So here we are. You’ve reached the last chapter! In this chapter I just wanted to take some time to put everything together.
We’ve covered a lot of material in this book. You should now have knowledge of the psychology behind trading, money management, and even a few concepts to help you understand where you’ve gone wrong when trading just isn’t working the way you wanted it to. To put it altogether I am going to give you the final keys to your success.
Trading Forex doesn’t need to be difficult. Sure there is complex terminology, there’s definitely a learning curve before those technical reports make any sense, and there’s so much information out there that you could spend years and you’d never make it through half of it.
Even with all of that though – YOU can succeed in Forex. I’ve given you the keys to success throughout this book. To put it together here is what you really need to do to find success in your own trading career:
- Get a trading system that you are comfortable with. It doesn’t matter what your trading system is. Really it can be a day trading system, a swing trading system, or even a sniping system that works off of technical indicators.
- Design a money management system that fits both with your own risk tolerance levels and that trading system.
- Practice those systems on a demo account until you KNOW that it will give you a definite edge in making money.
- Employ that system with your own money, and stick to the rules religiously. Never enter a trade that doesn’t fit with your system, and never break your money management rules.
That gives you the start. With those elements in place you halfway to becoming a successful Forex trader. Alone though, those elements aren’t enough. Next you need to:
- Understand that you are in control. You control your emotions, your attitudes, and you decide how you allow those to mix in and screw up your system. Simply understanding that you are in control is usually enough to keep your emotions out of the mix.
- Understand that your own attitudes and motivators are important. Money matters, but alone it will never be enough to drive you on to success. To really succeed you need to work to understand yourself, and find the passion that will drive you forward.
- Work every day to learn more about the career you have chosen. Learning won’t just take you forward in your career; it will also help you to realize you don’t know everything yet, and help to keep you from developing that superiority complex that can really mess up a trader’s account.
Along with that, but most importantly, you need to work consistently. If you can consistently use your trading system, manage your money properly, and understand your own humanity enough to keep your emotions out of the mix – you will find success in Forex!