Trading
Forex - 8 Steps To Becoming A Winning Trader
by Nathan Pennington
FOREX
is a serious game. Play it with the pros
Online Forex Trading System That Offers A Complete
Foreign Exchange (Forex) Dealing Room Services
You're new to forex, or perhaps you're not new.
You're just not making any money. I know it's not comforting, but
you're not alone. As I'm sure you've heard, an estimated 90% of
traders lose money.
So, what are you to do about it? Hope and pray
that you're trading turns around? Buy any and every new trading
product that comes on the market? Just give up? Bury yourself in
heavy books about the physiology of trading?
There is a better way. Listed below are the eight
steps that will (guaranteed) take you from loser to winner if you
just work at following them exactly.
1. Get the idea of trading with real money out
of your head. You are not making money, so why would you continue?
If a vending machine took your money and didn't give you any product,
would you keep feeding it money?
Obviously not. The same rule applies with trading.
Don't throw good money after bad. Stop trading.
2. Buy a ready-made system that is proven to
do well. Beware! I did not say to just go buy any system, or to
buy an expensive system. There is a place and a time for expensive
(proven) systems. However, you do not need one as you learn to trade
profitably.
They are readily available. Don't let catchy
sales copy sway you into buying something worthless.
3. Study everything you can on the internet and
in books about money management. You are now in school. Learn the
system you purchased. Study everything you can on trade size and
risk. Realize that picking winning trades is easy compared to the
self-control of proper money management.
4. Demo trade the system applying sound money
management. Only now do you begin to trade again and only with pretend
money.
5. After six month (longer if you're not profitable
yet), start trading with real money. You want to trade as small
of an account as you can.
Do not get impatient! I know six months sounds
like forever. I have just one question for you? Do you want to lose
money?
6.If you are not trading profitably with real
money, then start looking for a proven signal provider.
Evaluate your trading after several months of
real money. How are you doing? If you are profitable, skip to step
eight. Otherwise, continue.
7. Trade with the signal provider while you continue
to turn your trading profitable. Do not rush to pick a signal provider.
There are a lot of snakes in the grass. Ask questions in forums.
Talk to people. Pick someone with whom you are comfortable and who
is proven.
8. Their will come a time when you're trading
will become profitable because you don't have the burden of having
to be profitable (the signal provider is profitable for you). So
you will then find your own trading making you money as well.
You have made it. Congratulations! You are now
in the elite (and small) class of traders who consistently take
money from the market.
Nathan Pennington is author
of the (sold-out) forex trading book "The Rubber Band Method":
How to Trade Against the Trend for Consistant Profits.
His current website is http://www.moneymakingforex.com
which shows forex traders how to become winning traders.
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