Forex Options Trading – 7 Important Rules to be Successful in Forex Trading!

Harry — Tue, 13 Jul 2010 23:17:22 +0000

In this realistic world, to be successful in any trade or even in Forex Trading, you have to know the rules and learn to do it well. Learning Forex Trading is not like babies learning baby-crawl. it is more like babies learning of how to walk by the parent helping them by hold on their arms to balance up.

As a saying 98% of Forex Trader lost money on forex, yet only 2% success from forex trading. Why is that so? 2% of successful traders stick to their “golden rules” and will avoid all kinds of failure which others made. always learn from other people experience before starting out yourself. if you have ever went for a forex workshop or seminar, you will also realize that all successful forex trader has a past history of getting burned by trading forex too.

So start to follow these rules that had been set by the successful trader!

1. If unsure, ask for advice.

Before start trading, it will be better to trade with a group of friends where you can discuss it before making decision. Read up on books and forum to gather more information. always practice trading on free trial account before going live. the more you understand the system the better your potential to success.

2. Always start small. Greed Kills…

Trading Forex is risky by all means; even all gurus or banker can suffer from unexpected losses. the point is never be tempted to trade with more than you afford now or future.

3. The market is always smarter than you!

Don’t ever be emotion and rash in trading; assuming can be result to 75% loss. Treat forex market as a war zone. Be prepare for trading by analyze the market before going for war. “Study your enemy”.

4. Treat forex trading as a game.

No no kidding.. Maybe because of some winning trade, you might feel confident as in “over-confident” which can lead you to another disaster. Apply all training and stick to it.

5. Stop loss is a must

Never assume the market will turn around, always put a stop loss in all trades. Losing small percents is always better than losing 100 percents.

6. Disciplined matters

When you have found out your trading system, stick to it. Don’t even try to be smart by modify it. Modifying only apply in doing research and development time. or else just follow the rules.

7. Stay away from news

The most news affects the market movement, stay out from news and take yourself a break. after an hour later than you can continues trading as per normal. some traders like to during news period. all depend on the strategy that the trader using. Non direction trading strategy will always be in the market, no matter there’s news or none.

There are a lots of trading method and strategy out there like; chart analyses, fundamental, trending, moving average, candlestick, Non Direction Trading and etc..

Forex Options Trading — 7 Important Rules to be Successful in Forex Trading!

Success is a result of Failure: The Difference between a Successful Person and an Unsuccessful One

James — Fri, 04 Sep 2009 07:01:24 +0000

What makes the difference between one who achieves and one who fails?

“Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.”A famous man named Thomas Jefferson once said this and it is 100% true. Success is not easily accomplished; it takes hard work, time, and commitment. Something many of us fail to accomplish and as a result many don’t perceive. You want to know distinguish the difference between a successful person and an unsuccessful one. A successful person has goals and knows where he wants to be five to ten years down the line. An unsuccessful person has dreams and thinks maybe it will happen someday. One person will tell you what he plans on doing and when it will be done. The other will what he hopes might happen someday. Those are the two worst words you could use, Someday and Hope. For one, the word hope, it’s a sellout, you either want something or you don’t. Plain and simple don’t hope for things, make them happen. 99% of the time your extra effort can get that job, land that deal, accomplish your goals. If you believe it you can achieve it. The other word Someday is equally as bad. Without goals, and plans to reach them, you are like a ship that has set sail with no destination.

What it takes to be a Winner

A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses these skills to accomplish his goals. A winner has no fear of failing because they know success is only achieved from a string of failures. You have to take risks in life, that’s the only way to achieve what you want. That’s something many people fail to accept, they are to scare to accept risk. You want to know why unsuccessful people have dreams not goals? Because dreams don’t have a timetable. People are so scared of failure and don’t want to be accountable so they think that if they set a goal with a time table and the clock runs zero and they haven’t achieved everything possible, well to them that’s failure. The only difference between a dream and a goal is a goal is a dream in action. A winner makes commitments, while a loser makes promises. To achieve your goals you need to take on responsibility. To many people in life are followers willing to go in line with the same day-by-day process even though they disagree. You know what challenge that person or system and make it your goal to fix it. Hey, we all have dreams, however have you ever made a goal to achieve your dreams? Did you ever put a time limit on it or is it something in the back of your mind you continue to put off. The trouble with not having a goal is that you can spend your life running up and down the field and never score.

A Goal is a Plan of Action

The key to a goal is setting a time limit and a group of stepping-stones to help you reach that point. If you don’t know where you are going, you might wind up someplace else. For instance would you ever loan someone money not knowing when you will get paid back? What if the only answer the person gave you was someday I will pay it back. Well someday could be a long way away so would you invest? No never, if you ever want to achieve something in life you need to place a time limit on it. A set date of completion helps force you to take action and getting around to completing your goal.

Failure is the Key to Success

I can’t stress this more importantly the key to success is to not be scared to fail. Failure is required in order to succeed. You must have long term goals to keep you from being frustrated by short term failures. Talk to any successful person and I am sure they will have quite a few stories to tell you about their failures. In my short life, I have had many failures trading within the stock market. I can remember specifically buying Monsanto (MOS) at $95 in May of 2007. Well come July the stock was riding high at $165 and I felt good about the profits. However, foolishly I felt it would keep going up. What happens next? Well I go on a family vacation to Okoboji, don’t pay much attention to the markets and then come August I had to settle with selling the stock at $100. 2008 all together was a failure for my brokerage account but you know what? It has only made me better. Talk to any trader on Wall Street and he will tell you that he learns more on the losing trades than he does on the winning ones. I learned this recently on a cold call to Kenneth C. Griffin, the Founder of Citadel Investments, one of the largest Hedge Funds in the world. Unfortunately I was unable to talk to Ken personally yet was passed on to his right hand man and this is a key aspect he stressed. As a result I want to pass it on to all of you. This relates to all sectors of business, just remember failure is the key to succeed.

No related posts.

Stocks on Wall Street » Failure

Forex Options Trading – 7 Important Rules to be Successful in Forex Trading!

Success is a result of Failure: The Difference between a Successful Person and an Unsuccessful One