The majority of FX traders are not profitable when it comes to trading. I am pretty sure you may be able to tell from all of the MLM offers you receive from so called traders that basically make their money from recruiting people looking to really trade. This is why I strive to provide as much free content as possible when it comes trading. I am a strong believer of not giving a man the ability to control how you eat. If the MLM company you joined disappeared today, can you still trade without relying on signals? I am going to five you the top 5 steps you can take to attain financial freedom through forex trading.
Get Education On Forex Trading
While we can agree all Forex Education is not equal, forex education is greatly important. The quickest way to learn about forex trading is to follow the steps and guidance of someone that has been already consistently profitable. Regardless of your trading goals, education is a must to become profitable. By following an already successful trader, you can skip some of the hard work of researching what strategies will be profitable. Following other traders can also help you see what works for other traders, then you can tweak their rules to make it work better personally for you. Take some time to review different options before deciding on who to trust with your forex trading education needs.
Continue To Get Educated: Remember You Are Always A Forex Student
This is an important part of being a trader! You must be able and willing to learn. Constantly. The market always changes. The external factors that effect the economy and markets is constantly changing as well. This is why it is important to be willing to learn and conform to market conditions at all times. The more you constantly learn and progress, the better trader you will become. One benefit to any education program you invest is constant updates and ongoing forex education.
Have Faith And Confidence In Your Trades
You must have confidence in your trades. I am going to say it again: You must have confidence in your trades! Confidence is a must. You must be able to set your trades and walk away from them. That is how confident you must be. You must be willing to make all your trading decisions, instead of relying on someone else’s thoughts or ability. This is confidence in your trading. Confident traders are the most successful traders.
Determine What Type Of Trader You are
Determining your trading type is one of the best ways to become consistent and successful. If you have patience, swing trading may be for you. If you do not have patience, scalping may be your best option. If you work at least 40 hours a week during the day, then swing trading may be your best option. Once you determine your trading type, you have the ability to utilize more tools that are tailored to your trading type that will make your trades more successful.
Don’t Be Scared To Take Losses
Taking losses is inevitable in trading and investing. The key is to manage your risk. You can stay in the trading game longer risking 3% per trade, versus risking 10% per trade. I always say a good amount to risk per trade is between 2-5%, depending on the take profit and the actual pair you are trading. Since losses are inevitable in trading, it is best to look at each loss as a lesson. Determine why each loss did not hit your target and you will be able to tweak your trading plan for your benefit. If you are scared to take a loss on a trade you are either overleveraging, or, you are not confident price will hit your target. These two reasons are very good reasons not to take a trade and implications your trade needs to be reanalyzed before being executed or not taken at all.
The main thing that will separate you from all other traders is the ability to be independent. A lot of traders rely on other traders, bots or other technology to be profitable in trading. Just remember, however, you are only as good as the tool you are relying on to make your trading decisions. Whether that tool is a signal, indicator, or app.
The best way to take your trading to a next level is to not follow the masses. Create your own strategy and plan on trading and you will be able to make money without relying on anyone or anything except your own skill.