LUCKY Results in Trading

One thing I have learnt the hard way is that there is hardly any chance of having LUCKY results when trading Forex.  For many people, as soon as they enter a trade then the market reverses in the opposite direction.  To be ‘LUCKY’ and get great results one may consider the following methodology:

• Firstly you have to Learn as much as you can about Forex trading

• Then you need to Understand the methods and strategies you intend to use and how and why the markets move and then you have to be able to implement your chosen strategies and methods as if they were second nature.

• Next you must Check your results and adjust and tweak everything to what suits you and to get the desired outcome.

• Once you have done all the above, then you might begin to Know what you and the markets are doing.

• This repetitive cycle of Learning, Understanding and implementing, Checking and Knowing will begin to pay dividends and Yield tangible and positive results.

So remember:   Learn/Understand & implement/Check/Know/Yields

The best way of doing all this with the aim of becoming a consistently profitable Forex Trader is to:

• Start off by trading in a Demo Account and get familiar with all the tools etc.
• Learn how to, and then Back Test all your strategies over and over again, tweaking your system, especially risk and money management, as you go.
• When you have tangible results in your chosen currency pairs and timeframes then and only then should you start trading live, and then only in a Micro-Account.
• Once you have a consistently profitable track record of trading live in a Micro-Account then you can consider upgrading your account to a Mini-Account and if you do well in that then you might consider scaling up to a Standard Account.
• I would consider a reasonable track record time for any type of account to be anything from 6 months to a year and would encourage a year because the market changes in nature throughout a trading year and thus your results may reflect that.

·         So to achieve consistently profitable Forex Trading results you need to make your own ‘luck’ by doing the above and then you should get LUCKY.

Top Trading Tip:  Make your own luck and learn how to Back Test your chosen trading strategies and methodologies, analyse the results, tweak then retest and so on, this will pay dividends when you start to trade Live.

How To Become A Consistently Profitable Forex Trader - My View

Hi Traders,

One of the best ways to become a consistently profitable Forex trader is to do the following:

1. Take responsibility for your own mistakes and actions.
2. Be accountable to someone for your trading results.
3. Learn about Support and Resistance in all its guises.
4. Learn how to conduct Top Down analysis of a currency pair.
5. Get yourself a Forex Strategy.
6. Back test each and every Forex strategy or system 1000s of times before trading them in a live account.
7. Trade in a Demo Account before trading Forex in a Live account.
8. Keep a record of your trades (excel spreadsheet) and keep a Trading Journal noting your progress, your reflections on your trading and how you feel.
9. Take PC or laptop screenshots of your trade setups and  their progress to completion.
10. Learn to fully plan your trades in their entirety and then trade that plan.  Prior Preparation Prevents Poor Performance.
11. Adopt good money and risk management.
12. Find yourself a successful Forex Tutor or Mentor - this will be money well spent and will fast track your learning journey.  Attend their Forex classes/seminars/workshops and soak up all their knowledge.
13. If you have a run of losing trades - then stop trading, take a break and re-asses and note your findings in your Journal.  Put the problem right once you have identified it.
14. If you are struggling to find a trade then the market is probably consolidating, so go do something else!
15. Be patient and let the trade set ups come to you, don't force it.
16. Forex can be addictive so try not too let it impact upon other aspects of your life and don't sit there staring at your screen all day watching every pip movement.
17. When you do start trading in a Live account do yourself a BIG favour and start off trading in a Micro account.  If you blow it up you should be able to reseed it, you probably won't be able to do that in a Normal trading account.
18. Once you are consistently profitable in a Live Micro Account then start to scale things up slowly.  When you are ready (proven track record in Micro Account) move upto a Mini-Account and so on.  Trading a Normal account with Large Lot sizes is significantly different 'emotionally' to trading a Demo or Micro account.
19. Make sure your account is sufficiently funded. You should not be risking more than 1% of your account on any one trade and at a max total  of 3 - 5% for a Micro account, if you really must.  The point is when you make a mistake, if your account is sufficiently funded and your are controlling your risk, your account will survive to allow you to trade another day.
20. Use fractional money management to determine your position size based upon the number of desired positions, your account size and the Reward : Risk Ratio for that trade.
21. Do yourself a favour and employ a Stop Loss at all times (at least until you become a seasoned Forex Master and your strategy allows you not to do so, which you will have, of course, back tested!)
22. Network and link up with other Forex Traders and exchange ideas online - Skype is great for this. Trading with other like minded people is also a great way to learn as you swap knowledge, ideas and trade setups.
23. Enjoy the fruits of your labours.

