I’m going to take a little time to show you how to learn forex currency trading online with my tips. These all came from my experience over the last few years and most came from all those struggles you overcome in this business. It’s pretty sad, but around 95% of traders are losing money, while only a small minority of 5% are racking in the profits. You need to know the little tricks of the trade to make it into that small exclusive group and start getting your share of that profit.
It is very important to understand the difference between a broker and a stock market analyst. An analyst literally analyzes the stock market, and predicts what it will or will not do, or how specific stocks will perform. A stock broker is only there to follow your instructions to either buy or sell stock, not to analyze stocks.
Multiple lots Trading online can result in big profits. They can also eat you alive when a trade goes against you. Only strict, almost paranoid, tight equity management will ensure the account survives and grows.
Have you planned what you will do if you are in a trade and your internet connection goes down for any reason, it could be a power failure, problems with the internet or your PC crashing?. If you are in a day trade you will want to telephone your broker and manage your trade, probably you will just want to close it. How will your broker deal with your call, will they answer quickly, will they look at charts for you and describe what is going on?. Make sure that your broker has good telephone support.
“Earn $1000s in Your First brexit millionaire Attempt”, or “Be A Millionaire In A Month”. These are the common misleading claims online aimed at catching the eyes of someone eager to make a quick buck.
Make a Plan – A Forex trade plan is something every trader should have. A trading plan does not take a long time to make and is composed of a set of rules you follow before taking any trade.
The foundation of a good, solid trading education should be based on rules proven successful over many decades. Two great examples, are the ones I shared with you in the previous paragraph. But why do traders and investors have so much trouble following simple, proven rules? The problem lies not with the rules, but within ourselves. The psychological part of trading is the true key to great success. Human emotions such as fear, greed, and hope can not be part of your trading equation, if you want to become an elite trader who makes fortunes. Fear probably causes over 75% of all trading mistakes. Understanding, and then implementing, proper trading psychology is the most important part of your trading education.
To become a top trader or investor, you will need to have a proven trading plan, practice sound money management, understand and implement proper trading psychology. The learning curve is steep, and it will take a few years of proper trading education to put everything together, and get the results you want. An important part of your learning process is to study the world’s best traders, past and present ones. Learn their strategies, methods, and principles. These are the people who have already made fortunes in the world of trading. This includes William J. O’Neil, Jesse Livermore, Bernard Baruch, Gerald M. Loeb, W.D. Gann, Michael W. Covel, and others. You can make a fortune with the proper trading education.
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