Who Wants to Be a Forex Trading Millionaire

I personally think that to be profitable in the forex market is not
difficult, but you really must have the discipline to trade forex the
right way. have you ever thought of how professional traders become so
successful in forex trading Its not just because they have a good
forex trading system or a unbeatable forex strategy. Let me tell you a
secret forex tip Professional traders are the ones who lose the least
and not the ones making the most They do this by getting the right
answers to these million dollar questions.



1. What is the current condition of the forex market Before you take
in any forex trading signals, you have to be sure what conditions is
the market showing, trendy or choppy. You can use indexes such as the
AsiaPacific, Europe and Dow Jones Industrial Average as tools to
evaluate the market. Most of the time, the movements of the market are
based on what the current economy is performing, and that will be the
basis for traders to make a decision.br
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2. Are you mentally alert or stressful In forex trading, it is very
important that you maintain a calm and fresh mind before you even start
to look at the charts. Do not trade when you are tired or stressed as
there is a high tendency that you will make some mistakes and put your
forex investments at risk. Without the right mind, you wont be able to
concentrate well even if you are using one of the best forex trading
systems .br
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3. Do you have a stop loss or target to exit a trade One of the
biggest mistakes that forex traders made is trading without a stop
loss. I have stressed many times that every position must have a stop
loss but till now, there are many of my members still trading without
setting a stop. Are you one of them br
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Without a stop loss, do you know that you can wipe out your trading
account very easily The problem with those people who do not set a
stop is because they do not want to loose, and I mentioned that forex
trading definitely will have losses. And thats how professional
traders live their lives. It is how you manage your losses and not how
you try to avoid losses. Never have a huge stop loss unless you are
doing swing trading. Even so, 50 to 80 pips will be a good guide.br
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4. Do you know when to enter a trade After knowing when to cut your
losses, it is important that you enter a trade with good timing
especially if you are doing intraday trading. If you do not have a good
forex strategy, you can look for some online trading software which
provides accurate forex signals that you can follow. For me, I use
oscillators like Stochastic and RSI intensively because they are the
main forex indicators for my trading system. br
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Timing is important if you have a tight stop loss, as you would want to
catch the trade early but at the period where there is a higher winning
probability. I know this is not very easy for a beginner, but practice
makes perfect