Trading Forex - 8 Steps To Becoming A Winning Trader
You're new to forex, or perhaps you're not new. You're just not making any money. I know it's not comforting, but you're not alone. As I'm sure you've heard, an estimated 90% of traders lose money. So, what are you to do about it? Hope and pray that you're trading turns around? Buy any and every new trading product that comes on the market? Just give up? Bury yourself in heavy books about the physiology of trading? There is a better way. Listed below are the eight steps that will (guaranteed) take you from loser to winner if you just work at following them exactly. 1. Get the idea of trading with real money out of your head. You are not making money, so why would you continue? If a vending machine took your money and didn't give you any product, would you keep feeding it money? Obviously not. The same rule applies with trading. Don't throw good money after bad. Stop trading. 2. Buy a ready-made system that is proven to do well. Beware! I did not say to just go buy any system, or to buy an expensive system. There is a place and a time for expensive (proven) systems. However, you do not need one as you learn to trade profitably. They are readily available. Don't let catchy sales copy sway you into buying something worthless. 3. Study everything you can on the internet and in books about money management. You are now in school. Learn the system you purchased. Study everything you can on trade size and risk. Realize that picking winning trades is easy compared to the self-control of proper money management. 4. Demo trade the system applying sound money management. Only now do you begin to trade again and only with pretend money. 5. After six month (longer if you're not profitable yet), start trading with real money. You want to trade as small of an account as you can. Do not get impatient! I know six months sounds like forever. I have just one question for you? Do you want to lose money? 6.If you are not trading profitably with real money, then start looking for a proven signal provider. Evaluate your trading after several months of real money. How are you doing? If you are profitable, skip to step eight. Otherwise, continue. 7. Trade with the signal provider while you continue to turn your trading profitable. Do not rush to pick a signal provider. There are a lot of snakes in the grass. Ask questions in forums. Talk to people. Pick someone with whom you are comfortable and who is proven. 8. Their will come a time when you're trading will become profitable because you don't have the burden of having to be profitable (the signal provider is profitable for you). So you will then find your own trading making you money as well. You have made it. Congratulations! You are now in the elite (and small) class of traders who consistently take money from the market. Nathan Pennington is author of the (sold-out) forex trading book "The Rubber Band Method": How to Trade Against the Trend for Consistant Profits. His current website is http://www.moneymakingforex.com/ which shows forex traders how to become winning traders. |
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