| If you want currency trading success and don't want | | | | this is where the profit is to be made. |
| to be one of the 90% of losers then the 10 tips | | | | 6. Be patient |
| below will help you. | | | | Many traders want to trade all time in case they miss |
| 1. Success comes from within | | | | a move, but this is pure gambling. |
| You can't buy advice from anyone one else it comes | | | | You need to be patient and trade only when the |
| from within. | | | | right trades present themselves in line with your |
| You need to be responsible for anything you do and | | | | methodology. |
| keep in mind it is your efforts that will make you rich | | | | 7. Have realistic Aims |
| no one else's. | | | | Don't expect to get rich over night. If you could |
| Forget the e-books and their fancy copy most of | | | | make 50 - 100% per annum you would make a lot of |
| the authors have never even traded or failed brokers | | | | money over time. |
| trying to make a fast buck. | | | | Many traders have unrealistic aims, but it takes time |
| 2. Trade in isolation | | | | to make money |
| Don't seek or give opinions, these will just upset your | | | | 8. Don't try to hard |
| mental focus and let your emotions get in the way. | | | | Many traders think that the more effort they put |
| By trading in isolation you will stay disciplined and | | | | into trading the more they will get out but this is not |
| focused. | | | | true. |
| 3. Use A simple trading method | | | | There is no correlation between effort and reward in |
| It's a proven fact that simple methods work best | | | | currency trading. |
| and there is no correlation between how complicated | | | | Your system can be devised in a week or two and |
| a method is and how much money it makes. | | | | trading should take no more than 30 minutes a day |
| In fact the opposite is true. | | | | and you can see our other articles on how to do this |
| The more elements that you have in a system the | | | | 9. Manage risk |
| more likely it is to break. | | | | Currency trading is very risky, but unless you take a |
| 4. Trade with discipline | | | | risk you won't get any reward. |
| This is an obvious trait but most traders don't have it. | | | | What you need to do is take calculated risks when |
| If you have a simple method you understand and | | | | the odds are in your favor. |
| have confidence in, you will be able to follow it with | | | | Accept risk as part of trading; never try and restrict |
| discipline through inevitable losing periods. | | | | risk so much that you have no chance of profit. |
| Many traders follow others, or systems they don't | | | | Many traders have simply no idea how to place |
| understand, confidence goes and they can't follow it | | | | stops. |
| with discipline. | | | | Yet its one of the most critical elements of trading. |
| If you can't follow a method with discipline you have | | | | 10. Know your edge |
| no method in the first place. | | | | By this we mean: |
| 5. Trade Longer Term | | | | What makes you think you have what it takes to |
| Day trading and intra day trading doest work, the | | | | join the 10% minority of winners? |
| logic is flawed and you have no chance of winning. | | | | If you don't know you don't have one! |
| Use a longer term trend following system. | | | | Currency trading looks simple but few succeed and if |
| Currencies can show trends for months or years and | | | | you want to then the ten tips will help you. |