It is common knowledge that most traders fail to make consistent money in the forex market. There are many reasons for this, but they all can be classified under the category of emotional trading mistakes. There is no magic trading system or indicator that will make you consistent money in the markets, despite what you may have read or seen on the internet. Sure, there’s a vortex indicator, and a pivot point indicator but, these won’t lose you any money if you judget them right. Traders who make money in the forex market on a regular basis have figured out how to conquer the pitfalls of emotional trading, most likely through much trial and error and persistence. Whilst websites like Trading 101 can help you learn how to succeed in Forex trading, it takes a certain amount of skill to succeed too.
When learning how to trade forex and make money doing it, it is imperative that you use top trading platforms and that you do not fight against the forex market. You must learn how to trade in harmony with the market and not try vainly to control it. There is simply no possible way to control the market, yet many traders try to do exactly that by trading based off how they feel about the market instead of using logic and objectivity. If you have a strong desire to make money trading forex than you must predefine all aspects of your trading activity, as this is the only truly effective way to inhibit emotional trading mistakes.
If your aim in trading is to make money in forex, and it surely is, than you must learn to think in a contrarian manner. So much of trading success depends upon your ability to override your irrational primitive impulses and instead operate from a perspective of clarity and objectivity. This perspective is partially a result of having a simple yet effective trading strategy, but also a result of predefining your trading activities and treating trading as a business. When you predefine all of your trading activity you will begin to naturally think of trading as a business, if you do not do this than trading will very likely turn into nothing more than a trip to Las Vegas.
Making money in the forex market is also a function of learning that less is sometimes more. Many traders make the mistake of sitting in front of their computer screen for hours watching their trades move or trying to over analyze a million different market variables. By defining all of your trading activity before you enter a trade you are putting the odds of making money trading forex in your favor. Most traders do the exact opposite however; they put the odds against them by not having a trading plan and adjusting their trading parameters on the fly, as the trade unfolds. Such behavior is simply not how to trade forex and make money, if you cannot accept the fact that you need to have a concrete trading plan that accounts for all situations you might encounter, you will not make consistent money in the markets. So, in order to make money trading forex, you must start with a defined trading plan, if you do this you will be well ahead of the competition.