Guest post from visionsofaffluence.com When most of us start out in the trading business we view it as the path to quick riches. We think that all we have to do is find a indicator, slap it on a chart and then voila we will be transformed into expert traders. This couldn’t be further than the truth, as it takes more than simply using the right indicator to have success. It takes hard work and dedication, but most of all it takes a plan. You see the forex market is chaotic. At any given time you have a large number of participants all trying to do the same thing which is make a profit. All of these people are competing with each other to be on the winning side of a trade. The only way you will be able to compete with these traders is if you have a sound trading plan. You need to develop a method of trading that is consistent. This is done by setting rules for yourself. Rules that will guide your trading. Trading rules can be things like the criteria that must be satisfied in order for you to take a trade. Or where you will place your stop and where you will take profit. These rules have to be adhered to strictly because the success of your trading will depend on it. Without these rules you will become a victim to your emotions. You will open and close trades not for any rational reason but rather because you feel like that’s what you should do. This emotion based trading has been the kiss of death for many trading careers and unless you have a plan then the same will happen to you. A trader is only as good as their plan. If your plan is weak then your trading will suffer. Before you ever take a trader you need to take the time to develop a solid trading plan and then stick to it as if your life depends on it. That is the only way that you will ever be successful in this business. If you want to discover what it takes to be able to trade for a living? Then visit visionsofaffluence.com Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Guest PostOpinions share Read Next European trouble sends EUR/USD down Yohay Elam 13 years Guest post from visionsofaffluence.com When most of us start out in the trading business we view it as the path to quick riches. We think that all we have to do is find a indicator, slap it on a chart and then voila we will be transformed into expert traders. This couldn't be further than the truth, as it takes more than simply using the right indicator to have success. It takes hard work and dedication, but most of all it takes a plan. You see the forex market is chaotic. At any given time you have a large number… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
