More and more people become interested in participating in online currency exchange market. Most of them see the foreign exchange as an opportunity to make quick and easy cash. Unfortunately there is no such thing as easy income. If your mindset and beliefs are tuned in such a way that you can effortlessly make money then you will probably succeed in any opportunity. I am writing for those who struggle financially. Let's find out if the Forex opportunity is right for you.
I trade Forex part time. I am not a millionaire but I grow my account consistently. I would like to start with my background in Forex trading. As many other people I came to online currency exchange market with expectation to make quick and easy money without much effort. After some time I realized that this is loose money quickly opportunity. By that time I was already fascinated with the market and I was on lookout for the educational information. I knew there were some people who made consistent income trading currencies.
I thought that if I found a right indicator, or right strategy or system I would be making money consistently. I tried everything: free and paid strategies, systems, indicators, signal services. Nothing helped me. Slowly but surely it came to me that problem was not in systems or indicators. Problem was in me. I started working on my belief system. And as a result I stopped loosing money. The next step was my account started to grow consistently.
As I mentioned if your belief system is already set up to make money with little effort it may be easier for you to make money with foreign exchange. But what if you always straggle with money issues? Then keep reading I have a method for you to revamp your mindset about the trading business.
Firs you need to understand that you are involved in a very serious business. You are providing liquidity to the market and helping the worldwide economy to grow. You are taking risk by providing liquidity. It is that risk you are getting paid for. You may say that you control very little amount of money compare to the amount of money being exchanged in Forex. But the ocean consists of small drops. And your contribution will grow overtime. You need to grasp the idea that your business is very important to the world economy. Otherwise if you think that Forex is some kind of a legal way to take money away from other people then most probably you will end up sabotaging your success.
Now let's talk about execution of the trade. How you can learn to trade with the consistent profit? First of all you will loose in some trades. It happens even to best of the best traders. The secret is not to have no more losses but to have profit consistently exciding your losses. Now pick any trading strategy with a positive math expectation. Try to pick 100% mechanical system. So if you see the conditions are met you enter the trade if not you stay away. No gut feeling is involved. It can be a technical system it can be a fundamental one, doesn't matter. You need to execute this system in groups of 30 to 50 trades and only at the end judge your performance. If the total result of the group is positive you have a profit if negative you have a loss. Do it a few times. If you see that total result is negative then the system may not be for you, switch it to another one. But most probably you will see the positive results at the end. So keep doing it.
Over time you will notice that emotional charge involved in any single trade is gone. You will be looking for the long-term result of this trading system. If you keep doing it I can assure you will change you belief system from loosing to winning one. After that you will have no alternative but to make consistent profit in Forex.
Albert Schmidt is a part-time currency trader. After quite a few months of struggle he learned to make consistent profit trading in Forex. Review a trading strategy he successfully uses in his trades. |
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