It has been the dream of many people to make money on currency trading, only few people turn their dreams into reality, and the rest people get their dream dashed in a bid to make money on currency trading.
The questions you need to ask are:
- Why do 95 percent of forex traders fail?
- How will one be successful in the FOREX?
Before I give the answers to the above questions, I would like you to know that though making money trading currency online has never been easy but it highly achievable.
WHY DO 95 PERCENT OF TRADERS FAIL?
95 percent of traders fail because they never saw making money on currency trade as a business that is why most traders out there have neither trading business plan nor trading business goal. If really you want to learn how to make money on currency trading then you will start with a concrete business plan, and stick to your plan until you succeed.
HOW WILL ONE BE SUCCESSFUL IN THE FOREIGN EXCHANGE MARKET
Life has general rules and principles and that is applicable to every thing in life forex trading inclusive. There are basically 3 tips on how to make money on currency trading and the tips are as follows:
You need a forex mentor, there are many people out there positioning themselves as coaches, trainers and mentors but the truth is that good mentors are scarce or hard to get. You may ask why? most successful forex trader are always busy analyzing the market, positioning themselves for good trading opportunities and for that reason may not have much time to advertise for people to come for mentoring. That does not mean we don’t have good ones around but you have to do your home work fine before spending your money in learning making money on currency trading from a mentor.
Ready to study, when I first jumped into learning how to make money in currency trading, I was told that as soon as I can open forex trading platform and can place a trade and exit then money will start rolling without control, but the platform proved me wrong not until I came in contact with the best mentor in forex trade who told me that making money in currency trade lies in my ability to study the theoretical aspect of the business. In fact, ninety percent of failure in online foreign currency trading is as a result of lack of the theoretical background in forex trade.
The theoretical background entails the following:
Studying the history and origin of forex market
Studying the history and origin of money
Knowing the fundamental factors that determine the strength of money
Studying and knowing the relationship between money and precious metals such as gold, silver and other natural resource such as crude etc
Study the purchasing power parities among countries of the world
Study the names and nick names of the major world currencies and their symbols.
Discipline, there is a popular saying which goes this way: you can force a horse to the river but you cannot force it to take water. Making money on currency trading is a matter of choice because you can be mentored by a professional but sticking to the laid down rules of success lies in you.
The discipline involves the following:
- Never be greedy while trading
- Choose a good trading time for you
- Calculate the amount of money you are willing to lose before trading
- Take your profit as at when due
Making money in currency trading not easy as claimed by online marketing wizards who never traded for once but with the help of a mentor and self discipline you will really make money trading in the foreign exchange market.