By Edward Lomax
A lot of at home Forex traders think consistently profitable, pro traders know a secret that makes them more successful. And they think that if they only had this secret trading method, they would make a ton of money like the pro Forex traders do. But the truth is, there is no secret and at home traders can learn how to be just as successful as the pros.
In fact, professional Forex traders are identical to at home traders. They need to learn how to trade the currency markets in a manner that is both safe and profitable. And maybe more importantly, pro traders are using other people’s money to make the trade… and their job and livelihood depends on being profitable.
Here are 3 things that pros do to be better traders than their home trader counterparts:
They Treat Forex Trading As A Business And Not A Hobby
Many at home Forex traders think trading currency is the fast and easy way to riches. They buy into the hype of Forex marketers and think with a small investment of $100, they are going to make millions by months end. Obviously, having this attitude gets the trader into trouble very quickly.
Pro Forex traders, on the other hand, take trading very seriously. They understand the Forex market can be unpredictable and wild, and therefore take measures to protect their investment and reduce risk whenever possible. At home Forex traders would be very wise to look to what the pros are doing when trying to trade Forex profitably.
The Pros Have Excellent Money Management
The pros protect their money at all costs, or they are out of a very lucrative job. This means they do not try to turn a small sum of money into a big one. They use a very small percentage of their balance and go after reasonable wins.
While they need to prevent losing their money, they also need to increase their balance. So, their money management plan is always walking the tightrope of reducing risk and profit making. This is a very valuable skill that must be learned before it is too late.
The Pro Traders Become Skillful
If you’ve ever learned a skill, you know it takes time. You just can’t pick up a golf club and hit the ball like Tiger Woods the first time out. And frankly, a lot of at home traders don’t want to take the time to learn the skill of Forex trading.
A lot of traders who try to trade Forex from home think there is a magic gimmick, system or robot that can make them rich overnight. Unfortunately, none of these options can be implemented without any knowledge of how the Forex market works, or what makes a profitable Forex trader successful. So, no matter how you decide to pursue your Forex trading, I encourage you to learn as much as you can from the pro traders. Remember, pro traders started out just where you are, and then did what is necessary to become pros and see consistent profits.
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Topics: Currency Trading | Comments Off
MLA Style Citation:
Lomax, Edward "3 Reasons Novice Forex Traders Lose To The Pros." 3 Reasons Novice Forex Traders Lose To The Pros. 21 Jun. 2010. uberarticles.com. 28 Dec 2014 <http://uberarticles.com/finance/currency-trading/3-reasons-novice-forex-traders-lose-to-the-pros/>.
APA Style Citation:
Lomax, E (2010, June 21). 3 Reasons Novice Forex Traders Lose To The Pros. Retrieved December 28, 2014, from http://uberarticles.com/finance/currency-trading/3-reasons-novice-forex-traders-lose-to-the-pros/
Chicago Style Citation:
Lomax, Edward "3 Reasons Novice Forex Traders Lose To The Pros" uberarticles.com. http://uberarticles.com/finance/currency-trading/3-reasons-novice-forex-traders-lose-to-the-pros/
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