I’ve heard it said many times before, “Forex (foreign currency exchange, or FX) should be treated like a game. Make it fun, play it like a game, play for points rather than purely focusing on the money.” And like any game you play to win, you need good coaching, plenty of practice and lots of feedback on your performance. To excel in any “sport” like the professionals, one needs a strong determination to succeed, some rules (trading) of engagement, a great (flexible) plan, and to make it happen, a strong commitment to action.
It’s fair to say Forex is an excellent vehicle for wealth creation, to supplement to your existing income or as a replacement for your current income altogether. Once you enter the “Forex game”, you’re in control of your risks, your rewards and ultimately your financial future. You need to accept TOTAL responsibility for all your actions (and in-actions). Any investment involving your money, involves risk. Whether it’s traditional stocks and bonds, real estate, gold, other precious metals or Forex trading, there are risks involved. On the flip side however, there is the potential for profits, for huge gains. One of the keys to investing successfully (eg. Forex trading) is to minimise your risks. Remember, all traders lose money! No one has a perfect 100% winning record. The difference between succeeding or failing as a Forex trader is simply winning more than you lose. I’ll repeat this – successfully trading Forex means you consistently WIN more than you lose!
Anyone armed with the right tools, a good Forex education and the discipline to follow your trading plans, can master Forex trading. If Forex trading were easy, then everyone would be doing it. And if this were true, then one could assume everyone would be multi-millionaires. Reality however dictates otherwise! Not everyone ends up a millionaire. However, there is plenty of scope to make some very healthy profits. Trading Forex is just like running any successful business. Success takes hard work, dedication and determination to succeed. Develop the winning trading style that matches your personality.
As a Forex trader there are many tools you need in your toolkit – your bag of tricks. One of my favourite catch phrases is, “Live to trade another day!” By this I mean you need the tool of good equity management. Another way of saying this is, “Don’t blow all your money on losing trades, or worse still, losing all your money on one trade.” Don’t laugh, this does happen. Trading on emotion, and/or trading without a good education, can be hazardous to your bank balance. By staying focused, remaining disciplined and knowing when to trade or not to trade can contribute to your overall success or failure. For example, when is enough, enough? When should you walk away? For example, you suffer two, three, four, five, six or more losing trades in a row in one trading session. When should you have stopped trading? Come on be honest! Or would you continue trading saying, “My luck or the market has to change soon?” What was it I said earlier, “Live to trade another day!”
To improve the odds in your favour, take action today. Get a good education and learn how to become the successful Forex trader you deserve to be. Forex profits are there for the taking. COME AND GET YOUR SHARE!
Thank you, good luck and here's to your Forex success!
By: Ashley McCracken
