Forex Trading Psychology - Get the Mindset of the Pro Traders Who Make Big Profits

It's a fact that forex trading can be learned by anyone but most traders fail and the reason they do is they don't understand forex trading psychology. If you do, you can join the elite 5% who make big consistent profits...

So what why is mindset so important?

The simple answer is forex trading is not just about method, it's also about the discipline to trade your method.

If you don't have the discipline to trade your system, you simply don't have one.

So why is trading with discipline so hard?

The reason is simply, you will at some point face a string of losses and it happens to even the best traders.

Forget all the rubbish you read, about trading with little or no drawdown, you read from vendors - It's not true. You are going to face periods of losses which may last many weeks and you have to keep going, despite taking losses and your emotions will be telling you to deviate from your plan.

Its here, that robust money management and discipline, will carry you through a losing period, until you hit profits again.

Discipline means you have to understand what you are doing and have confidence.

Most traders think they Can follow a so called expert and win, while most advice and forex robots sold online are junk, they cant even follow the few good advisors and forex trading systems because they don't learn from the ground up.

When you operate in the forex market, you operate in an environment that presents these unique challenges:

- The market is all powerful and is always right and only you can be wrong - Its anarchy and chaos and you will lose for periods of time

- Its an odds based game and you need to learn how to trade them

- There is no rule of law and of course you have to make your own rules to survive

- The work ethic doesn't apply and work rate counts for nothing.

- Being clever also counts for nothing only being right does

In this chaotic and vicious world, your rules and discipline will help you survive and prosper. You can win but remember your method is only part of the equation it's your mindset that is key.

As we said earlier anyone can learn currency trading- but most traders think it's easy or they can follow others. They don't ever bother to learn the basics to get confidence and discipline and they lose.

Forex trading isn't a walk in the park, that's why 95% of traders blow up.

Of course for the serious trader, this presents a great opportunity for big gains.

Forex trading psychology is the key, to putting you in the 5% of winning traders, who pile up the big profits and remember - the market doesn't beat the trader, the trader beats himself. This is generally due to a poor understanding of forex trading psychology.

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Automated Forex Trading - Choosing the Right Automated Forex Trading Software For Consistent Gains

Automated forex trading has certain advantages in that you can simply follow trade signals that are generated and providing you can execute them with discipline and the your system is logical and robust you can pile up big gains...

Before we look at how to make profits with automated for trading software, lets look at how NOT to do it.

Many traders see forex robots online and want to buy them but most are junk and have never even be traded in real time. Go and look at the track record, then look at the disclaimer and what do you see?

Its hypothetical or simulated - well that is NOT any indication of future results and I find it amazing someone can use a meaningless test and then say they can make money with it. Of course they do make money for the vendor, they get the sale of the software and the trader gets spanked in the market.

You don't get 100k annual income, for 100 bucks. You won't make money with these simulated systems so avoid any of these products.

Now let's look at how to do automated forex trading properly and here are your options.

- Buy a System

With a track record audited over 2 years. Not cheap - but these systems can pay for themselves many times over, just make sure you understand and agree with the logic before using it. - Get a FREE One.

Yes there are free ones that work and we have written frequently on the 4 Week Rule. Just look up our other articles it works, look it up and you will see why and its a great place to start your automated forex trading career. - Build Your Own.

This is a lot easier than traders think and is perhaps the best way of trading - why?

Because if you build it and customize it, you will have confidence in it. This means you will be able to trade it with discipline, through periods of losses and remember, if you don't have the discipline to follow your system, you don't have one!

If you want to build your own we have covered this in our other articles but in essence, the best way to do it is to trade breakouts, to new highs or lows, have a few momentum indicators, to time your moves and focus on long term trends.

The simpler it is the better, as it will be more robust in the face of brutal, ever changing market conditions - pack it with too many indicators and it will break.

Once you have the system, get a standard forex software package and program the rules and you're all set.

A word of caution - Any forex trading system (and this includes the best ones) will suffer losses and they can last for weeks on end.

You need to trade through them until you hit a home run and that's why discipline and money management are so important.

If your system does between 50 - 100% compounded annually, you are up there with the best automated forex trading software and you will have a time efficient way, to trade the markets and enjoy currency trading success.

NEW! 2 X FREE ESSENTIAL TRADER PDFS ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf's and a proven Free Forex Trading Robot and an exclusive risk free Forex trading Course visit our website.

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