How many Forex traders desire good, consistent gains? Of course, we all do right? The answer is an overwhelming , "yes." Well, the question comes up, "Why is it that so many traders lose all they have?" I am a straight up kind of person. In turn, I like people to be the same way toward me. So let me get right to the point. Here are the 5 ways to make a living trading Forex.

Just prior to that, allow me to explain a little about who I am. I lost a great deal of money in the market when I did not have a great deal of money to lose. In the end, I walked away with just 25% of what I began with a year before. Sound like the kind of person you want to learn from? Read the rest of the story! I took a break and observed from the side lines. Slowly, I began to objectively assess what went wrong. The funny thing was things turned around for me pretty quickly. My strategies were clear. I noticed how fear and greed had a major impact on my Forex trading. Over time I accumulated the funds to get back in the Forex market and this time I was ready to go. As the old saying goes, "The rest is history." I am now doing very well and winning is the exception rather than the rule. Can you make a living trading Forex?" The answer is, "Yes, you can make a living trading Forex."

Let's check out why my Forex trading turned around. Let's look at the 5 ways to make a living trading Forex.

I never lost my hunger.

Yes, determination is a big part of the success recipe. A person that refuses to give up is a person bound for victory!

The Art of Perseverance.

Determination is vital but you will take some losses on your way, it is extremely important to stay positive and never stop believing in yourself.

Mistakes are Learned Lessons.

Only the unwise and foolish keep repeating the same mistakes.

Keep Perspective While Taking a Time Out.

The time out enabled me to look at my strategies objectively and modify it for the future. This is very important. Staying unemotional and looking at what went wrong was huge.

I found a Really Good Trading Platform.

The most important aspect in Forex trading. If you want to do well on the Forex market then you need a reliable, trading platform. I look for a trading platform with no hidden costs and competitive spreads. If you want a really good trading platform that allows you to start trading with as little $50, gives live quotes (real time) and requires no software or downloads, click on the link at the bottom of the page. I think you'll be glad you did.

Good luck trading and remember the only thing standing in your way is you. So get out of the way and trade.

__________________
http://ezinearticles.com/?Learn-The-...tem&id=2533201 | Learn Forex

Nice article.
If you are into the Psychology of trading, I recommend 'Trading in The Zone' by Mark Douglas. One of the best books about trading - a must.

Thank you, Trading in The Zone , amazon have it for sale?

__________________
http://ezinearticles.com/?Learn-The-...tem&id=2533201 | Learn Forex

If you a Forex trader wondering how to increase your profits and expand the horizon of your success but unable to understand the reason why you are not able to do in spite of your greatest efforts, you are not alone. It’s a staggering reality that many traders continue to lose money in spite of their most serious efforts. Well, there’s a way out.

I stayed hungry. That’s right. Determination and a killer instinct honed is a recipe for success. You give me a person that will never give up and I will show you a person that is bound for victory. Period!

Perseverance. Never giving up. Hunger and determination is very important but you will take losses along the way, it is vitally important to stay encouraged and keep a positive psyche.

I learned from my mistakes. If you stay determined and never give up but keep repeating the same mistakes you are a fool.

I regrouped and kept perspective. As a result I was able to analyze my strategies and tweak it for the future. This is incredibly important. It helped to stay unemotional and as a result I was able to do what I knew needed to be done.

I found a coach. The single most important aspect in trading. If you want to be great, hang around great people. Plumbers need On The Job Training. A home builder has journeymen that learn the trade before they can go out and do it themselves but for some reason we think trading prospers with isolationism. If you can find a proven and actively successful trading coach, pay the price. In the long run it will save you tens of thousands of dollars, believe me.

good article!

Nice read, thanks for sharing!

__________________
ForexExplore.com -Forex brokers reviews and rating.
Forex Blog-All forex secrets in one place.
ForexVote.com-Forex guide to brokers, bonuses, promotions and competitions.

Just some thoughts on how I have managed to develop a system that is actually making some money for me eventually, it has taken some years.

I was introduced to forex trading by taking one of those thieving courses, what I have realized is that nobody is prepared to give you a system that you can follow, they all want you to learn for yourself. This is probably because they don’t have a system that works anyway and they just want your money.

You have to develop your own system some how.

For me manual trading was way to stressful and I lost money, so I always knew that I had to find a way to fully automate the process.
Also testing and developing a manual system is just too difficult and time consuming to ensure it has performed consistently in the past.

Even if you manage to find a system that works, unless you have nerves of steel most traders may be able to follow their strategy for a while but as their account grows so will stress levels until their emotions cause them to deviate from their system (well that was how it was for me anyway). You also have to be watching the screen all day, if you have a job it is impossible.

Below are some of my thoughts about getting closer to trading for a living (just my opinion):

Find a successful strategy
• It should be based on some simple logical pattern that will continue to be repeated into the future.
• It should be tested on history data with results that are as close to live trading as possible. The prices that would be used in a live trade should be the same as in a historical trade. For example using stop orders will normally guarantee the entry price.
• It should perform consistently on historical testing (at least 5 years), some people don’t consider back testing to useful but if it does not perform in history how can it be expected to perform in the future. Also then you can be confident that the system can handle changing market conditions.
• Consider applying the system to more than 1 currency pair in order to reduce the drawdown risk while maximizing the account growth by applying money management rules that limit the losses. I find this helps smooth out the equity curve rather than trading one pair. I use excel to test different risk scenarios on historical data to understand the possible effect on the account and decide the optimum mix of risk to apply.
• Surprisingly the system doesn’t need to have a high win/lose ratio to make money, even 50% is fine. What is important is the winners must make much more than the losers.
• I think a system can realistically make 10% to 20% per month with an account drawdown between 20% and 30%. As long as it’s consistent. To make a living you need a big enough account balance to generate the income you need. You can’t expect to make $2000 per month with a $2000 balance it would need to be more like $20000 otherwise you would have to take unnecessary risk.

Find a broker
• That is regulated and you can trust.
• That offers unlimited demo accounts that don’t expire so you can test your system properly.

Set up for auto trading
• The system must be set up so that it runs 24 x 7 with minimal interruption
• Look at using a VPS or set up on a managed server, using your home PC could be more risky with power outage and other interference.


Demo test
• Demo test the complete system for as long as possible and compare trades to the strategy tester so you can become confident that it is performing close enough to the historical results.
• Iron out any programming errors you may encounter.


Live test
• Open your live account with a small balance for testing live.
• Compare your live trades with the demo account to ensure things are running smoothly and as expected, you will find live trading results are slightly different to demo.
• Be patient, you have to give yourself the best chance of success and rushing things could hurt your chances.

To add....
there are some basic principles with regards to technical trading the forex market that simply aren't going to change.

I love trading strategies that include those principles like filtering out the noise of price movements using moving averages or Heiken ashi candles.
Another example is using trendlines, pivot points and support/resistance.

I like trading during UK and US(morning) market cuz that's when the price really drives in a direction and doesn't wander.

patience and controlling greed and fear will guarantee you success.

__________________
www.LiveTeamTrading.com
The FIRST LIVE Team trading Network Community for FOREX TRADERS! Ask me about Getting an Invite!

Another way to make money is to apply God's grace.
Know when to avoid markets and know when to be inside.

If you treat certain aspects of market behaviours as unrighteouness,
apply God's grace can save you from going into wrong trades. Give it
a try, it is worth more than millions of fx books you will ever read.
You can get this idea for free from my new ebook which is free
"AVOIDING MARKET WHIPSAWS BY THE GRACE OF GOD"

__________________
Avoiding Market Whipsaws by the Grace of God - Free Ebook to download!! Click here to download