Forex Trading Review - What it Takes to Succeed?
- Author John Templeton
- Published April 11, 2009
- Word count 355
In this forex trading review, I will cover some of the most important things you have to do, to succeed in this business. Yes, if done right, forex trading, can be one of the most of successful ventures you will ever come across. If done incorrectly, it can cause a lot of heartache.
To begin this forex trading review, you have to understand the emotional aspect that comes with trading. I don't care who you are, you are going to have to get a hold of you emotions. For starters do not play with money you can't afford to lose. I'm sure you have heard that before, but it bears repeating.
You also have to expect that not every trade is going to be a winner. This may seem like common sense, but you'd be stunned to know how many traders can't get around this concept. They think that every trade is going to be perfect, and when its not, they just candle a loss. It clouds their judgment, and they become weaker traders for it.
Now, no forex trading review would be complete without also talking about how to actually trade (pretty obvious, right?). So what's my recommendation?
Well, I suggest you do a little homework and find out how most of the successful traders, that you strive to become, became successful. Some are great at the fundamentals, while others are great at the technical side.
Since the majority of home traders prefer trading with charts, then it's important to know about technical analysis. If you do your research, you'll probably find out two words that stick out a lot: price action.
Yep, most of the successful technical traders, don't even look at indicators. It's not important to them. It's all about price movement.
You can start today. Just pull up your basic price chart. Don't put any indicators on the chart, and keep your eye on the price. I bet you'll start to notice certain patterns developing.
I really hope you enjoyed this forex trading review, and you got a little more insight as to what it takes to make money trading forex.
John Templeton has been a successful forex trader after learning how to trade price action. In his course, he talks about how all that is needed to trade forex was on a plain chart with no indicators. Find out more about this kind of forex trading education.
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