Winning Forex: the 100k Challenge

October 17, 2009 by admin
Filed under Products

It was not easy but we did, $ 1k to $ 100k in both demo and live accounts. Take a moment to celebrate and then get to work. There was that long enough? Ok. Why some people do and others give up or just painfully failed? I shrink to several reasons. Hopefully you will be able to take these lessons out of this article and implimented them in their own trade. 1. More than 1% to trade trading. It seems a bit odd that the people who finally made the $ 100k only risked a maximum of 1% of their capital in the same office? Well thats what everyone who made it did. Commercial capital of this amount remains in the game if the running time on a losing streak in the market. This is a vital piece of information to remember. Despite its benefits will be lower then the risk of a person who, for example, 10% to trade long-term ability to stay in the game is much larger than the operator of 10%. 2. Trade more than 3 major currency pairs at a time. No way around it, sometimes Forex market can be a risk and volitile. Saturates the Internet Information on all major currency pairs. Conservation track more than 3 currency pairs often leave the merchant in the paralysis of analysis. Personally I only trade 2 adults and keep abreast of them. Being a teacher of 2 pairs of currency is better than being a jack of all pairs and a master of none. 3. Being lazy and not constantly learning. People change, and markets on the basis of people change with them. Forex changes all the time, which is a favored currency, which can not be changed for every week. My point here is not only trade in the news, my point is that people succceeded in making the $ 100k always shaprpening skills. This market can make you filthy rich, why wouldnt you spend time learning everything I can about it? I can never understand the new traders to read some books about Forex and I think he has completed his apprenticeship. If you want to make money with Forex remember this, the cost of forex trading is the capital and learning. 4. Only focusing on a time frame. Last but not least here is something you probably did what all new entrants. But the sooner you kick this habit the better. Let me give an example. If a daily chart shows a reversal of the upward trend, but in a 1 minute chart is showing a strong start of an upward trend, if only focused on 1 minute chart that is going to lose a lot of cheddar. My point here is simple, keep an eye on the big picture at all times. Use 2 -3 different period of time cards for a big picture and then use 1 to make its decision to trade. Remember that the Forex market has no favorites. Learn to trade smarter and profits will follow.

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