5 WAYS TO BECOME A HAPPY FOREX TRADER

How to be a Happy Fx Trader

This is one thing most forex traders (over 95%) lack - Happiness in trading. Many keep running from one pillar to another in search of happiness in trading. I want to use this small space to provide you with the recipe for becoming a happy forex trader.

1. Money Management:

Never expose more than 10% of your accounts equity in trading.

2. Specific Entry and Exit Rules:

You need to have a decent trading system that points to you the very specific Entry and Exit Rules to follow before accepting any trade as high probability trade.

3. Choose Your Best Currency Pairs and Trading Plan/ Indicators Wisely:

Your trading system should give you clear selection criteria for both tradable currency pairs and best indicators for determing trend, confirmation and identifying overbought and oversold markets.

4. Avoid Over-Trading:

Know when you have reached your goals both in terms of projected profit or loss and number of trades per day, week or month.

5. High Turnover:

Becoming a trader of significance in the forex market is not in making a kill in onesingle trade or trading day, week or month. Many traders still do not understand this. With small profits compounded over one month to 12 month you can only imagine how rich you would have become over time. No need to be in a hurry. The power of conpounding is very great and that is what top professional traders, who are making significant impact, use in their favour. Remember, there is no oracle in the forex market. just a measure of predictability and ability to stick to the rules.