How to succeed in Forex Trading

Five over hundred traders succeed in this business, what

differentiate those five successful from the 95 others is one thing, it

is the HARD WORK. Forex trading is not an easy business, and who

tells you that he can make you rich in one night is one of those 95.

Only one thing can make you a successful trader, HARD WORK, and

nothing else. Don't rely on other traders or advisors to help you, rely

and have confidence on yourself.

Don't begin trading quickly, the forex market will not go anywhere, it

will stay forever, give yourself 6 to 12 months of studies, analysis,

readings, practice and build your own strategy before begin real

trading, it will take a lot of time and dedication but at the end you

will reach your target.

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Strategy

I will not reveal my full strategy but I will reveal some techniques I

use which help traders in their trades.

My strategy follows the following tips and techniques:

1 — Discipline: Put criteria for your trades, watch the market and

only trade when criteria are met, if they are not met do not trade.

My program is the most disciplined trader, it takes care of all of this,

it monitors the market and only trade if only criteria are met, and

the second advantage of this is the elimination of the fear factor, it

enters a trade when it sees it is good to enter and fear nothing.

2 — Money management: It's the main key for good trading, I exit all

trades and stop trading for a specific day if I lost -60 pips, in the

other hand I put stop loss for my trades if I reached +25 pips profit,

in that case profit will not get under +25 pips and it has open target,

and all I have to do is go out and have fun.

3 — No trades for now: The most important thing in trading is

sometime not to trade, I take this decision after looking to my charts

and see that there is not enough volatility or there is no enough

reports will be released for today and it is better to wait until

market is more volatile. I advise traders not to trade during the first

days of the month, personally I begin trading at the first Friday of

the month when the "NonFarm payroll" report will be released.

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4 — Analysis: I use fundamental and technical analysis while trading.

Fundamental defines the trend of the market and the technical

analysis is used after the definition of the trend. I trade the news by

analyzing programmatically the released data for a specific report

and generate signals which are executed immediately on the trading

platform and forwarded simultaneously to my members.

Fundamental and technical analysis must be used together, if one is

used without the other this will lead to failure.

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5 — Technical indicators: In the forex market there is a lot of

indicators which are used by many traders. I use ADX, Bollinger

Bands to identify trends and volatility; RSI to identify an over bought

or sold and Moving Average to identify a signal. And the most

important technique is FIBONACCI, I advise traders to implement this

technique and use it to confirm trades.

Finally, I must say that Forex is not easy, and many times we feel

that someone is doing a conspiracy on us to take our money, but the

truth is nothing is impossible, and others successful traders are not

more intelligent than us and they are not genius from another

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planet, the fact is the more you work the more you become closer to

become good trader. Do not quit quickly because this business

deserves hard work and dedication.

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