Learn Currency Exchange the Right Way and Win
Written by OnlineLoan on 19:39Learn Currency Exchange the Right Way and Win
By: Monica Hendrix
Anyone can learn currency exchange - but it's a fact that 95% of traders lose and this is simply down to the fact that traders believe currency trading myths or, simply get the wrong forex education. Let's look at learning currency exchange the right way.
1. Risk Goes With Reward
Risk goes with reward we all know that and the rewards in forex trading are potentially life changing, so don't believe its easy, its not - but currency trading success is achievable and anyone can be a successful trader.
Just keep in mind you must approach currency trading with a desire to succeed and a willingness to work smart and take responsibility.
2. Your on Your Own
If you want to learn from someone else and use their knowledge as a basis for your forex trading strategy that's fine - but do not follow someone blindly, or you will not have confidence in what you are doing.
Understanding what you are doing and having confidence in it, is the key to applying your forex trading strategy with discipline and this is the key to success.
If you do not apply your forex method with discipline, you don't have a system at all.
So learn from others but understand what you're doing.
3. Do not Fall for these currency trading myths
The rise of online forex trading has seen the rise of vendors who are out to make a quick buck, most of them are not traders and they are responsible for spreading several myths of which some of the most popular are outlined below:
- Day trading and scalping is a great way to win at forex - You can predict forex prices in advance - Buy low sell high is a way to make money - A forex trading system sold with simulated track record will work - Forex markets move to a scientific formula
The above are all myths and if you believe any of them you will lose
4. Work Smart Not Hard
You don't need to work hard; you need to work smart when learning currency exchange. You should only learn the information you need to succeed.
One of the best ways to start is to teach yourself forex technical analysis and how to use forex charts. This should only take you a week or so, you can then build your own robust trading system about 2 weeks - that's it.
Once you have your system, its 30 minutes or less a day to execute your trading signals.
Forget all the people who tell you to constantly study and learn - that may help you get a university degree but won't help you in the forex markets. You don't get paid for effort - you get paid for being right and that's it.
5. You Must Acquire This!
All successful forex traders have it and it's a trading edge.
A trading edge is the edge you have over other forex trader's i.e the 95% who lose at forex trading. It doesn't matter what it is - but you must understand it and have confidence in it to give you long term success.
If you don't know what your trading edge is - you need to get back to learning currency trading basics until you do.
6. Mindset
The real key when learning currency exchange is not so much getting a method but learning to apply it with discipline. Learning a currency trading system is easy; applying it with discipline is the hard part.
When you are in the middle of a series of losses, it takes great mental discipline to stay disciplined and not throw in the towel or vary your trading system.
You will understand this feeling better when you come to trade!
To be a successful currency trader you have a combination of learning the right knowledge, which gives you the confidence to apply it with discipline. If you want to learn currency exchange the right way, the above essay will point you in the right direction for long term FX trading success.
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