The Top 5 Ways Of Winning In The Forex Market

 

If you plan on winning in the forex market, you can just hope for success.  There are certain things you have to do in order to achieve it.  Here are the top 5 ways to win and make money in forex trading:

1) You have to expect to lose occasionally. I know that might not make much sense, but I can't begin to tell you how many new traders enter the market thinking that they will never have to take a loss in trading. They expect to win every single trade.

Newsflash:  That is impossible. And what makes it worse is that when you take your first loss, you will be so demoralized that it will affect your trading from there on in.  Remember, everybody will take an occasional loss.

2) Don't treat this like gambling. If you think trading is like taking a trip to Vegas, you probably have as much chance for success as you will in the roulette table.  Trading is both an art and a science, and you should it treat with respect.

3) Money Management is Key. This partly has to do with previous tip.  You can't have a gambler's attitude when it comes to trading.  You have to trade with your brain and not your heart.  It doesn't matter if you are the greatest technical trader in the world, if you can't handle your money correctly, you are doomed to crash your account.  Remember that trading is a marathon, not a sprint.  You are in this for the long haul.  You can't expect to be a millionaire overnight. 

4) Being able to handle fear. When you are not confident in your trading abilities, its' very difficult to make money.  It also doesn't help if you are trading with money that you can't afford to lose.  If you are using money in the forex market which you are supposed to be using to put food on the table, then stop what you are doing and take the money out of your brokerage account and put it in your checking account.

5) Being able to handle greed.

The exact opposite of handling fear is handling greed.  In this case, you want to be able to handle overconfidence.  This is what tends to happen to new traders who get on strong winning streaks. These kind of traders tend to have a feeling of invincibility, and feel as if they control the market.  Check your ego at the door.                                   

Check out Trading In The Buff to Learn How To Trade Forex Successfully Just Using Price Action.

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