Have you ever sat down to ask yourself WHY in the first place you want to Trade forex(if you are contemplating joining the market) or WHY you are Trading Forex(if you are already a trader).The flux of people in and out of the market in the past few years has been very alarming.The most painful thing is that so many came,saw but were conquered(Sad But True!).Has it bothered you to ask why is that every year most people wake up to a new dawn but still end up cursing each outgoing year simply because they did not achieve anything(in their thinking)? This ought not to be so. Forex Trading was introduced to us and we embraced it with high hopes.But for so many,their hopes have been dashed times without number not because forex trading has ceased to to be what we were told it was.No!The simple reason is that we have failed to do what we ougt to do besides thinking it is a Get-Rich-Quick Scheme.
In this article!i will show you One Secret that is going that is going to change all that and put you on the path of progress that guarantees you own forex Riches in 2009 and beyond.The secret very simple and i will advise you work it along as you read these lines.Now,pull out your writing pad or note book and pen.
First,write down your reasons for wanting to trade forex.How many WHYs have you written down 1,2,5 or 10? please,take this assignment seriously.Your WHY list may look something like the following:
1.I want to be financially free
2.I want to become desciplined
3.I want to conquer my fears
4.I want to a Leader that delivers great result
5.I want to provide adequately for my family and dependants
6.I want to give money to the cause i support
7.I want to increase my networth by over 1000%
8.I want to become more logical in my decision making
9.I want to associates with other successful and influential people in society
10.I want to build businesses with very strong financial base
Now go ahead and make your own WHY list for forex trading.Your WHY list may be different from the ones above.But do it right now.Go over the list you have made and pick one in the list that you know that is the most important to you,one that if you acieve now,your life will dramatically change.For example,if i choose to become descipline as my greatest or most important in the list it will mean that if i achieve that right now the rest will just be a walk over or will be easily achieved.For example,as a forex trader is very crucial to making lasting profit as a trader.YOU may wonder why i picked descipline among others in the list.The reasons is not far fetched;it is an area i have choosen to work on this year.It does not matter how sweet or though the market may prove this year i want to be consistent with my trading plan and consistently reach my set trading Goals each month and through the year.What's your trading descipline like?it does not matter how small,can you beat your chest and say that for the first half of 2009 that you will consistently make 400pips with 10% exposure and 1% to 3% Risk each month?my dear friend,this where descipline begins.Assume you get started with $3,000 this year as trading capital.
If you maintain a descipline trading approach of exposing only 10% of the account total per trade you will end up trading 0.3 volume or 3 mini lots per trade (this is on the assumption that 0.1 equals $100).that will also mean that your stop loss will be a maximum of $90 per trade.what this implies is that you have to look at the risk area that affords you luxury of placing stop loss at a maximum of 30 pips where one pip equals $3.00.If that is the case you also have to look for a reward of atleast 60 pips from such trade to achieve a risk reward minimum of 1.2.Think of it this way if i can risk that much and trade does not have the potential of up to 60pips,then a descipline mindset will instruct and enable to avoid the trade and look further for better opportunities this might reduce the number of trades you take per day as well as minimise your risks and losses.Can you imagine for a moment what this could translate to in trading result?assume for another moment that with this approach you spot and take just one trade per day and gain 60 pips daily.using $3 as your multiplier;60X$3=$180 per day.If this is consistently done you should have 300 pips per month (there might be days you won't find good trading opportunities since your desciplined mind will guide you always to great opprtunities) and by the 7th trading day which might be in the 2nd week or whenever you choose you will have about 420 pips.With this result a descipline mind set will tell you to stop trading as anything more you do here will be tantamount to over-trading.Now,multiply 400 pips by $3 for every month.What do you have? I guess you will have $1200 each month,which gives you fourteen thousand four hundred dollars ($14400.00) only in 12 month which is over 300% pure profit (but you may give allowance for a few losses).
Investing more may mean bigger profit and ROI at the end of the day.Think of what this will do to your traing career as you become a descipline trader who sets goals and sticks to his goals until he achieves them.This is not leaving out the fact that you are free to review your trading goals from time to time,particularly at the end of each quarter.From my estimation,achieving this simple feat will do the following for you;
1.You have created a system that will generate enough money to give you financial freedom over the next few years.
2.Your confidence will suddenly soar as you now know and are confident that you can achieve a trading feat which over 95% of traders struggle but cannot achieve year in year out.
3.You will join the elite group of consistent profitable traders
4.You would have conquered your fears that may have been keeping you back
5.You can now building your networth with the professional guide of a finacial planner
6.YOU Can now give happily to your favourite cause since you now know how to make the money
7.YOU Can as well start building other businesses around your trading skill until the business can operate successfully with greater profit without you being physicaly involved in it
8.Your family can now be happy one financially
9.Becoming desciplined as a trader also helps you to apply logic in your decision making process rather than making emotion-based decisions.
Noticed how achieving just one WHY has led to achieving other WHYs in your WHY list.This is how great achievers build their dreams.Empires have been built using this same formula.Do you now agree with me that you can make it Big time in 2009 as a forex trader?
Now get up and go to work.Start dreaming wide and Big now!make up your WHY list right now and go to work on them right away.You can become a great rich trader this year by following this simple guide.
I am expecting you at the top and be wise!
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