Have you ever wondered what Forex trading secrets every trader should know are, and that could potentially turn your trading around? If you want to know the answer to this important question, then you're in the right place!
Just like the picture above, I'm going to reveal my Forex trading secrets with opening the chest to making money in Forex trading! To be able to make money in Forex, you need to be trading with an edge in the markets. If you don't have this edge then you are sure to fail! Read on... to find out my secrets to having this trading edge.
1. Is it still worthwhile?
I'm going to start of with highlighting one thing I have come to learn through my trading career. With making money in Forex trading, is going to be one of the hardest endeavours you will ever attempt.
But that doesn’t mean it is not a worthwhile business endeavour. After all, there are many successful Forex traders out there that trade for a living. The difference is that they have slowly developed over time, and increased their account to a level that can create sustainable income.
That brings me to why I decided to set up the site with my Forex trading secrets every trader should know?
I decided that I would share my Forex trading secrets every trader should know and trading education with trading the markets. To help new traders eventually increase their accounts slowly to create an sustainable income.
The best part?
I have everything on my site to assist you, with learning the skills you need to start earning an income with Forex trading. As I mentioned at the beginning of this post today, making money with Forex trading is one of the hardest endeavours I have ever experienced.
But for you it doesn't need to be, with my Forex trading secrets every trader should know and Forex trading education within the site will help you start with the correct training.
Are You Losing Money?
You may have found yourself like many other new traders have, with losing money trade after trade. This unfortunately, is the norm when it comes to trading the Forex markets and not having the correct trading education you need to trade successfully.
Lets get straight to the point with my Forex trading secrets every trader should know revealed...
All traders want the same, they want to be able to make consistent profits from the markets.
In fact...in search of those consistent profits, turns a trader into their own worst enemy. I experienced this same issue when I was trading, instead of using a structured approach with my chart analysis I started to become obsessed. Now, having an obsession with your trading is a good thing to have.
I mean...if you don't have a good amount of obsession to make money Forex trading, you'll never succeed. That brings me to my secret why most traders lose money, and that is basically most new traders just over trade the markets.
You see, you believe the more you trade the more you will make. But in reality it's the opposite that is true! To understand how to overcome this over trading in the markets.
Check out my latest trading article with when it comes to making money in Forex trading you need to over come your emotions first, by clicking here
Targeting High Profits
You will hear about traders all the time targeting certain profit percentages per year, or even per month. But the risk they are taking on every trade is going to be pretty similar to the profit they are targeting.
In other words, in order to attempt to make 40% profit in a year. It's not unreasonable to see a loss of around 40% of your account in a given year. So how do you make money in Forex trading without such a high risk on your trades?
2. I am trading with an edge!
Many traders response to this will be, "I am trading with an edge. So I'm not risking as much as I could potentially earn."
That's a true statement if you have a strategy with a trading edge.
Your expected return should be positive, but without leverage. It is going to be a relatively tiny amount. And during times of bad luck, you can still have losing streaks.
When you throw leverage into the mix, that's how traders attempt to target those excessive gains. Which in turn is how traders can produce excessive losses. Leverage is beneficial up to a point, but not when it can turn a winning strategy into a losing strategy.
If you want to start off your trading career in the right direction, I suggest you first check out the Basics of Forex trading section.
Here you will learn more of my Forex trading secrets every trader should know with candlesticks, support and resistance trading and those high profiting technical price patterns!
My Forex trading secrets every trader should know, important edge
Another important edge with trading the Forex markets is having a good understanding of risk management. To safely have an edge on the Forex markets without having a high impact on your trading capital if you incur any losing trades.
If there is one piece of advice I can offer you as a new trader, is start with understanding risk in trading. To learn my step-by-step process I took with my trading check out my Free Forex course for beginners course.
Will you make money with Forex trading?
While it is impossible to say if you will make money with Forex trading. I can most definitely say without the proper training and education would be extremely unlikely.
3. Establish A Trading Journal
Having a Trading Journal is a crucial tool for every serious Forex Trader to have. But the majority of new traders just don't keep any up to date journals for their trading results. One of the top factors for this, in today's trading environment is that most brokers will show real timed records of your recent trades to date.
However...you will not find any seasoned retail or professional trader that doesn't leverage the power of their trading journal, when looking to enter trades. For starters, a trading journal gives a historical perspective to your trading activity, helping you summarise the trade.
