Living the Dream - Facts on Becoming A Pro Forex Trader From Home |
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By: Monica Hendrix Posted: 2007-09-19 10:10:58 |
| It's the dream of all Forex traders to set up a business they can make huge profits from and do it from home. No boss, any long hours - just big profits! Is it possible?Yes it is but you need to keep the following facts firmly in mind.Fact: Anyone can learn to tradeIt's a fact that anyone can learn to trade and everything about trading can be specifically learned by those traders prepared to put in the time and effort to do so and this was clearly demonstrated by the following:In 1983 in a famous experiment legendary trader Richard Dennis taught a group of people with no previous experience to trade in 14 days.The result?They went on to make Dennis $100 million and become some of the most famous traders of all time.Fact: While Anyone can learn to trade correctly few do!The fact is that 95% of novice traders quickly lose their money and lose!So if it's possible for anyone to learn why do they not do so?The reason lies in the fact that many traders learn the wrong knowledge and also fall victim to their emotions. You need to work smart and learn the right knowledge - this is totally different to working hard and the rewards if you focus on the RIGHT information are huge.Fact: Obtaining trading discipline is the hard part.Most traders can learn a method, but applying it with discipline is the hard part.keep in mind if you don't have the discipline to execute your method with discipline you have no method in the first place!Fact: Trading success comes from withinTo get discipline in your forex trading, you need to have confidence in what your doing and most traders don't take the time and trouble to learn the basics to do this and fail.They continually believe mentors, who tell them by following them they can achieve success by simply following them. Well the fact is only you can give yourself confidence by learning the basics, by doing so you will give yourself confidence and from confidence in what your doing - comes discipline.Fact: Most Traders can't handle riskThey are so afraid of risk they actually create it.They let losses run, snatching profits early - giving them no chance of success.They effectively try and restrict risk so much they actually create it and guarantee that they will lose.If you don't like risk don't trade, it's as simple as that.Successful forex trading is all about taking risks at the right time and executing trading signals with confidence and discipline.Fact: Most Traders Predict and loseIf you want to trade successfully you must forget about predicting, as this is simply another word for hope and if you hope in any venture in life, you will lose.They buy into levels of support and hope they hold - well that's a great way to lose - Or they believe in ridiculous theories such as Elliot wave and Fibonacci, which say you can predict market movement and reduce trading to a scientific method.They dont work and never will, trading success is obviously not that easy.If they worked we would all know the outcome in advance and there would be no market.The correct way to trade is with CONFIRMATION That price momentum is in your favour before you enter and execute a trade.Fact: The market Price is the right price!Most traders don't accept they have to work to the markets rules and not their own.There is only one right price and that's the market price. You cant argue with it, or let your emotions get involved. Many traders think that if they work hard or are clever they deserve to win but the only criteria you get your reward for is being RIGHT Nothing else.You need to accept the truth and the market is always right - accept the truth.Don't fight the market or the truth build a set of rules to keep you disciplined and your eye on the prize which is profits longer term sure, the market will make you look stupid but it does that to even the best traders so accept it.Can you do it - YES!If you understand the above you will see that trading success is open to anyone and all you have to do is accept the above facts and:Work smart, do your homework and get the traits of discipline and confidence to execute a trading method for currency trading success.Anyone can do the above but most traders imply are not prepared to the necessary groundwork to succeed- if you do you could soon be piling up big profits in the worlds most exciting market and living the dream.You can do it if you want to - you just need to understand the above and be up for the challenge.Good luck!Do YOU HAVE WHAT IT TAKES TO BE A PROFITABLE TRADER? FIND OUT !Get newsletters, systems and some critical FREE FOREX Trading PDF's to give you the facts on how to become a professional trader and get more great forex info at: http://www.learncurrencytradingonline.com/index.html |
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