By Edward Lomax
Trading Forex is an exciting prospect. The potential for money is huge and the trader’s lifestyle that frees you from the 9-5 grind is very attractive. And as long as you have a computer and an Internet connection you can get involved. But are at home Forex traders preparing themselves properly for success in Forex trading?
Most New Traders Are Taking A Knife To A Gun Fight
You don’t need to be hired to trade Forex or trade for a bank. You can trade with your own money and from your own home. But don’t forget that you are trading the same markets against the big players. So, you need to take your trading seriously and prepare yourself by treating your Forex trading as a serious business.
Imagine going into and asking for a job as a currency trader and when asked for your experience you say, “I learned a MACD system off a forum on the Internet”. Do you think you are going to be hired? In my opinion, if you get into the currency market with such limited preparation, it is like taking a knife to a gun fight, you don’t stand a chance.
Learn Forex From A Professional With Real Experience
Who you learn Forex trading from is very important. You absolutely must learn from a REAL Forex trader willing to show you how to trade based on real experience. Even as an at home Forex trader, you should look toward the pros for proper trading advice. Since you are going to be trading the same markets as the big bank players, the best thing to do is learn from someone with experience as a bank trader, or someone who worked for a broker.
If you get training from a true professional, you’ll need to let go of previous beliefs and training. If you are still not successful, it is probably because what you learned is not working. So, you don’t want to hold on to your previous beliefs so tightly they end up sabotaging your training under a pro. Try to focus on the system and strategies the pro teaches and retrain yourself to trade.
Trade And Use The Tools The Pros Use
One of the biggest differences between at home traders and professional traders is the tools they use in their trading. Every trading platform comes with a whole bunch of indicators. And there are tons of custom Internet floating around out there. But these public indicators have one major flaw, they lag behind price. It is like trying to drive your car by looking in the rear view mirror.
Most pro traders rely on price action and maybe a few indicators. They use proprietary formulas to find out where price is most likely to go instead of worrying where price has been. Where is price likely to go?”, is the most important question, not “where has price been”. This is one of the most important parts of this article. Pro traders are more concerned with where price is going than where it has been and is the major difference in how pros and home traders trade.
If you want to succeed as a Forex trader, you need to start thinking and trading like a pro trader. You need to find a pro trader to learn from and be taught the REAL way to profit as a Forex trader. Even though you are trading currency from the comfort of your own home, you still need to trade with a professional edge.
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Topics: Currency Trading | Comments Off
MLA Style Citation:
Lomax, Edward "Do At Home Forex Traders Need A Professional Edge?." Do At Home Forex Traders Need A Professional Edge?. 23 Jun. 2010. uberarticles.com. 28 Dec 2014 <http://uberarticles.com/finance/currency-trading/do-at-home-forex-traders-need-a-professional-edge/>.
APA Style Citation:
Lomax, E (2010, June 23). Do At Home Forex Traders Need A Professional Edge?. Retrieved December 28, 2014, from http://uberarticles.com/finance/currency-trading/do-at-home-forex-traders-need-a-professional-edge/
Chicago Style Citation:
Lomax, Edward "Do At Home Forex Traders Need A Professional Edge?" uberarticles.com. http://uberarticles.com/finance/currency-trading/do-at-home-forex-traders-need-a-professional-edge/
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