So you are putting in the time on your forex trading course currency trading training, but what is the number one secret to success in forex trading? What is it that forex traders need most of all if they are going to make money?

The answer is: consistency.

If you can be consistent in the face of a fast changing market and your own strong emotions, you have the best chance of making money in this crazy currency trading world. Being consistent means applying your system and your plan through everything, in every trade that you make.

Of course you need a good solid system to begin, and a plan that focuses on good risk management. Risk management is vital. The amount of risk can vary according to the system but it should never be more than 5% of your funds. 2% is better.

Having decided on your system and tested it thoroughly in a demo account, you should be confident that it is a good profitable system and will work for you. It is very important to have that confidence, so keep testing if you still have any doubts. Then you start to apply it, consistently. Sometimes you will have losses but it is important not to start doubting your system at that stage. Remind yourself that it works in the long term.

Take a look over your records if you need reassurance. Maybe you were recently having some very good runs with higher than expected profits. It is not surprising if you have a downturn after that. It is the long term that matters.

If you switch systems every time you have a few losses, you cannot hope to make money. The reason for this is simple. If you pull out every time you are down, you never give the system a chance to recover. You will probably switch to a system that has been performing well recently and then perhaps it will do badly when the market changes.

You could end up thinking that you are jinxed because every time you try something new, it starts to fail. But it is just because you are getting into a system when it is at the top and about to suffer a reversal. You would never do that with a single trade, and it is just as bad to do it with a system. In almost all cases you would have done better to stay with your original system.

If you are a person who tends to act on impulse, you will need to learn to change that habit through your currency trading training. Again using a demo account can help, but not if you treat it as a game. Use your demo trading to train yourself to be consistent in following a system instead of following your impulses and emotions.

Alternatively, you could use a forex trading robot which will apply your system with perfect consistency because it never suffers from impulses and emotion led trading. Of course you will need to set it up in a way that will make money, but once that is done, it will do exactly as it is told while you concentrate on your forex training course currency trading training to improve your own forex trading skills.

Filed under: Secrets To Success

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