Sunday, July 25, 2010

How to Get Rich Trading Forex – How to Make Big Forex Profits Quickly


Can you get rich in Forex trading? The answer is anyone has the potential to do it but the fact is 95% still manage to lose all their money. If you want to get rich, you need to ignore so called accepted investment advice and follow the steps enclosed.
Now lets look at how to build a great second or even life changing income…
Have Confidence in Your Ability
Forex trading intimidates many traders, even though anyone can learn it quickly and easily with the right education and you don't need a college education to do it either. This group of people think they should follow someone else and buy a cheap, Forex software program which promises them financial freedom, for a couple of hundred dollars or less and despite the fact it's obvious these programs lose, they buy them and other sure fire systems and lose.
No one else is going to make you rich, your on your own and you need to take charge of your financial destiny but the good news is:
You can soon learn and get confidence in what your doing – two weeks study and your all set to trade and you don't need to spend a long time on your trading strategy either, just 30 minutes a day is enough but what strategy should you use?
Let's take a look at a basic Forex trading strategy for success.
Your Strategy – Should be Simple and based on Long Term trend following
There are lot's of clever people, who think because they are clever they will win at Forex, so they build complex strategies and lose. In Forex trading, simple strategies are best as there more robust with fewer elements to break than complex ones – so keep yours simple too.
Most traders day trade or scalp looking for a few pips but all there doing is trading the noise of the market and they lose. You can't win when your trading random volatility so don't try.
Instead, be patient and wait for the big trends, they last for weeks, months or years so wait for the high odds trades get into them and hold them. Why work harder than you need to? Long term trend following is by far the best way to trade and yet, most traders simply won't do it.
A Mindset for Success
Most traders fail due to there emotions and that's a fact – they simply can't trade with discipline. If you can't trade your strategy with discipline, you don't have one.
Most traders cannot accept that to win, you have lose cheerfully and keep your losses small. If you want to be right all the time or want to fight the market – do something else, because you won't win at Forex.
To win you need to take losses, keep them small and have the mindset to stay on course until you hit profits again. I know traders, who make hundreds of percent in terms of annual profits yet, only win 50% of the time or less! They win, because losses are kept under control and they have the courage to run the big profitable trends.
You Can Win but You Must do this ..
Have a burning desire to succeed and the confidence to stand on your own two feet then, You t only need a simple system which is easy to learn and the mindset to apply it, with rigid discipline and Forex trading success can be yours.
Can you get rich trading Forex? The answer is anyone has the potential and the opportunity is there and the rest is up to you.

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