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

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How To Make Money Trading - part (ii)

By Benny Nardino | November 27, 2008

Yesterday we highlighted some success elements and what it takes to become an excellent forex trader. Today we would go further to explain these points as below.

Have a plan of Success
Now, you have gained your educational training. What next? Get a plan for success. What do you want to trade? When do you want it? How much are you willing to trade at a time? Who can I trade with? Which brokerage platform could my trading style flourish? How many pips could I set for myself in a month? Is this goal realistic? These and many more questions you’ll have to ask yourself.

“It’s not what you do when its good times for everyone. But what you did to win when most could barely make gains, that’s what sets you apart.”

One of the greatest reason people have failed in forex trading is not so much about not knowing what to do but for lack of plan. Failing to plan is planning to fail. The forex market is not a market you trade without a plan because if you do you will get burned. What is your success strategy? You must plan for your success otherwise your trading becomes erratic and decisions become irrational.

Learn to journey your thoughts. If you intend to place any trade you document it. Why is this important? Win or lose you can always go back to check your assumptions against reality after you exited the position. You don’t learn much from winning but when your poor decision costs you heavily. Without a plan you set yourself up for failure.

Focus
Having a focus mind and purpose could only make you a better trader. In any trading day there are series of activities. Different pairs and crosses but do you trade them all at once? To master your trade you would need to pick one pair or cross you think you could learn and trade quickly. Master this instrument until you become very proficient in those currencies. Learn about what drives it. Who are the key players? Whose voices could the market react to? In fact be informed on that currency pair than anyone else you ever known or heard off. Seek to grow and be better everyday from your previous trades. Maintain single handling until you master it.

Tomorrow we will complete some other aspects of focus and how they affect your trades. We ill also be looking into trade discipline in detail to round up.

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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