theirkidding.com

What you need to succeed

First you need to be mentally prepared so if you want to be successful.

Don’t use borrowed money!  Only trade with money you can afford to lose.

• Use a demo account to practice don’t use your own money to learn. Wait until you have gained enough experience and then start using your money, gradually increase your investment in each trade. Note you should never risk more than a set % of your capital on each trade.
• Learn from your mistakes: every time you lose on a trade you should carefully examine what where the factors that led you to lose. You are not failing if you lose money on a trade it is something that is going to happen when you trade in the Forex market. The only way you will fail is if you keep making the same mistakes over and over.
• Work to a plan don’t give up too early, as soon as they lose some money many learners quit, believing that this is just a waste of time. Learning takes time and you will make mistakes that cost you money, but if you stick to a good plan and learn from your mistakes you can make money.
• You can’t work to a plan if you do not keep records so record your trades! Wins and loses keeping a record of every trade will help you develop your own profitable strategy.
• You must work to a stop loss policy, money management is a very important skill. Don’t risk wiping out your whole account. A lot of experienced traders say that the real skill is not making money it is learning how to keep it.

Ok when “YOU” are ready you also need

An honest broker that is happy earning their money from the spread they get for each trade, their commission if you like.

A system that get better than 50% winners and takes the emotion out of the trading!

I tried several auto trading systems, some that only cost a $100 dollars and others that cost me over a thousand.

The real cheap ones could get a 50% or better winning trade result but only in certain market conditions. If the market was not working the way they assumed, I would lose (I was only using demo accounts for these, I have learnt a little bit since I started trading Forex) and all the gains made would disappear.

The systems that cost a lot more where complicated you had heaps of settings that you had to adjust depending on things like, time of day, market trends- steady market volatile market, the currency pair that you were trading,European or Asian session etc etc.

You getting the picture? You need to be an analytical person or plainly put a rocket scientist to get it right. I not either of them so I had to find other ways.

These days I know what I am looking for:

· An automated system, to take the emotion out of it.

· A money back guarantee, if they don’t have one then they do not believe it works, so why should I.

· An honest broker that works with the system, it not much good having a system only to find out your broker can’t or won’t support it.

· A broker that has reasonable spreads, the commission the broker gets on each deal. If the spread is to much it is hard for a lot of systems to make money.

· A broker that does not deal against you ie you win he loses, you lose he wins. Guess what happens in this situation.

When you drop a few thousand on Forex courses and systems and then a few more on Forex trading, it prompts a lot of soul searching. So save yourself the agro and learn from the mistakes others have made, you do not have to make them yourself.