Many people want to get rich trading forex and there is no doubt it offers the potential to do so but most fail. So is it possible to get rich trading forex? Absolutely - but you need to keep the following in mind before you try it. When you read a lot of the material about forex trading writers almost consider profits as an after thought and stress the risk above all else.
Well of course forex trading is risky we know that already but with risk goes reward. Risk also equals opportunity. Your aim is to take calculated risks at the right time and profit from them. In trading legend Richard Dennis set out to prove anyone could learn to trade and be successful even if they had no experience - in two weeks he taught a group of all ages, both sexes and of varying degrees of intelligence, to trade and then gave them accounts.
So how did they do it? Dennis realized that anyone can learn a method - but you must also be taught to understand why the method works, so you can trade it with confidence and discipline.
A simple equation for this is: You are responsible and need to have confidence in what you're doing and then have the courage and conviction to take risks at the right time. Here are some simple points to keep in mind when constructing any trading plan. Get a simple robust forex trading method you can have confidence in Forget complicated methods simple systems work best as there are fewer elements.
Trade lightly Focus on long term trends the big ones that yield the big gains. These only come around a few times at month at best but profits have nothing to do with the amount of times you trade. You don't get paid for effort in forex trading you get paid for being right. Trade breakouts Don't bother trying to "buy low or sell high" buy breakouts from new highs or lows it's a fact that the majority of big trends start from market highs NOT market lows.
There is nothing wrong with taking calculated risks - if you want to get rich in forex trading it's a must. Don't bank early Accept that you are going to have to take dips in open equity to catch a big profit. This means having the discipline to hold and have the courage of your conviction. Forex trading is essentially simple, anyone can learn the basics - the hard part is knowing when to take calculated risks.
Forex trading is as much mindset as method. You will only make money, if you have courage, conviction, mental discipline and an ability to be cool under pressure. You can't buy success from anyone else, it's all on your shoulders and how successful you will be, will depend on how you apply yourself and how you deal with risk.
The fact is anyone can get rich in forex trading - but few have the mindset to stand alone and have the guts to take calculated risks and hold long term trends. If you have the desire to make money, your halfway there - as you're likely to work in the right way, to make forex trading work for you. Forex markets don't defeat you can only defeat yourself. The opportunity is there but it's up to you to make the opportunity work for you.
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