October 20th, 2008

Time And Dedication

Written by forex | one

Topics: Emotions, Inside The Trader's Mind, Trading Tips

There are many things you need, to be able to trade the forex market but there are two things that are a must before you will have lasting success.  These are TIME and DEDICATION.

You will start to develop good trading skills once you put in the proper amount of time and decide you will never give up until you learn to trade the forex market.  Once you have mastered the forex market it beats any other job in the world as far as pay and freedom goes.  You do not need to trade long hours to make money in the forex market.  Once you have determined your advantage in the market which is your trading strategy to be specific, you just need to trade a few minutes a day in the larger time frames, 1 day and 4 hour time frames. Now with the power of compounding you can grow your account.

Then the next most important thing is to be consistent. If you feel fear when you are trading then you need to reduce the amount you are risking per trade.  Make it less than 2% until you gain consistency and have little to no emotion in the trade.  Keep in mind that you are learning a skill that will provide you with income and wealth for the rest of your life.  A doctor did not get his knowledge and skills all at once or in one or two years.  It took a lot of time, study, and practice to develop the proper skills.

By doing something over and over you will start to do it without thinking about it.  It is the repetition that will fine tune your trading skills and take you the next level in your trading.  To develop your skills quickly you need to do simulated trading, demo trading, visualization trading along with you live trading.  Perfect practice makes for perfect trading.  Treat your simulated trading, demo trading, and visualization trading as if you were trading with real money.  Learning to trade can be fun, and frustrating at the same time but it is worth it if you do what it takes to succeed.

Now make a list of the things you will need to do to be successful and follow the list.  We will not give you the list here.  We will give it to you later so you can think of what you need to do. Have fun and practice disciplined trading.

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