In this series of articles I am going to share my 25 years of experience with you – I am not an article writer I am a trader, so my views are based upon experience, not just talk. Forex trading success is not easy, but it’s not hard either, it simply requires application in the right areas to succeed.
Let’s get started and look at what you need to do to become a successful forex trader.
If you want to do it you need to do it on your own and not trust the gurus and mentors who tell you they can give you success – the only person who can do that is you.
The first point that is vital to grasp is that forex trading is essentially simple, yet few traders succeed (less than 5%) but anyone can learn to trade.
The reason is that forex trading is a combination of method and mental control and the latter is very hard to achieve.
The first bit, learning your method is easy - all you need to keep in mind is to:
Work smart and not hard
Working smart means focusing only on the information you need to win and nothing else.
To learn forex trading doesn’t take long and you can get a method together in around 2 weeks by studying the right information and the good news is its all available free online.
1. You should use a technical analysis system,
2. Base you’re trading on long term trend following (forget day trading it doesn’t and will never work)
3. Base it on support and resistance and a breakout methodology and use momentum indicators to confirm your trading look them all up in our other articles and get familiar with them.
Finally keep it simple!
Many traders think the harder they work at forex trading the more they will make, but you only get rewarded for being right in forex trading NOT for the effort you put in.
Don’t make your system complicated keep it very simple – it’s a proven fact that simple systems work best and beat complicated ones as they have fewer elements to break in the brutal world of real trading.
25 years ago when I started trading we didn’t have access to all the tools that traders do today, but the ratio of winners to losers is no greater today than it was then which leads to an obvious conclusion:
That the trading world is constant and technology and information overload won’t help you win – in fact it will help you lose which will be the subject of another article
Now you know the basics of devising a currency trading system the next step will be to construct one that works – this will be the subject in part 2 & 3 of this article.
Latest Currency Trading Articles
How to Stop Losing Money in Forex
By: Joshua Geralds | 13/10/2008
When a trader begins to trade, what normally happens is that the first few trades are usually successful ones. The new traders then becomes so confident of their supreme abilities in trading that their carefully crafted trading plan and money management rules are cast aside.
How to Make Money Like a Professional Trader
By: Joshua Geralds | 13/10/2008
There is a large difference when you place a professional trader next to a rookie trader. Let us assume that both traders the professional and the rookie both use the exact same trading plan, and trade the exact same currency pair. One will be profitable the other would lose. Needless to say the profitable trader would be the professional trader.
Just how then does the professional trader so it?
How to Keep a Trading Journal?
By: Joshua Geralds | 13/10/2008
A trading journal is an essential tool for any serious trader who wishes to make money. Many traders know its value but very few actually put it into practice. The ones that do write in a journal are the traders that are most often successful.
Increase Your Profits 100% With an Edge
By: Joshua Geralds | 13/10/2008
If you have ever played at any game of chance you would realize that sometimes you seem to be on a wining streak. Luck seems to be your best friend and everything you do makes you more money. This is what we term as an “edge” in trading. This is where the trader has a temporary advantage over the market and the probability of success becomes higher than normal.
Automated Currency Trading System - a Free One That's Made Big Gains for 25 Years!
By: Kelly Price | 12/10/2008
Here is an automatic currency trading system, that's been used by some of the world's best traders and its totally free for you to use. Take a look at how it can lead you to currency trading success. Everything you need to know about it is enclosed...
Best Forex Trading Indicator - for Trend Followers Simple Moving Averages
By: Kelly Price | 12/10/2008
The simple moving average is one of the most effective tools you can use. It's simple to understand and easy to use and if you are interested in getting in on trends, its one of the best forex trading indicators if used correctly.
Forex Education - Understanding Standard Deviation for Bigger Fx Profits
By: Kelly Price | 12/10/2008
If you ask most Forex traders what standard deviation of price is you will me met with a blank look but understanding it is essential Forex education which if you know its significance and use it, can help you make bigger forex profits...
Trading Forex - Icelandic Krona Troubles
By: Mike P. Kulej | 11/10/2008
All currencies have experienced huge swings during recent events, but one of them truly stands out. When the dust settles, will Iceland still have own currency?
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Female libido problems are common - but don't despair, here we will show you some natural herbs which if combined, will increase your libido and overall wellness at the same time...
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By: Kelly Price | 12/10/2008 | Men's Health
If you want a hard erection but you don't want to use prescription drugs, then the good news is you can get a harder erection naturally, with the proven herbs enclosed...
Automated Currency Trading System - a Free One That's Made Big Gains for 25 Years!
By: Kelly Price | 12/10/2008 | Currency Trading
Here is an automatic currency trading system, that's been used by some of the world's best traders and its totally free for you to use. Take a look at how it can lead you to currency trading success. Everything you need to know about it is enclosed...
Beat the Credit Crunch - Get Serious and Trade Forex in 4 Simple Steps
By: Kelly Price | 12/10/2008 | Wealth Building
If you want to beat the credit crunch then it's a great time to trade forex, in a market where there is never a recession and you can trade for big profits everyday. If you are prepared to put in some effort you can succeed, with the 4 simple steps enclosed...
Best Forex Trading Indicator - for Trend Followers Simple Moving Averages
By: Kelly Price | 12/10/2008 | Currency Trading
The simple moving average is one of the most effective tools you can use. It's simple to understand and easy to use and if you are interested in getting in on trends, its one of the best forex trading indicators if used correctly.
Forex Education - Understanding Standard Deviation for Bigger Fx Profits
By: Kelly Price | 12/10/2008 | Currency Trading
If you ask most Forex traders what standard deviation of price is you will me met with a blank look but understanding it is essential Forex education which if you know its significance and use it, can help you make bigger forex profits...
Forex Training - These Traders Learned Forex in 14 Days and Made Millions!
By: Kelly Price | 10/10/2008 | Currency Trading
Here we are going to look at forex training and a famous experiment when a group of traders with no experience were taught to trade in 14 days and then went onto make $100 million in profits. Let's see how they did it and what you can learn.
Forex Trading Tips - 4 Tips You Must Understand to Win at Forex
By: Kelly Price | 10/10/2008 | Currency Trading
Here are 4 Forex trading tips that if you understand them, can allow you to enter the elite 5% of winners who make big long term consistent profits. Anyone can learn currency trading and win but these 4 points need to understood - here they are...
Finance 
| Posted: 14-07-2007 | Comments: 
