Successful Forex Trading: Forex Hates Procrastinators
Author: Forex King
What have you put off today? Something important you had to do that you ended up not doing? Well i am sorry to say this but Forex doesn’t like you very much, it won’t actually come out and say this, but it will definatley show you by eating all your money.
Why do lazy people flounder in the forex market?
1. They put off getting a broker too long and then often make a bad choice.
2. They don’t do any research or engage in education and therefore end up gambling.
3. They clutter up informative blogs and forums with their incessant whines about how forex is a scam and can anyone lend them because they are good for it.
4. They are often emotional about trades and will either get too excited after a good trade or try to take revenge on the market after a bad loss.
Does this look like a successful traders mindset to you? Of course it isn’t. Are you guilty of any of these things? If you are get it sorted ASAP, not or my sake, but for your own. It isn’t my money you are gambling away. “But i thought forex is investing not gambling?” Thank you! I don’t gamble in forex, i invest, many other traders i know invest as well. Whats the difference? Education my friend, education. We know what we are doing, and make educated decisions about where we want our money, a forex gambler wakes up in the morning and just decides then and there where he is going to flush away some more money. They don’t research, they don’t even know what a chart looks like, they just go with uneducated gut feelings.
But let’s stop talking about forex gamblers before i have a stroke, what about successful traders?
1. They research brokers and then choose one and stick to it until the broker gives them reason not to.
2. They are always learning. What is a better indicator to use? What have i done wrong in the last week? This is the kind of thing that sharpens their trading sword so sharp it could cut space and time.
3. They don’t post often, they might not ever post on a forum or blog. To them forex is about learning and they would rather listen then speak. Humble eh?
4. They keep their cool. They know that a win can turn into a loss and the other way around within the next 5 minutes. They have the experience and they have already set up their trades to accomodate for a turn in fortune. They are in control. Well mostly.
So the main point of all this text is to realize that if you can’t even bother having a shower when you wake up in the morning, how are you ever going to be successful in something as demanding, but equally as rewarding as forex? You aren’t because forex hates you.
Article Source: http://www.articlesbase.com/currency-trading-articles/successful-forex-trading-forex-hates-procrastinators-739222.html
About the Author
No other market in the world offers the potential for profit like FOREX. . So just how long will you wait until you make the decision to join this Trillion daily market?
Start laying the foundation to your financial empire right now! Free resources, free education, and free forex accounts are right here.
November 30, -0001
12:00 am #comment-1
Really a nice question …each and every individual is different ..so out of so many methods select your own …which is profitable and suits to your mind set ..seek assistance from any senior trader or stock guru and then stick on it and keep on modifying it till you wont succeed … If you are looking for the best forex software, visit this site
http://Make-Money-With-Forex.org/
This software is the best software that can help increase your trading profit and user friendly.
November 30, -0001
12:00 am #comment-2
The first thing you should do is educate yourself on the tools needed to trade the market. The most common being technical and fundamental analysis.
Technical analysts focus on chart analysis whereas fundamental analysts focus on economic events. And many traders use a combination of both.
There’s an abundance of free resources on the internet to learn more, so I would recommend starting with free tools before opening an account with any broker. Here are some places to get started:
BabyPips:
http://www.babypips.com/school/
DailyFX Videos:
http://forexforums.dailyfx.com/dailyfx-education-videos-forex-trading-strategies/
http://forexforums.dailyfx.com/webinars/strategies/
Informed Trades
http://www.informedtrades.com/f112/
This is a basic list to get you started, and I’m sure there is a lot more if you search.
November 30, -0001
12:00 am #comment-3
Hello William
Hope you are well mate.
Yes it is possible but it will not be as easy as what some people through out the net makes you believe.
Forex is a great way to make a good living only if you know what you are doing. If you enter the market with minimal knowledge following some expert advisors or marketing trading tools that promises to make you a lot of money wihtout much experience then you will most probably lose money.
If you are interested to trade the market. A good way to start will be
- visit forums likes http://www.babypips.com
- read some free e-books about forex trading
- learn about news and how they affect the market http://www.dailyfx.com
- Open a demo account and trade a fake account for atleast some months or even a whole year until you understand the dynamics of the market you are trading. (stick to one currency pair at the beginning and master it before you jump on another pair)
Understand what Money Management means. I lot of new traders tend to overlook this aspect of trading and believe it or not, money management will be what will help you stay in the market long enough to succeed.
Risk between 1-2 % of you total account daily. If you have more than 2 trades open sub-divide your risk amoung the open trades for a total of 1-2%.
Making a good living through forex is possible as i said only if you understand the dynamics of the market. A lot of sreen-time and study will be needed at the start but eventually the more you will work on it the more sense it will make.
Best of luck
Ash Naeck
http://www.forex-trading-domain.com
November 30, -0001
12:00 am #comment-4
There’s a new autopilot forex trading software going to be launched and promises to be really sensational. If you want to try autopilot forex trading, go for the latest. It is likely to be sold out very fast.
http://ForexLoophole.info
November 30, -0001
12:00 am #comment-5
you cannot do it if you are not day trading.
the day trading opportunities are better in forex than in individual stocks.
August 4, 2008
6:41 am #comment-6
How can I start trading forex using autopilot method?
I have just opened my trading account and I am trying to decide on buying an autopilot forex trading software.
August 10, 2009
12:42 pm #comment-7
Is there always an opportunity every day to double your money trading forex?
I want to know if, just like stocks, there is an opportunity to double your money everyday trading forex?
October 19, 2009
7:40 am #comment-8
what do i need to start trading forex in kenya?
I live in kenya and i would like to know how i can start my forex trading career and what resources, tools or learning materials i need in order to be successful in forex trading. Thanks.
February 15, 2010
6:42 am #comment-9
Is it possible to make a good living trading ordinary leveraged spot-forex?
How would the ordinary, average, everyday person go about trading forex for a living? Is it possible to trade ordinary spot-forex and make a good living?
June 8, 2010
7:39 am #comment-10
What is the best forex trading strategy?
I have been reading about trading forex but I am unsure about the strategy I should be using. I have read about so many different strategies and they all claim to be the best and easiest. I was just wondering if anybody had any real experience trading forex that could recommend a good strategy to start out with.