That is just a quick overview of many of the essentials, if you want to know more then grab my free e-book which goes into greater depth.  I wish you every success on your Forex quest.

Martin
www.forex-crazy.com

Forex Trading Workshops London UK - 14th - 15th Feb and 16th Feb 2010

Forex Seminars and Workshops in London UK

We try and keep you informed about forthcoming recommended Forex Trading Seminars & Workshops in London UK:

Learn How To Trade Forex Here:

Forex Workshops in London UK - 14th to 15th Feb 10 & 16th Feb 10

BIG NEWS: Renowned Top Forex Trader Sunil Mangwani is coming to the UK in February 2010 to run 2 Forex Trading Seminars/Workshops in London including Live Forex Trading - he is brilliant!  If you really want to get on the right path to learn how to trade Forex or improve your trading then these are Must Attend events.  Sunil doesn't get to the UK very often so make the most of this opportunity.

14th - 15th Feb 10 - Basic Forex Seminar & Live  Forex Trading Workshop (2 Days)

16th Feb 10 - Advanced Forex Seminar/Live Forex Trading Workshop (1 Day) - Learn a complete Hidden Divergence Forex Trading Strategy.

To secure a provisional place click HERE and leave your details today, by doing so you will qualify for a months Free access to Sunil's Live Forex Trading Room on completion of payment. 

The cost of the 2 day Basic Forex Seminar / Live Forex Trading Workshop is just £399  - an absolute bargain!!  There is an early bird discount reducing the cost to just £349 if you register early, CLICK HERE for details on how to obtain your discount now!

The cost of the 1 day Advanced Forex Seminar/Live Forex Trading Workshop is £799.  There is an early bird discount reducing the cost to just £749 if you register early (by 31 Jan 10), CLICK HERE for details on how to obtain your discount now!

• IMPORTANT:  These Forex Trading Seminars/Workshops will be limited in numbers and will sell out fast so if you want to secure your place send an e-mail to support@forex-crazy.com with the heading 'Forex Seminars' and include you name in the text and we will send you the link to register.
  

  Sunil Mangwani is an expert on Forex Trading and is the course instructor.

To see the 2 Day Basic Certificate Forex Seminar content and details just   CLICK HERE  

To see the 1 Day Advanced Certificate Forex Seminar content and details just  CLICK HERE

TRACK RECORD – Trading 1 mini lot on the EUR/USD on the 1 hr timeframe from 1st January 2007 to 31st December 2008, the Advanced Certificate technique alone has banked 30478 pips and increased the trading capital from $10000 to $40318.

Our (Forex-Crazy) experience of these Forex Trading Seminars & Live Forex Trading Workshops is that you will also learn a lot more than the above and be able to bring real discipline to your Forex trading, by learning:

• how to identify low risk high probability trades
• how to plan the trade and then trade the plan
• when to enter a trade and with what position size and number of positions.
  
• when and how to scale out by taking profits at predefined levels for multiple positions
• when to let your winning trades run or when to close them out.

So don't delay, secure your provisional place today by clicking HERE and leaving your details or send an e-mail to support@forex-crazy.com with the heading 'Forex Seminar' and include your name in the text.

For more details on Sunil Mangwani:  click here

So come and join us and learn how to trade Forex like a pro!