How to make tons money by currency trading

by Alfie Davies Financial Manager

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.

Leading your dream life is not all tough especially if you can trade the market properly. Being a currency trader you should have complete control over your emotion and trade the market based on the analytical result. Be prepared to accept some loss and focus on the quality trading signal.