Essential Elements of a Successful Trader

Courage Under Stressful Conditions When the Outcome is Uncertain

All the foreign exchange trading knowledge in the world is not going to help, unless you have the nerve to buy and sell currencies and put your money at risk. As with the lottery “You gotta be in it to win it”. Trust me when I say that the simple task of hitting the buy or sell key is extremely difficult to do when your own real money is put at risk.

You will feel anxiety, even fear. Here lies the moment of truth. Do you have the courage to be afraid and act anyway? When a fireman runs into a burning building I assume he is afraid but he does it anyway and achieves the desired result. Unless you can overcome or accept your fear and do it anyway, you will not be a successful trader.

However, once you learn to control your fear, it gets easier and easier and in time there is no fear. The opposite reaction can become an issue – you’re overconfident and not focused enough on the risk you're taking.

Both the inability to initiate a trade, or close a losing trade can create serious psychological issues for a trader going forward. By calling attention to these potential stumbling blocks beforehand, you can properly prepare prior to your first real trade and develop good trading habits from day one.

Start by analyzing yourself. Are you the type of person that can control their emotions and flawlessly execute trades, oftentimes under extremely stressful conditions? Are you the type of person who’s overconfident and prone to take more risk than they should? Before your first real trade you need to look inside yourself and get the answers. We can correct any deficiencies before they result in paralysis (not pulling the trigger) or a huge loss (overconfidence). A huge loss can prematurely end your trading career, or prolong your success until you can raise additional capital.

The difficulty doesn’t end with “pulling the trigger”. In fact what comes next is equally or perhaps more difficult. Once you are in the trade the next hurdle is staying in the trade. When trading foreign exchange you exit the trade as soon as possible after entry when it is not working. Most people who have been successful in non-trading ventures find this concept difficult to implement.

For example, real estate tycoons make their fortune riding out the bad times and selling during the boom periods. The problem with trying to adapt a 'hold on until it comes back' strategy in foreign exchange is that most of the time the currencies are in long-term persistent, directional trends and your equity will be wiped out before the currency comes back.

The other side of the coin is staying in a trade that is working. The most common pitfall is closing out a winning position without a valid reason. Once again, fear is the culprit. Your subconscious demons will be scaring you non-stop with questions like “what if news comes out and you wind up with a loss”. The reality is if news comes out in a currency that is going up, the news has a higher probability of being positive than negative (more on why that is so in a later article).

So your fear is just a baseless annoyance. Don’t try and fight the fear. Accept it. Have a laugh about it and then move on to the task at hand, which is determining an exit strategy based on actual price movement. As Garth says in Waynesworld “Live in the now man”. Worrying about what could be is irrational. Studying your chart and determining an objective exit point is reality based and rational.

Another common pitfall is closing a winning position because you are bored with it; its not moving. In Football, after a star running back breaks free for a 50-yard gain, he comes out of the game temporarily for a breather. When he reenters the game he is a serious threat to gain more yards – this is indisputable. So when your position takes a breather after a winning move, the next likely event is further gains – so why close it?

If you can be courageous under fire and strategically patient, foreign exchange trading may be for you. If you’re a natural gunslinger and reckless you will need to tone your act down a notch or two and we can help you make the necessary adjustments. If putting your money at risk makes you a nervous wreck its because you lack the knowledge base to be confident in your decision making.

Patience to Gain Knowledge through Study and Focus

Many new traders believe all you need to profitably trade foreign currencies are charts, technical indicators and a small bankroll. Most of them blow up (lose all their money) within a few weeks or months; some are initially successful and it takes as long as a year before they blow up. A tiny minority with good money management skills, patience, and a market niche go on to be successful traders. Armed with charts, technical indicators, and a small bankroll, the chance of succeeding is probably 500 to 1.

To increase your chances of success to near certainty requires knowledge; acquiring knowledge takes hard work, study, dedication and focus. Compile your knowledge base without taking any shortcuts, thereby assuring a solid foundation to build upon.

