How to make tons money by currency trading
Who
doesn’t want to become a millionaire? People in the world are struggling hard
to live a better life but still, most of them are failing to fill their daily
needs. But if you look at the real successful traders in the Australian trading
community then you will be surprised to see how gorgeously they are leading
their life. It’s not like that all of them were born traders or rich. Due to
their passion in the world of finance, they have been able to solve the puzzle
of this Forex market. Every single day many new retail traders jump into the
online trading world only to make money but very few of them can actually
understand the nature of this market. In fact, out of 100 people, only 5
traders can really understand the nature of this dynamic market. So today we
will discuss how to become a successful Forex trader and make tons of money in
every single month.
Control your greed
If
you want to become successful in Forex market then you need to have complete
control over your emotion. Most of the rookie traders get emotion in real life
trading and place big lot size trade. But if you want to become a Forex
millionaire like the professional Aussie traders then you have to control your
greed. Always consider trading as your business and never think that you will become
a rich person within few days or week. Your primary focus should be on learning
the art of trading rather making a profit. If you can master all the basic
trading skills then making money is not all tough. Most of the time it’s your
greed which will force you to take a huge loss. It’s true that sometimes you
will have big winners in the market but you need to consider your long term
trading result.
Trade only the majors
Most
of the retail traders, trade many different types of currency pairs. But in Forex
trading industry the minor or
cross pair trading is very tough. You will never know when the market will
become extremely volatile or exhibit false spike. So being a full-time trader
it’s always better for you to trade the major pair’s only. But before you place
your trade and start making money make sure that you are also trading with a
reputed broker like Saxo. Without having the perfect trading environment it
will be really hard for you to make money on regular basis. You need to have
access to all the financial instrument from a single trading platform like
SaxoTraderGo so that you never have waste time in switching trading accounts.
Consider it as your business
The
only solution to becoming a successful trader is changing the way of our
thinking. We need to consider trading as our business. All the successful
business man have a strong strategic plan to deal with their losing deals.
Similarly, when you start trading as your full-time profession you should
consider all the possible outcome of this market. No matter how hard you try
you can win all the time. You always have some losing and winning trades in a
random fashion. So if you don’t follow proper money management in every single
trade then this market is going to wipe your entire trading account. You need
to be more cautious about your investment rather than profit. Always do your
technical analysis in the higher time frame and find possible trade setup in
favor of the market trend. If possible use the price action confirmation signal
since it’s a great a way to enhance the winning edge.
Comments (1)
Signature Forex
1
Money Exchanger
Nice post!!! Really helpful