Here we will look at Forex trading made simple and it is - because it's a fact anyone can become a Successful Forex trader if they want too. Here we will look at the mistakes to avoid and how to get into the elite 5% of traders, who enjoy long term currency trading success. . .
The statistics show that 95% of all traders lose and most lose because they think that Forex trading is easy or they can follow others to success. These losers don't want to make any effort and buy robots and other "sure fire" systems, for a hundred dollars or so and expect an income for life but they burn their accounts out quickly. When a huge 95% of traders lose its obvious you are going to have to put in some effort but for the effort you put in the rewards are simply enormous.
Now let's look at our 3 steps to Forex trading success.
1. Become a Chartist
This is simply the best way to trade, because you don't need to know the news or economics, you just follow the trends as they develop on charts. There are many chart patterns that repeat and all you have to is learn them and some confirming visual indicators to time your trades and your ready to trade.
When devising your system, keep in mind it should be kept VERY simple, just chart formations and a few confirming indicators is all you need; make a system to complex and it will have too many elements to break, so don't make more effort than you need too.
2. Use a Simple System Based on the Odds
There are no certainties in Forex trading so don't try and predict in advance what might happen instead, trade the reality of price change and wait for trends to have started before getting on board.
If you do this you will have the odds on your side and there is no better way of trading than buying and selling breaks to new chart highs or lows. If you look at any chart you will see all the biggest and best trends, start and continue from breakouts so its a high odds way of trading.
3. Discipline and Money Management
Money management is the key to your success - you must cut losses and preserve your equity, let your losses get out of control and your doomed. While it sounds easy to take losses its not why - Because emotions become involved and traders hate to be wrong but in Forex trading, your going to lose at times so accept the losses. If you this and wait for the big trends, the market will reward you with big profits to cover your losses.
Anyone Can Learn to Trade Forex and Win
Forex trading is a learned skill and anyone if they put some effort to learn the basics, can make some great profits in around 30 minutes a day and enjoy long term currency trading success.
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Article Source: http://EzineArticles.com/?expert=Kelly_Price
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