International Currency Trading

By: Sonia Kristina

Could you make money at international currency trading? The answer is yes - but you need to understand a few key points as, it's a well known fact that 95% of traders fail. So let's look at the advantages and how to avoid the pitfalls and enjoy currency trading success...

Anyone can trade - but most fail and first you need to learn currency trading the right way and get yourself a solid forex trading education.

First avoid the myths and there are plenty of them, so here are some common ones to avoid.

- Day trading and forex scalping makes money

- Following a forex trading robot with simulated track record will see you win

- You can trade news stories

- You can predict forex prices

- You can earn a regular monthly income with little or no drawdown

All of the above assumptions are wrong so avoid the myths. Forex trading is NOT easy and as the potential for profit is so high, you wouldn't expect it to be easy. The good news is anyone can build a forex trading strategy for success.

Here are some points to put you in the right direction with your forex trading system

- Keep it simple as simple systems work best and have fewer elements to break.

- Learn the system don't try and follow anyone else. You need to know what your doing to have confidence

- Base your strategy on forex charts and use the reality of changes in price to execute your trading signals

- Do NOT trade news events, these are discounted immediately and your playing catch up

- De leverage sure you can get 200:1 but 10:1 is plenty for most traders - Over leverage destroys equity quickly as your stop has to be to close

- Base your trading strategy on breakouts to start. We have written on this frequently and it's a high odds way of trading

- Be patient! Only trade sparingly, the big high odds trades don't come around often so wait for them.

The big key to winning at international currency trading is having the discipline to execute your plan and this is built on confidence in what you are doing. You can't follow anyone else - you're on your own.

With the rise of electronic online trading we have seen a huge rush of naÃ?ve and greedy traders enter the market, who think trading is easy and the facts point to the opposite.

For the forex trader, prepared to get the right forex education and work smart with a disciplined mindset the potential is huge.

The world of international currency trading offers you the potential for currency trading success either via a good second income or a life changing income. Sure it's a challenge - but if you are prepared to work smart, get the right education and adopt the right mindset, you can win.

Are you up for the challenge?







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