How To Make Money Trading - part (i) | Sirius Forex Trading Group

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How To Make Money Trading - part (i)

By Benny Nardino | November 26, 2008

How could anyone make money trading currency? What do I have to do to get there? Is this for an etitist few? If you could identify you granny from your neighbor, you are good enough. You don’t have to be bright, you only need to the smart. That’s all you need to identify your chart patterns.

Let’s see what could make you an excellent currency trader. So what is it about money making that creates convolution, especially in currency or trading anything financial instrument for a start? Here in this three-part article, we have set out to decipher some of those myths and attempt to answer some basic truths that would lead you there.

Goal - To Become an Excellent Trader
Making money from currency trading is something requires you to deliberately carry out certain elements of success and commitments. Make no mistake about this, the forex market is unkind to the lazy, disorderly and disorientated. Therefore, to succeed you must position yourself against those attributes. There is no mystery in forex trading. Everyone who is succeeding have paid the price at some point or another which you don’t know or they may not have fully explained to you. There are key decision you must consider; to become a trader, price you’re willing to pay and paying it in advance.

Key Decisions
You must have your mind made up that you really want to become a forex trader. Your decision to trade must be to trade with all due diligence and dedication to become the best. That should be your goal. There is no room for dithering and indicision. There are no short cuts if you are to succeed. I know these are rare attributes in today’s generation of quick fixes and tantrum. You must be hungry and passionate about trading.

At What price? What is this new voyage worth to you and what price are you willing to pay? Is is worth the sacrifice? You must have concluded in your heart what price you are willing to pay and be willing to pay it in advance. This issue must be settled in you before you attempt pitching your skills to the marketplace. This is a fair call. Isn’t it?

Can you imagine a doctor showing up in the hospital without fully trained? Would you ask what made him a doctor? If you cannot accept that notion in other professions why should you do that in forex marketplace? Think about you pitching your trades against the sharpest minds and professionals who does this for a living you not having adequate skills against them. That why you must be prepared.

How far are you willing to go? At what point are you willing to call it a day? What is your exit strategy if this is not for you (if anything like that)? You must be willing to pay this price in advance because the world will not give what you have not paid for. Now that you have decided to become a currency trader, let’s examine what skills you need as a currency trader.

What are the skills required?
a. Trading Education
b. Have a plan of Success
c. Focus
d. Discipline

Trading Education
Trading education is foremost of all requirements and a must for everyone who wishes to trade. Find a good and established forex trading training center to put you through the process of trading. I always suggest, if you have never traded any financial markets before it could be better for you to try out equities, options and futures first before attempting forex. It’s not an impossible task to learn forex from the scratch but it gives you a better pace to learn and feel the financial markets. Your training must be focussed on your trading analyses; technical and fundamental. Learn your Risks, trading and money management strategies. These are vital to your success and survival in the market place. Next you plan.

Tomorrow we will look into the these points in detail.

Finally for today, to make any significant amount of money from your trade, your focus should never be on money even though that’s your overall aim but your focus should zero in on becoming an excellent trader. To live independent you must first learn to think independence and freedom. Only when you could see that image within, re-lived it over and over again could the reality manifest. To be an excellent trader you must first be one within. At a time when employment, job and long term investments seemed to be dwindling fast, learning to trade currency from the comfort of your own home seem a viable way of raising your income level.

I hope this answer the many emails we have received on this topic. Have a great day of trading. Share your thoughts so that others may learn also from your experiences.

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