Learn Forex Trading before you Start Investing and you to could Become Wealthy due to the FX Markets

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How To Choose An Online Broker For Currency Trading

With major advances in technology there has been a boom in trading currencies online over the past decade. With so many online forex brokers to choose from, it is important to do your research before opening an account.
The majority of online currency brokers are market-makers. Usually when you buy or sell a currency, you are dealing directly with the broker. This means that you buy from the broker and sell to the broker. The advantage of this is that most brokers that are market-makers will let you trade whatever currency you want at any time.
Online currency brokers will usually offer variable spreads or fixed spreads. Variable spreads will fluctuate depending on how heavily a certain currency pair is being traded. Fixed spreads will remain the same no matter what is going on in the markets. Variable spreads are typically favorable to short-term traders while fixed spreads can benefit longer-term traders.
Another type of online currency broker is the one that claims to be a non-dealing desk. This means that they advertise to be giving you the trading price straight from the interbank market. Most legitimate non-dealing desk brokers will offer very tight spreads and charge a commission for the trade.
There are increasingly more and more brokers that offer online currency trading. It is extremely important to do your research before choosing a broker. There are many online sites that compare and review different forex brokers. Taking time to choose the right broker for you should pay off in the long run

The Ideal FX Trading Robot For Regular Profits

An FX trading robot is actually a software program that automatically enters and exits tradings in the foreign exchange market with the actual aim of earning money. A lot of traders switch to these systems since they're sick and tired of the trouble associated with manual exchanging. When exchanging manually you must spend countless hours each day keeping track of the marketplace, and you also should spend countless hours being up-to-date on your own recent deals. A currency trading robot gets rid of the problem but nevertheless lets you take advantage of the earnings from the foreign exchange market.
I'd like to show everyone which robot is the best, however before that all of us may need to look at the reason why this robot is best.
Several forex robots simply include one way to buy and sell. They follow 1 specific group of rules, regardless of how the market problems are, and perhaps they are meant to trade just about every currency pair. This can be a difficulty considering that the market is constantly altering every day, and each currency pair is actually traded in a different way. The most effective fx trading bot is different, it continuously receives updates from foreign exchange professionals who are generally monitoring the forex market.
Additionally with this particular trading program you get the guarantee of satisfaction. It is one of the most wanted bots that you can buy, so you understand that it profits nicely since many traders are using it day after day. It will always be best to opt for a product or service which is widely recognized, and selecting a forex automatic trading program is no different. So which trading software was I referring to?
The title for top forex trading automated software program goes to the Ivybot. The number of success stories with this particular piece of software is way more compared to its rivals. There are lots of reasons why the Ivybot performs so nicely and this is one thing that the competitors are trying to incorporate into their software package too.
For starters, the Ivybot is really four robots in one. This can be a huge edge on the competition, who make an effort to produce "one-size-fits-all" robots. But there is one thing about this robot that really makes it the greatest to have ever hit the market.
The most important advantage to using this intelligent forex trading software program is the fact that you will be given continuous revisions for life, which is something that is unheard of with some other forex systems. Most forex robot owners can make an extremely hyped up revenue page and then try to get the cash from your own pockets, these people don't care if you make money with it or not. Purchasing the Ivybot is supported by a group of forex experts who constantly keep track of forex and revise the robot as needed to really make it profitable in today's market conditions.

Foreign Exchange Investing Class

If you've been tempted by the guarantees of easy income to be had from foreign money buying and selling, it's good to know that these promises are solely half way to the truth. However in a glass half-empty sort of way, the earnings could be made, however they certainly aren't easy.
The Forex markets are extra accessible now than they've ever been. But just because you probably can walk by an open door, that does not mean you will not get tripped up by what lies beyond. The bit that can make it easy is the training - Forex buying and selling coaching to be exact.
Forex trading coaching is a bit like getting your driving license. Most of us may have some concept of what the assorted bits and items of a automobile do, before we begin driving. But you do not just get in, and pull away - you get driving classes first. That is what foreign money trading coaching is all about: helping you to avoid turning into concerned in a automobile crash with your money.
What is involved in currency buying and selling coaching? Well, most programs today are conducted over the internet. You'll have a set of tutorials that will cover the whole spectrum of currency trading coaching concepts.
They could cover areas comparable to how the foreign exchange market works; what the difference is between fundamental and technical trading; how you can set up profitable trading methods; and easy methods to properly manage your money into your trading activities.
An excellent currency trading training course may even have in-depth on-line resources pay a visit to every tutorial, with back-up printed materials. They want to positively have on-line videos that take you through each concept, step-by-step; ideally these ideas needs to be demonstrated in a real foreign exchange system, one you want to have free access to.
If you get stuck throughout your currency trading training, you will have some assistance to get you back on track. So Forex coaching courses can have good help techniques - it is best to be capable of cope with experts by e mail, textual content, or phone.
It can also be good to get onto the road, because it were, with some supervised and safe foreign exchange 'driving'; this may be achieved by utilizing a simulated foreign money trading system, that can assist you to place trades using digital money. If you occur to can hone your foreign money trading coaching on considered one of these, preferably a system you utilize in real buying and selling later, you'll be throwing your foreign currency trading L-plates off in no time.