This article is for anyone who wants to learn FOREX trading with the view to making big profits.
It’s a well-known fact that anyone can learn FOREX trading - but very few traders make big profits.
Here we are going to show you how to learn the basics and apply them with the right mindset to succeed.
The Six Steps:
1. Attitude
Firstly, it’s a well-known fact that the traders who make the money, approach FOREX trading with the attitude they will do what it takes to succeed. This means they don’t listen to guru’s or read tip sheets - they do it for themselves.
Too many novice traders think they can follow someone else and be successful - but the only person who can give you success is you!
2. Method
If you are going to trade FOREX, you need a method - and this does not involve day trading - it involves long term trend following. The big currency trends last for months or years - and your aim is to lock into these currency trends, and make big profits.
The best way to catch these long-term trends is to use a breakout method - this is a PROVEN way to make money, and breakout methods form the basis of many top-trading systems.
Good software is available form such vendors as Omni trader, Trade station, and Supercharts – any of these programs will allow you to test a method, and then when you’re confident, trade it.
3. Discipline
By developing a method you are confident in, means that you will be apply to apply it to the markets - and stick with it, even through loosing periods.
Most traders who follow gurus and tip sheets can’t do this – and as they haven’t developed a method themselves, they soon throw in the towel and discipline goes out the window.
4. Knowledge
You can learn a breakout method very quickly - but you still need to overcome the psychological pitfalls of trading. Read some books that focus on this area - some of the best include: