subject: 3 Important Keys To Making Huge Profits In Forex Trading [print this page] 3 Important Keys To Making Huge Profits In Forex Trading
The forex market is a market with high potentiality for profits. However, only about 95% of forex traders are truly making huge profits from the market, while the remaining 5% are either making peanuts as profits or worse still, they are making losses. There are three basic keys that are responsible for the huge profits being made by the 95% traders in the forex market. It does not matter whether you are a novice or an professional forex trader, these factors must always be at the back of your mind whenever you are trading forex.
I want to reveal to you the three key secrets that have not only prevented me from losing money in most cases while trading, but has also been responsible for my huge forex trading profits.
You Must Have a Trading Plan: A lot of forex traders who wants to earn big profits usually make the mistake of trading forex without having a trading plan. One of the secrets of every successful forex trader is that they plan their trade before they ever place any trade. It doesn't matter whether you are a day trader, swing trader or just scalping the forex market, you must cultivate the habit of planning your trades.
It is not enough to have a definite trading plan, you must also be disciplined in trading your plan. If you plan your trades without actually trading your plan, this would be an effort in futility which would only lead to confusion and eventually, losses. If you must be a successful trader, then you've got to stick to your trading plan.
You Must Avoid Being Greedy and/or Fearful: One of the major reasons why most traders including experienced traders are making losses in the their forex trades is Greed. You must you must learn to overcome greed and fear while trading. So many forex traders do not make as much profits as they should because they close their trades too early as a result of fear. While others are not disciplined enough to close their trades once they have hit their set target for the day or for that trade. In most cases, the trade turns against them and they find their profits turning to losses before they are able to close them in.
You Must Have a Trading System That Works: In as much as it is essential to have a trading plan and also avoid being greedy of fearful, you must of necessity have a trading system that works. Your trading system should be able to guide you as to whether you should buy, sell or stay out of the market. This is one of the reasons and benefits of using a reliable forex trading system (a system that analyzes the market and gives profitable trade recommendations). I usually place trades based on the signals sent from a reliable trading system which has proven to be profitable for the past 1two years. It's an indicator which I inserted into my trading platform that gives me trading signals and alerts. I like using it because it is manual and it makes me feel like I'm in control of my trades. It is called the Black Dog Currency Trading System.
