In terms of Forex trading tips, I would give any new trader to treat Forex trading as a serious business and you can make a lot of money and in this article I will show you how, but if you do what most traders do and treat you like to a hobby or just trade without a business plan, you will lose money. Let's look at how to make a lot of money in currency trading.
When you start any business, you have a plan and Forex trading is no different and your plan includes:
– Investigate all the basics related to the business you are working in and develop a profit strategy.
– Overhead and income analysis to give you a REALISTIC profit target.
How many traders start with a plan like the one above before trading?
They are not many, so let's look at what you need to do to make money and make a profit.
If you are a business owner, you know all the basics of your market and the same is true with Forex trading. You need to learn how to make money and create a system to operate in your market, which involves developing a strategy that is easy to do because – good Forex trading systems are simple and therefore easy to learn.
The real problem for most marketers is that they do not know the basics and do not develop a plan and ultimately lose. They try and trade news stories, follow gurus, or use robots and think they can find a way to success and lose. If you want to win, you need to do your own research, accept responsibility, and fulfill your plan to keep your business upside down and profits bigger, which is the real key to success.
The key to business success
The key to Forex trading is to make sure that your earnings exceed your overheads or turn into trading, that is, keep your losses low and make sure your profits are higher! Most traders fail to do this and the reason is – they want to make money from most of their trades, but this is not possible, you need to have overhead to win, so making losses is part of of your business – the key profit is to keep your head down.
You won't win 90% of your trades, as many people tell you, you'll probably win no more than 50%, but it doesn't matter, as long as you keep your costs low, your business can still make an overall profit if You make profitable deals to cover losers and make a total profit.
All business owners will know, they will have numerous losses of lighting, heating, salaries, taxes, rents, etc., but they also know they have them to earn and in fact it is the same with currency trading, yours losses are your overheads and your profit deals can cover them and make you a lot of money. To stay in business, you need to keep your overhead down.
How Much Money Can You Make?
Realistic goal growth is 50-100% annually, this is a key figure, but one that is good for targeting and unlike many other businesses, the Forex business requires far less effort to make big profits than other businesses and I know many marketers who make 100% annual profit in about an hour a day – what other business can make you such a big profit in so little time?
I can't think of any business with such great rewards for the effort you have to make. If you take your Forex business seriously, you can make a lot of money, but if you treat it as a hobby or gambling (as most traders do), you will join 95% of the losers – treat it as a serious business and it can bring you fantastic income.