Now this can be one of the most useful articles you read if you also want a slice of the cake but have no easy way to keep going further, especially when you have seen multiple failures, have experienced enough frustration, helplessness , lack of support everything. You tried the charts up and down, traded with the trend and also against it, you tried Fibonacci, you tried Elliot, you tried channels. You tried everything under the Sun but…, You also tried taking tips but they don’t work, do they?
Forex trading of-course is all about knowing the market movements, knowing your trade set- ups, knowing your risk-management but most of all; it is about knowing your mistakes what led you to your failure, mostly psychological. Everyone has a different temperament, everyone has that greed, everyone has that impatience and bla bla but who cares, show me Money, the color of money!
Ok Guys, it’s true that you can make a living out of Forex trading as long as you have a system in place. Now this is the first thing you need to develop, your own prototype system. However, there are rules to it and nobody’s going to teach you these rules, no books, no colleges, no hedge funds gurus. It’s you and only you who can design that system which meets all your criteria which can include profit-making, easy profit-making, quick profit-making, big profit- making, this and that. If you really trust those websites selling those $50 and $100 trading systems, trading methods, trading strategies and God knows what not, then I suggest that you keep away from trading. I own multiple great systems but I don’t think I would ever want to sell it even for a Million dollars. Why, because this is my brainchild, my creation and it easily is the best in world. With that behind me, I can tell you nobody, nobody will ever sell his trading system to you no matter what! Stop being gullible and stop trusting websites and people, that’s the 1st step to finding your way to making a living with Forex trading.
2d step of course is to spend some time with charts and set your rules to your chart set ups, find your indicators that give you comfort, set your trade timings and your workstation in place where you are going to trade, backtest your system and go Live. Be involved with people and help them in their cause as Forex trading itself is a very selfish discipline. Once you have considerable success, just go, and join a Hedge fund for they have some serious money to give to you to trade, with no liability whatsoever. Of course, another important element of trading is the Health effects as it disturbs your Blood pressure levels, your pulse rate and everything. Trading, irrespective of the success you may have behind you, can also have a psychological effect as here you are dealing with uncertainty, that element of 1% uncertainty will always be there like a hanging sword, so be sure that this doesn’t affect your relationships with family and friends.
However, with the time, I have realized that there’s no point making your systems and then spending N number of hours with your computer every day. You may enjoy making money for some initial days but it definitely takes a toll on your mental happiness and daily discipline. So why to not leave the analysis part to some proven professionals?
With the time, lot of free but very well-proven signal-providers have come up online. The mirror trading websites like Zulutrade are only some of the examples where you can not only find a list of very good traders but also see everyone’s trading history, trading style, trading results and all such factors that can build up your confidence in their abilities. Find the best ones, spread your investments in each and sit back, relax, reap the benefits.
While choosing your signal provider, just see that they have a minimum of twelve months of active trading-activity recorded. Make sure the ones you select always use a stop-loss and have a win-rate of over 75%. Make sure that their average trade-potential is over four times the spread, meaning a minimum of twenty pips on a trade. The best systems are those that close the trade in less than twenty minutes, either hit TP or hit SL but it’s not a good Idea to hold your positions overnight, not because there’s considerable risk of a sudden overnight movement but because it is going to disturb you evening discipline and morning moods. Similarly, spread the risk over many traders so that some can compensate for the failures of some. Remember, there is always room for Human error and that can come to anyone, anytime. Hence, spreading your portfolio over many good traders and also over many Mirror-trading websites is a good precaution. Similarly, be reasonable in setting your targets where the aim behind trading should only to be to beat the bank and not extraordinary riches. Don’t look for traders who amass huge profits while trading demo accounts on these mirroring websites as they have a short span of life. Remember first rule of trading is protecting your capital, profiting is only second. If you want riches, then create a reasonable record of your trading and go join a Hedge fund but never aim anything more than 10% profits a month.
You can also make your own Brokerage firm or IB websites just to add some extra action to your involvement in Forex. You can also do some training seminars sometimes as I do where I teach the beginners the basics of trading. Some forecasting, consultancy and Forex article writing also goes along; depends what you like doing the most. All this is fun; remember Forex has something to give to everyone. It does take money from most of the traders when they lose initially but eventually places the person in just the right place, with just the right role, a role that suits him the good, that thrills him the better, that pays him the best!