If you want to make big profits from currencies you need a Forex trading plan to lead you to success and in this article you will find one that works and is simple to follow. Let’s take a look at it.
If you want to make money you need to make an effort so there is no place in this Forex trading plan for cheap Forex robots or Expert Advisors which ALL lose money. You don’t get a life long income for a few hundred dollars and that’s a fact, you need to learn skills but this wont take you long and anyone has the potential to learn Forex trading and be successful.
1. Get the Right Education and Use a SIMPLE System
You don’t need a complex system, you can use just support and resistance lines and a few indicators and that’s it.
Forget trying to predict Forex markets it can’t be done, all you are doing is trading the odds so use a long term trading breakout methodology and you will do just fine. We have written about breakouts in our other articles, so look them up. You can learn a Forex trading strategy in under two weeks and you then set to make big profits in just 30 minutes a day.
2. Take Your Losses with Pre-Determined Stops
The key to winning with your Forex trading plan is to learn to take losses and keep them small ( these are your overhead) but as long as you run your profits, you will cover your losses and make a triple digit income.
Always place your stop as soon as you place your trade, never run mental stops because if you do, you will be tempted to run your losers. Keeping losses small, is the key to winning which leads me on to the most important part of your Forex trading plan:
3. Discipline the Key to Making Your Plan Work
It’s the key to success, to keep going through losing periods without deviating from your trading signals. All traders need discipline to win but most simply cannot accept being wrong, let their emotions get involved and lose – you must avoid this at all costs.
We are all emotional beings with egos and were all tempted to run losses and open to becoming frustrated when were wrong but always remember, your not out to be perfect, you just want to make money so trade with discipline at all times.
Why You can Win at Forex Trading
The key to success is the same as it’s always been – a simple, logical treading system executed with discipline and you can get discipline by learning the basics and having confidence in what your doing.
Anyone can learn a system but most traders cannot trade with discipline and always remember discipline is the key to success, because if you don’t trade with discipline, you don’t have a system.
So keep it simple, trade with discipline and your Forex trading plan, will make you a lot of money.