Forex Trading Secrets, Learn the 15 secrets to Forex Trading

Over the years we have determined 15 things that we feel need to be learned and internalized to become a successful trader. We call them secrets because most people don’t seem to find them even though they’re right in the open.

You can watch the video and or read the blog post for the information:

I’m going to review the 15 secrets:

1. Learning how to recognize a trend seems to be one of the big challenges for many traders. By the time they recognize that there is a trend the trend is already half over.
2. Learning how to recognize when the trend is coming to an end is very critical. If you don’t understand that all trends will end then you will give back many of the pips you earned by waiting to close your trades.
3. Another key factor is identifying high probability trades. Many traders can find trades but, their trades are not giving them a high rate of consistent success.
4. Money in trading is made when you exit the trade. This is where we see most traders struggle they either staying in too long and the trade comes back against them. When they get out too early they leave pips on the table. Either way knowing when to exit a trade is where all the money is made.
5. A trader needs to know which time frame to trade and when a trade them. Sometimes you need to trade the larger time frames and other times you will be more effective using smaller time frames. Knowing the difference is the key here
6. One thing that can help you compound your profits is being able to trade more than two currency pairs. Once you understand how to trade indicators rather than currency pairs you can trade four or five or even more currencies at one time and magnify your profits.
7. There are certain times throughout any given 24-hour period that the market has higher probabilities of making good moves. Knowing when to trade can be just as important as knowing what to trade.
8. Many traders have the potential to be successful traders but their challenged by being able to learn to trade and then trading while working a full-time job. One key I will share with you right here is trade larger time frames. We show you how to do this throughout our course material.
9. There are many chart patterns that repeat themselves every week on many different time frames they’re not all exactly the same. But once you learn to recognize the basic structure of the patterns then you can really understand what the market is doing and how to trade the market at that time.
10. Many traders get hung up because they become too emotionally involved in each trade. One quick way of learning to control your emotions is to take multiple trades at one time. When you have five trades on you are not married to anyone trade, you will then be managing your account not just one trade. Quite often more of the trade will be positive and those losing trades are not as detrimental to your emotional standing.
11. A key factor is to focus on the methods of trading that fits your personality. Then be consistent and use those methods every time on every trade. Don’t be swayed by watching some other trader successfully trade a different way. If you are trading with someone and you both trade the same that will work. But if you trade differently you still can trade together but just stick to your method.
12. When you know how to exit a trade then you will not be allowing your losing trades to run too far.
13. Also when you know how to exit trades you’ll understand when to let your winning trade to run and when to close them. You will just take what the market is offering on that trade at that time and move on to the next trade.
14. You need to keep a proper Journal and records. They do not have to be elaborate but you do need a keep records to know where you’ve been so you can plot the direction you want to go.
15. The 15th secret is to learn how to do simulated trading. You can take any strategy and gain a lot of experience and work out some of the difficulties in a short period of time by simulated trading. Once you feel comfortable with your success in the simulation mode, you can then start demo trading. When you feel comfortable with your success in demo trading, moved to your live trading account this will be a more successful and less emotional method of learning how to trade.

We hope this video and written article will help you be able to internalize some of these important steps to becoming a successful trader.