Can you become the most successful forex traders? Trading/Investing is a form of gambling, it is a betting game.
According to the laws of the game, you cannot win due to the built in “odds” or “house advantage” in favor of the house.
The longer or the more you play, the more certain you are to lose. That’s why I always said “Casinos are set up to make the gamblers lose money, so are the brokers to make the traders lose money!
All the most successful forex traders share the same winner perspective and strategy; they both think in terms of odds, they always ensure the odds are on their side before they initiate any actions.
They don’t take action on every move, they wait for the “best timing” (with the best odds in their favor)!
If you’re still a beginner, you might actually want to consider copy trading at eToro where you can basically copy the traders of more experienced traders. If this is something you want to explore, you can click here to know more.
Quote from most famous forex traders, John Henry
As what John Henry, the world top hedge fund manager and the owner of the Red Sox Baseball Team, said, “You don’t have to swing at every pitch. You can wait for your perfect pitch. You don’t have to trade every day, you trade only when the odds are in your favor.”
Now, a VERY IMPORTANT question about “ODDS” to be posed to our traders, I sincerely seek your participation and full support, as your answer to this will reflect how well-equipped, how soon and how readily you are groomed to become the Ultimate Forex Winner.
And also how well your system have performed as your most suitable trading tool.
Successful forex traders trade only when the “ODDS” are on their side
Question: Is there any successful forex traders? Yes, there are many out there in fact!
All Winner Traders trade only when the “ODDS” are on their side or in their favor! So please identify all the “ODDS” that either work for or against a trader’s favor?
1) The odds of “Minus Sum Game” is against the traders, the more you trade the more you lose. Winners trade less and
Losers overtrade. The best trading system is adopted to avoid trading excessively, thus overcoming the odds of “Minus Sum Game”, and turn it into the trader’s favor with higher probabilities and lesser risk of ruins.
2) Trading is a 50% versus 50% probability game. Practice wise money management and increase the magnitude of the trades when you’ve developed confidence on your trading system.
Thus you increase the odds of reward and tilt it towards your favor. This is the secrets of forex winners that no one telling you about.
3) “Let your profits run and cut short your losses” is risky as the market nowadays is full of uncertainty.
Do not increase the magnitude of the profits when you THINK you’re in the right trend. You will never know the moment you increase your lots, the market starts to turn against you.
You can list as many as you know, don’t worry if making mistakes. The more you can identify, you more certain you are to end up as the most successful forex traders. This is the best learning opportunity for everybody, especially for you and me! Please go ahead…
Become a forex millionaire by using power of compounding
Most of the traders always make mistakes by thinking they’ve to always be trading in the market, always have to do something in their trading account in order to become forex millionaire traders.
In reality, they are not aware of the principle of investing is always to preserve the capital and not to lose money first.
The losses will ruin your account ability to compound and will even blow up your trading account eventually if you are always in the market.
It is not possible for you to get rich overnight by trading forex. However, with the power of compounding effect, you will be able to become forex millionaire.
Take for example, if your system manages to give you an average 50% rate of return annually, you can compound an initial capital of:
- $10,000 account to over $576,000 in 10 years, $4,378,000 in 15 years and $33,252,000 in 20 years
- $25,000 account to over $1,441,000 in 10 years, $10,947,000 in 15 years and $83,131,418 in 20 years
- $50,000 account to over $2,883,000 in 10 years, $21,894,000 in 15 years and $166,262,000 in 20 years
Find the ways to become a millionaire that best suit for you
Compounding is the magic of investing. Think about that, if you are aged at 25 years old now, and start compounding, what will your financial strength be at the age of 35, 40 or 45? Don’t think it takes very long time, it actually is just a matter of “a glimpse of an eye”! So, please prepare for your future for the sake of your loved ones from now on before it is too late.
In other words, compounding is essential. You can be a day trader, make 50% to 100% a year, and spend all your profit each year. Or you can day trade and compound your 50% a year for 20 or more years and become rich. But compounding is not easy to do in a society forever focused on instant gratification.
Dear traders, do you want to become forex millionaire traders? If many traders can thrive and flourish in a compounded world and become very rich, why can’t you?
There are dozens, if not hundreds, of Forex brokerage firms. Another way to make money is to become a forex affiliate. The top forex affiliates are making thousands in commissions each month by easily referring clients .
5 Characteristics of a Good Forex Trader and 5 Characteristics of a Novice Forex Trader
- A strong innate drive to improve and develop trading skills on an on going basis.
- An understanding that even with a brilliant trading system the trades require discipline, focus, and monitoring.
- The outcome is to trade the system correctly and not focus on how much money is being made or lost.
- Having a methodology and trading your system with certainty and trust knowing the money is there for you.
- Executing with discipline and balancing your emotions.
- Overconfidence at the beginning with winning trades and thinking that trading is easy.
- Over-trading taking unnecessary risks that create large nerve racking losses.
- Not following your system and losing trades creating fear in your trading, we call this depleting your psychological capital.
- Missing trades due to fear and building “traders fog.”
- Aggressive trading due to missing opportunities resulting in bad trading strategies and trade ideas, and ultimately bad trades.