You Can Succeed In the Forex Market!




There is a fundamental characteristic of unsuccessful forex traders: they trade forex because it’s exciting, cool, or for its sex appeal. The mystery behind the charts, the notion that profits do really exist, and that money can be made quickly (but not predictably) all add up to create a romantic fantasy that is too appealing to avoid. When they start to lose money, they leave their positions open, close their eyes, and hope that the trap is miraculously opened so they can be free again.There is also a fundamental characteristic of successful forex traders. They trade forex because it makes them rich. They trade because they know how to do it. They do not trade for fun. Many of them are unimpressed by their own success. Most of them never share their secrets with anyone. They take a methodical, almost boring, approach to forex trading. They painstakingly build systems that, although simple, may have taken years to perfect. In the end, their lives are actually quite boring â€" reduced to waiting for predictable signals that are obeyed without question.Find a system to test.Lots of traders use moving averages â€" when the moving averages cross each other, they give off buy/sell signals. The might read candlestick patterns, Elliot Waves, or Fibonacci Arcs. Find a system that you like and test it. Get charting software that allows you to backtest your results. AmiBroker and TradeStation both work well. Play with the variables.If someone’s system says to use the 5 and 13 Exponential Moving Averages, then try the 4 and 9 instead. Then add in the MACD or the CCI or the RSI and look for candlestick patterns. Backtest these new variables. Are the new ones more profitable? Keep notes of the results.Keeping notes in a trading journal or notebook is essential. Are you recognizing any patterns (e.g., Fridays are bad days for your strategy, or the 5 and 13 work well if you wait for a -.0004 MACD? ) Draw preliminary conclusions. Once you’ve done your testing, write out the principles that you’ve discovered. Then test the principles with a demo account for at least 4 months -- did your system work? If so, set it in stone. As a day trader, you can be paid more handsomely than doctors, lawyers, and just about everyone else. But if you want to be a member of the elite class of highly successful forex traders, then you have to put the time in. You can’t expect profits to come easily. Successful forex trading will offer you more time, more money â€" and more stress â€" than you have probably ever experienced. But you can do it. Success is not about your IQ â€" it’s about your work ethic and your discipline. It’s about your ability to stay out of the trap, not set off the land mines, or just simply get out of the market when it’s time.--To learn how to automate your Forex trading visit fapturboresult.comSource: http://www.articletrader.com
Photobucket

Related Posts :



No comments:

Post a Comment