Important information, such as the currency pairs that work best for you, the frequency with which you traded in a past period, per trade success, and time frames that yielded best profit percentages, can be accessed anytime from a trading journal.
The best part?
In my opinion, this is what makes using a trading journal as your personal database from which you can learn and discern possible trading patterns. Which, in time can help with the progress of your trading skills, and avoid you from making those same mistakes again and again!
Using a trade journal or a trading plan, will also let you record your personal goals and expectations from each trade you are taking. This can be made in a form of either notes or even chart pictures and videos. To find out more on how to create your own trading plan check out another trading lesson by clicking here.
The use of a trading journal as well as a trading plan will greatly improve your chances of faring well with Forex trading.
4. Mistakes That Most Traders Make!
When it comes to trading the financial markets, with long term profitability it takes a considerably strong mindset. By this I mean, from the simple mistakes many new traders make time and time again when trading.
If you believe in the most talked about subject, of retail traders who trade in the markets with the ratio of 95% of Forex traders actually fail within their first year or even few months. And that only 5 % of retail traders really achieve any kind of Forex success.
Then first, you need to understand what factors or behaviours will cause the 95% of those losing traders to actually fail in the first place, and what you can do to be in the top 5 % that win!
A simple solution to this would of course be... to do the opposite of those traders who are in fact losing and in the 95 % of traders who fail. But the question first on your minds is...
What Do 95% Of Forex Traders Do Wrong?
Knowing these traders mistakes, will give you that traders edge to do the opposite and stay within the top 5 % of traders who are profitable. Within the list below, I have outline some of these mistakes you would want to avoid;
- no trading plan
- lack of proper risk management
- over trading
- revenge trading
- cannot accept trading loses as part of the process
- jumping from one strategy to the next after losses
- inadequate funding
- lack of emotional control.
- no patience
- counting pips instead of focusing on account growth over a long time period.
- just thinking about how much money you will make
I’m pretty sure you can relate to some of the above, there are many more I could have mentioned. But the point is to remember, to succeed you need to be consistent and avoid these types of emotional errors. To help you further with your trading and emotions when it comes to making money in Forex trading, check out another trading article by clicking here.
5. Learn to trade naked: being the biggest trading edge of all!
The biggest issue I see most beginner traders do, is turn to Forex indicators to trade with. Not all indicators are bad, but the majority will cause you to end up becoming frustrated and having losing trades after trades at times.
In fact, find out why I believe Forex indicators are staling your profits and why moving to a raw price chart can change your life forever by clicking here now.
Now..I'm not saying for you to literally trade naked, but learning the skills you need to trade a raw naked price chart will turn you into a more confident and consistent trader. So go ahead and remove all of those indicators on your charts RIGHT now, go on do it!
Yes I've do it! good choice, now you're on your way to learning what the real Forex trading secrets every trader should know are all about. Trading a raw price chart will change the way your mind works, you won't be waiting for this indicator to do this and that to take a trade.
The most logical way to trade using just price is with a swing trading system.
But first, what is swing trading ?
Swing trading is a style of trading that can be performed on the 4-hour and daily charts. It is focusing on the bigger moves made within the markets. Here a trader that trades with a swing trading system takes advantage of huge trends and the momentum in the market. And in doing so is able to ride immense trends.
Swing trading is also much more accurate with being on the higher time frames. Where you are going to find the hit rates are much higher than if you was day trading on the lower time frames. This then means you don't need to cope with big amounts of noise that 5-minute and 15-minute charts have. Trading with a swing trading approach, the picture is much clearer and easier to analyse.
Not only this : But swing trading also takes much less time! In fact, even if you have a day job you can swing trade with no problem, and can look at the charts only once a day! This gives you the trader a huge advantage with using a swing trading system. And is going to allow just about ANYONE to do swing trading. To find out more on a swing trading system, then check out a trading lesson I recently made all about applying this technique to your trading clicking here.
Once You Have the Right TRAINING...Anyone can do this!
If you can see the benefits of becoming a naked trader, then I suggest to start by taking a look at the 6 crucial steps it takes to becoming a true price action trader and finding success in trading through raw price by clicking here.
Do you want other Forex trading tips like my Forex trading secrets every trader should know. Then click here now for more Forex trading tips.
Click here for more trading articles