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 like a hobby or just trading without a business plan will make you lose money. Let’s look at how to make a lot of money trading currencies.
When you start any business, you have a plan and Forex trading is no different and your plan includes:
– Research all the MAIN indicators related to the business in which you operate and develop a profit strategy.
– Overhead and income analysis to give you a REALISTIC profit goal.
How many traders start with a plan like the ones above before trading?
There aren’t 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 goes for Forex trading. You need to learn how to make money and create a system that works in your market and this 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 traders is that they don’t know the basics and don’t develop a plan and end up losing. They try to trade news stories, follow gurus or use robots and think they can get a shortcut to success and lose. If you want to win, you have to do your own research, accept responsibility and carry out your plan in order to keep your business down and profits higher, which is the real key to success.
The key to business success
The key to Forex trading is to make sure that your income exceeds your overhead or converted into trading, which means reducing losses and making sure that your profits are bigger! Most traders fail to do this and the reason for doing so is – they want to make money from most of their trades, but that’s impossible, you have to have overhead to make money, so taking losses is part of your business – the key profit is to keep your overhead 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 overheads (losses) small, your business can still make an overall profit if manage winning trades to cover losses and make a total profit.
All business owners will know that they will have numerous losses lighting, heating, salaries, taxes, rents, etc. deals can cover them and bring you a lot of money. To stay in business, you need to reduce overheads.
How Much Money Can You Make?
The realistic target growth per year is 50 – 100%, this is a basic figure, but the one that is good for the purpose and unlike many other businesses, Forex business requires far less effort to achieve big profits than other companies and I know many traders who make 100% annual profits in about an hour a day – what other business can bring you such big profits in such a short time?
I can’t think of any business with such big 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 you can bring it fantastic income.