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Professional Forex Trader - Live the Dream in 4 Simple Steps

By : Monica Hendrix
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Becoming a professional forex trader is the dream of many and for most it remains just that - but if you follow the simple tips enclosed, you could change your financial future forever and be making big consistent gains, in just an hour or so a day.

FACT:

95% of traders lose all their money, yet everything about forex trading can be learned, it's just the majority of traders don't get the right forex education, or have the wrong mindset to apply what they have learned.

Anyone one can become a successful forex trader from home however you need to do the opposite of the majority, it's not hard to do and do your homework.

1. Adopt the Mindset For Success

Most traders are lazy or naive or both.

They read about how easy it is to make money and think someone else can give them success.

Most of the information sold on the net is junk and wont help you win and even if you do find some good education, you cant follow it blindly, you need to understand it.

If you don't understand how and why your system works, you wont have confidence to apply it with discipline and you will lose.

Keep in mind if you don't have the confidence and discipline to follow your system you don't have one!

If you like to blame others and don't like responsibility don't trade forex, it's as simple as that.

2. Work Smart Not Hard

You don't need to work hard you need to work smart and this means only learning what is relevant.

Many traders think the more knowledge they have the better but you don't get rewarded for effort in forex trading, you only get rewarded for being right.

In 1983 legendary trader Richard Dennis proved this point in spectacular fashion. He took a group of people who had never traded before and taught them to trade in 14 days - the result?

They made him a $100 million dollars and went on to become some of the most successful traders of all time.

Working smart means working on a forex trading strategy that will get the odds on your side and that's what we will look at next.

3. A Forex Trading System for Success

I am amazed at how many traders simply base their systems on logic that doesn't work, for example:

Most novice traders try day trading yet all short term volatility is random so they can't win, yet they don't stop to think how dumb day trading is.

Or

They believe in scientific theories that tell them they can predict the market in advance and don't stop to think that predicting is impossible.

If it were possible, we would all know the price in advance and their would be no market!

The best you can do is trade with the odds on your side.

Of course, you will lose but your profits should be bigger than your losses and you can pile up big gains over time.

You can build your own forex trading system easily, just educate yourself on.

- Support and resistance and breakouts - Time your trades with momentum oscillators - Keep it simple trend lines and 2 -3 confirming indicators max

If you build a system based upon the above it will be simple to understand, simple to apply and will be robust.

Don't try and be too clever and cram too much into your system. If you do, it will have too many elements and break in the real world of trading.

If you do the above, you will have a simple robust system that you can apply in an hour a day or less.

One other point, I constantly read writers tell you to educate yourself all the time, study your profits and losses etc- Rubbish! If you have a system you believe in leave it alone.

You will have winners and losers but if it's soundly based then you simply should just apply it.

4. Building Long Term Gains

What is a realistic amount to aim for?

If you made 100% per annum you will be up there with the top traders in the world and you don't need to do many trades - keep your trading focused on high odds trades only.

So there you have it, a simple plan to live the dream of becoming a professional forex trader from home.

It's a challenge but one anyone can take up and anyone can win - if they want to.

Are you up for the challenge?

If so, welcome to the worlds most exciting and lucrative business.

About the author:
NEW! PROFESSIONAL FOREX COURSE AND FREE TRADING PDF'sFor free trading guides and an exclusive Forex Trading Course visit our website at: http://www.learncurrencytradingonline.com/index.htm


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