By Joon Trader
To a newbie learning Online Forex Trading, it looks very simple
in the beginning. Take currency pair EURUSD for instance, if you
bullish on Euro, simply place a Buy order. Bearish on EUR, just
short it. So easy, you may ask? The truth about Forex Trading is
that it is a professional activity that not many traders will
succeed.
I will just go through a few very straight forward pointers on
how to consistently generate Forex pips.
In the world of Forex currency trading, many newbie traders
believe that Forex trading software or system that contains
rocket science is more likely able to make money. It may be
true, but how many of us will be able to find such a system or
methodology? Why not just spend time and money to learn systems
or trading methods that are simple but works?
In the Forex currency trading, the fact is simple systems just
work best. Simple systems are more robust and easier to trade as
you understand the logic and can therefore follow it with
confidence when you are in a losing streak.
I personally feel that it is much simpler to trade with the
trends rather than the ranging market.
For many successful traders, once they are happy with a system
or methodology, they stick with it. Remember, you only make
money trading Forex, and not having 100 systems or trading
methodologies but trading none of them.
In Forex trading, most traders succeeded primarily due to good
money management. So long as your system or trading
methodologies has a positive profit factor coupled with proper
money management, you will succeed in the long run.
However, for many Forex Trading beginners, after many days and
nights of learning and digesting Forex Trading courses,
purchasing of various Forex Trading Software and Forex Trading
System, you still find yourself with a huge hole in your initial
capital.
As times go by, slowly, your dreams of financial freedom and
success begin to fade. You will begin to ask yourself, are you a
failure? Are you not intelligent enough to become a profitable
Forex trader? After all, there are many successful Forex Trading
experts out there who are living their Online Money Making
dreams….
So the Money Making Online million dollar question – Are you
cut out to be a profitable Forex Currency Trading trader? Yes,
you can become a profitable Forex Trading Trader! You just need
to treat Online Forex Trading like running a Successful Online
Money Making Business.
Forex Trading Style
Similar to Stock Trading or any form Investment Trading. You
must ask yourself - what is your Online Forex Trading style –
news Forex Trading, swing Forex Trading, momentum Forex Trading,
pattern Forex Trading and intraday or longer term Forex Trading?
It is alright to have a “library” of Forex Trading style or
setups, but most Money Making Foreign Currency trader does is to
concentrate on a niche or particular Forex Trading style. Learn
to do one thing consistently well instead of trying to master
too many trading methodologies. You have to pick a style that
suits you.
Online Forex Trading Plan
What is your Foreign Currency Trading plan? Before any trade
entry, you have to ask yourself it this the right Set Up entry
for your Forex Trading style? Where is your exact Forex Currency
trade entry point? What are you Forex Trading Stop Loss target?
What is your Forex Trading profit target?
Anyone involves in Foreign Currency Trading and not having a
well defined stop loss is going to have their entire Online
Forex Trading account wipe out before they even realized it. I
knew someone did just that recently. A US$10,000 account was
wiped out within a week without Stop Loss trading a few currency
pairs. You also need to know what your Forex Trading profit
target point is. What is the point of having an Online Money
Making Forex Trading trade but your Forex Trading Account does
not Make Money. For one simple reason, you didn’t take the money
from your Forex trade and market reversal against you.
Forex Trading Profit & Loss Plan
Lots of Online Forex Trading beginners don’t realized the
important of reward to risk factor for every Forex Trading
trade. You will never Make Money Online if you risk $500 but
make $100.
Follow your Well-Defined Forex Trading Plan
Once you have written down a well-defined Online Forex Trading,
you must have the Discipline to stick to it. All Forex Trading
beginners must remember that Discipline and Money Management are
the two most import aspects of Forex Trading. Even the greatest
Forex Trading System or methodologies will fail if you can’t
stick to it.
About the Author: JoonTrader is the owner of
http://www.forexdiscover.com. For further recommended resources
on how to make money in Forex Trading. Click here
http://www.forexdiscover.com to grab the secret to consistent
pips.
Source: http://www.isnare.com
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