Let me begin by saying that if you want to get into forex or currency trading online, DO NOT begin by buying a guide or a training course.
Too many low-life’s out there pander to the uninformed by selling them overpriced guides and manuals, sometimes for a few thousand dollars each.
A forex mentoring course can be a good option once you know the basics of forex and want to hone your skills, but there is just so much good information available on the internet for free that you could literally become an all-star trader without paying anything for education.
Today we are going to talk about the way you need to think if you want to be a profitable forex trader.
I consider myself to be pretty profitable when it comes to forex trading, and my first banking internship on the Foreign Exchange floor was when I was 16! (I was the youngest intern they ever had!) I got hooked on trading, and have been doing it ever since.
One thing that is really necessary to your success is to READ. Alot! The more you know about forex trading, the easier (and more profitable) it will be.
You want to know the mechanics of the forex markets from the inside-out. I’m not going to spend time discussing the practical aspects of the forex market, as you can and should discover this though your own reading.
When you begin to get comfortable with your knowledge of what this market is, how it works, and how to place successful trades, you are in a position where you can feel confident in your trading abilities.
The most important thing that the successful currency trader possess is the ability to separate his emotions from his trading. Confidence in your trading abilities is one important aspect to being emotionally detached from your trades, and the other aspect has to do with the way you fund your live trading account.
Make sure that when you put money into your live forex account, it is extra money that you do not need to survive and could afford to lose. If you are trading with the money that you need to pay your car insurance, your trading will be highly emotional and likely to fail.
In a way, this is kind of ironic, because I’m sure you’ve heard the saying that 9 out of 10 of new traders fail. Well, traders that CARE and are highly emotional about growing their forex account are the ones that lose their shirts, when the traders that DON’T CARE and have no emotional attachment to their trading make most of the profit.
That’s the irony: The less you care about making money in the forex market, the more money you tend to make!
But also realize that you are not ‘not caring’ out of negligence (pardon the double negative), but rather because you are so confident in your trading abilities that you KNOW that in the long run you will always win.
To the successful currency trader, trading is not so much about making money as it is about collecting pips in their trading account!
Profitable forex trader’s also tend to develop and follow their own trading systems. Finding or creating a certain system and trading within it is also important to successful trading.
My personal trading strategy that I have developed is something that I call Forex Surfing, and you can read more about it on my site, http://TheForexSurfer.com
There is also a large collection of free forex ebooks and trading resources at my site as well, just click ‘free reports’ or ‘free resources’ at the top!