success to 70%. That means out of 100 trades you will win 70 times. In that case you will lose 30% of the time. To make you trades worth while you will have to determine how much to risk on each trade and what you intend to take away from each trade. I like to have a risk return of 1:1.5 that means for every dollar I risk I want to make 1.5 times that. When you do that enough times you will realize that your account is growing steadily and thus you have just guaranteed your forex trading profits.
Dr. Joshua Geralds is a successful Investment Specialist with over twenty years experience increasing the income of people world wide. Visit http://www.pipsalot.com to learn how to make steady profits through safe trading and down load your FREE e-book "Money Management" for a limited time only! |
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