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Professional FOREX Trading

If you want to make money at FOREX trading, you need to treat it as a serious business. The serious business owner has a plan, knows his market and also, knows his competitive edge which will help him beat the competition. Here we will show you, how to treat currency trading as a business and how to trade currencies like pro. Let's look at how do trade currencies like the professional traders do and see, how you can achieve long term profits trading global currency markets.

Learn to Trade Currency Like a Pro

You need an education in the market and you need to learn how and why prices move, the different currency pairs you can trade, the impact of pips and leverage, different forms of analysis and from this research you can then move on to devising a trading strategy for profit. 

Work Out Your Competitive Advantage

The most important point to keep in mind is – while you can learn the basics of currency trading easily, you need to have a trading edge which will help you succeed. Every business has a competitive advantage which  allows it to out perform the majority of other businesses and in trading its the same – you need an edge over the majority of traders. Most businesses fail to make money, just like most FOREX traders fail do but with a little thought and preparation, you can work out a trading edge which can help you make profits with your trading signals - So how do you work out a trading edge?

Your trading edge is the part of your currency trading method which allows you to make profit when others don't. Every traders edge will be different and it can also be very simple – it doesn't have to be complex and a good example would be my own which is – being very selective in my trades and focusing on getting into long term moves which I have the patience and discipline to hold without banking early. You will find more info on how to get an edge on this site, it's easy to do but if you don't know what yours is you will soon join the majority of losing traders.

Dealing with Losses – Your Overhead

All successful businesses have losses – they know they are going to have them but what they focus on is keeping them small and focus on making there profits no only big enough to cover them but to exceed the losses by as much as possible to give them profits overall on their business.

In business your overhead is money you have to pay out or losses, examples would be – salaries, lighting heating, rent, rates and any other expense you have in running your business. With your currency trading strategy, you will also have losses and these will be, when your trading signals incur a loss which you will determine in advance with a stop loss order. The currency markets will not always give you conditions which your trading strategy can make profits from all the time. You simply have to accept this fact and take losses in these periods, the important point to keep in mind is they must be kept small!

Most FOREX traders simply cannot accept losses and being wrong, so they decide to let losses run and this fatal mistake, leads to their demise. Taking losses is part of any business and a currency trading business is no different. You just have to focus on keeping losses small and making sure your profits exceed them – it really is that simple.

While it sounds simple to do, most traders cannot do this but this is because they don't, have the mindset of a professional and the fact is letting losses run is the major reason FX traders lose money.  

Maximizing Profits

In currency trading you can win less than 50% of your trades and make money and to do this, all you have to do is maximize your profits. While this sounds easy to do, most traders have a problem  running profits and want to snatch it quickly and this is normally due to a lack of confidence in what their doing. You need to study long term charts of currency pairs and if you do, you will notice that the big trends can last for weeks, months or even longer and you have to have the discipline and patience to hold these trends and ignore minor pull-backs within the trend which cause other traders to bank profits to early.

The 80 – 20 Rule Applied to FOREX

The 80 – 20 Rule is one of the most powerful rules that successful businessmen and professional FOREX traders understand and the rule is very simple and it's this:

In business terms 80% of a businesses profits, are likely to come from only around 20% a businesses clients  and the successful business focuses on these clients in terms of trying to maximize income from them – so how does this rule apply to trading currency markets?

Just as the successful business focuses on the most important clients, the best FOREX traders only focus on the best trades and they ignore trading set ups which don't offer the best odds of success. Many traders want to trade all the time and feel that if there not in the market, there missing a profit opportunity but in terms of FOREX trading, the best trade a lot of time is no trade at all. All successful FOREX traders focus on only trading the best trades, just like the successful business focuses on the best customers.  The good news about the 80 – 20 rule is by making less effort with your trading signals, you can actually end up making bigger overall profits from your trades.

Update and Review Your Business Plan

Any successful business has a plan with profit targets which is reviewed regularly to see if profits are on target and if not what mistakes have been made and how the business strategy can be improved and your currency trading system should also be reviewed regularly. In terms of your business plan and your profit target be realistic – if you can make 50- 100% on your capital annually, you will build huge profits overtime with compound growth on your side.

FOREX is a Business  -Treat it as One and You Will Win!

If you want to trade FOREX like a pro you can and you will see that learning currency trading is easy but to enjoy trading success, you need to research the market, work out a trading edge and then execute your currency trading method, with confidence and discipline. Trading currencies like the professionals do is really down to, having the motivation to learn and the discipline, to follow a plan.

If you want to learn to trade successfully, learn the Basics of Currency Trading  first and then, get FOREX Training to help you devise a trading strategy and an edge for profit – Anyone has the potential to make money trading FOREX but very few see it as a serious business but if you do, you will soon be trading currencies like a pro and will be able to generate a great income trading currencies from home

 

Thank you for visiting our site, now discover our FOREX course RISK-FREE!

 

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