The FX markets offer an exciting opportunity for you to build substantial wealth without needing to run a conventional business, or scale the slippery corporate ladder. You need a systematic approach to trading, typically by developing your own system. There are no short cuts to success, so you will need to read widely and critically, and work on your trading psychology.
We wish you successful trading.
ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.
There is a lot of information available about how to use trading systems to make intelligent forex trades, and there’s even more information available about buying someone else’s trading system. But what about if you want to build your own trading system? There’s not a lot of information about how to do that.
This article will cover the basic principles of building a reliable automated trading system that has the goal of generating trades with positive expectancy. This means that on average you will make money.
Think of a system with positive expectancy as being like a casino’s house advantage. Gamblers may win money from the house, but overall the casino has an advantage that allows it to make money over time. You need the same advantage in your trading system.
ForexGen now has a trading new client called MultiTerminal. The MultiTerminal is intended for simultaneous management of multiple accounts, for which is mostly helpful for those whom manage investors' accounts and for traders working with many accounts simultaneously.
Now you know what psychological attributes are needed to successfully trade FX. How do you develop these? Generally there is no way to develop without practice. We recommend that you start trading with a practice account (available from many brokers). Take it seriously, and analyse your reactions to wins and losses. Keep a journal which details the reasons for your trades, and track how you feel about them. This introspection is necessary to grow as a person.
Write down your trading goals, and also imagine yourself as a successful trader, and write down a specific picture of how that trader analyses the market and handles and feels about successes and losses. Keep your goals where you can see and review them regularly.
Consider working with a personal coach or psychologist to increase your performance. The best sportspeople already do this, and you should follow their example.
Focus on the game rather than the dollars. As you become consistently successful, gradually increase the scale of your trading.
If you are an experienced ‘FOREX’ Trader or just a beginner looking for the opportunities offered in the ‘FOREX’ market, Forexgen has created ForexGen Academy to give you the chance to get a ‘FOREX’ education and improve your trading skills.
No hard expressions, no buzz words, and no rocket science language are used throughout these lessons.
