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The Six
Step Action Plan to Forex Trading Success
Here is the basic
plan. This plan is to be attacked now, with your full vigor
although it will take time to fully mature. The more
momentum you can build now through aggressive action the more
likely it will be for you to become a Forex Trading Master - one
who can pull out at least six figure incomes in a year, every
year.
1. Extract - from the "depths of your heart and soul" a trading
dream... Figure this out : If you could accomplish anything, anything at
all in
trading what
would you want? Most importantly: Exactly How Much
Money Do You Want to Make From
Trading?
2. Educate - learn, learn the fundamentals of Forex price
movements, learn systems, find a style that you like. You'll notice
our
"4 Step Quick Start Rapid Education Plan" later on this page or
you may
have noticed it before this page. Find, purchase, obtain as much
Forex trading information that you can get a hold of and aggressively
study and ingest the materials. Do not leave any gaps in your
learning.
Build step by step. Then one day it is going to all come together
for you.
3. Emulate - find someone successful or some successful system you
can copy, model, emulate. Obtain courses, books on successful Forex
traders.
Buy their systems. Absorb the essence of who they are and what they
do.
Do the same thing and you will eventually develop your own style.
Understand that there
are role models that extract six figures plus for a
living
on the Forex Market that you can emulate. There are also
software systems
and automated Forex trading systems that could help you achieve your
goals
but you must test and always use fractional, solid money management.
4. Execute on White Paper (Demo account trading, "Paper
Trading"). True
paper trading is powerful. You can't learn to trade a system
any faster
vs. paper trading. Only through paper trading can you learn to
make a
habit of correct trading while getting your reactions down
perfectly.
But as soon as you introduce real money, powerful emotions
come
into play that immediately stifles your ability to learn and make
the
correct trading decisions, then you form bad habits.
Your focus must be on "correct trading". (But of
course you'll need to
learn from steps 2. and 3. what correct trading actually is.)
5. Execute your trading plan with Small Money. Yes... trade painfully
small until
you've
proven to your self you are rock solid trader. If you
blow it at
this point
by trading too big, you could form some really
bad habits, really quickly. Also just never lose control of your
position sizing.
You'll actually feel it when your position sizing is too big because
you'll feel
out of control, nervous and worried. Just bring your position
size back down
to where you are not afraid or worried anymore and you'll be able
to
execute correctly. The fastest way to get anywhere in trading
is to
take your time doing it well.
6. Execute a professional money management system to start growing
your
account at an accelerated pace. Once you can handle small money,
or rather, once
you've shown the discipline to handle small money correctly,
then and only then you are ready
for bigger money. Why? So you don't blow
it all in a series of dumb emotional moves later down the
road.
Yet your professional money management
system will allow you to
grow while preventing large draw downs so you can
keep and grow over time.
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