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Hot Tips for Successful Online Forex Trading - Part 2

Aug 17, 2007
In the first article in this series, I passed on several tips to help you become a successful trader. Some of them are from my personal experience as a trader and a trainer, and some of them are online forex trading truisms. But a trader cannot succeed on tips alone. You need a well-developed online forex trading system that works for you. With a good system in place, and the discipline to follow it, you can use these tips to keep you on the road to trading success. Let`s start where we left off in the last article.

12. Don`t worry about missing out on an opportunity to trade. There will always be another good one just around the corner. If the trade you are considering doesn`t meet all your entry signals but it seems to good to pass up, remember, you`re never going to run out of trades you can make.

13. Don`t get too confident. No one can predict the market with 100% accuracy. You need to always expect the unexpected. If you become uneasy, or the market becomes choppy, exit your trades.

14. Don`t turn three losing trades in a row into six. When you`re off, turn off the screen, do something else. Often the best way to break a streak of consecutive loses is to not trade for a day.

15. But, don`t stop your online forex trading when you`re on a winning streak.

16. Measure your success by the profit made in a day, not on a trade. It`s even better to measure it over two or three days. A successful trader`s goal is to make money, not to win on every trade.

17. Scalpers reduce the number of variables affecting market risk by being in a position only for a few seconds. Day traders reduce market risk by being in trades for minutes. If you convert a scalp or day trade into a position trade, you probably didn`t analyze the risks of the trade properly.

18. There is no secret to understanding the market. You can spend much of your valuable time and money looking for these kinds of secrets. It`s better to take the time to create a solid online forex trading system, and realize that the secret to success is hard work.

19. Never ask for someone else`s opinion, they probably didn`t do as much homework as you did anyways.

20. When the market is going up, say it out loud. When the market is going down, say that out loud too. You`ll be amazed at how hard it is to say what is going on right in front of you when you want it the market to be doing something else.

21. If you were bored and started drumming your fingers while you read these tips you may share a couple of characteristics with other traders. You may have traded long enough to recognize that you (not the market) make mistakes, and you try to overcome them.

And last, but not least. If you wanted to check the market while you were reading this article, you have become a trader, and you will be happiest when you are taking part in the market. No matter where life takes you, you will always check the market and you will always be a trader. These tips, and a good online forex trading system, will help you be a successful one.
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