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Wanna Earn Million Dollars in FX Trading?
Every investor wants to make a steady profit in trading, and aspires to make a million dollars from the forex market. Before reaching this goal, it is necessary to develop a short-term habit of 21-week stable profit, followed by the 21-month habit. Financial trading features both simple and complex process. So the key is we wanna make it easy or intricate.To get more news about Forex Trading Tip, you can visit wikifx.com official website.
To develop a correct trading idea.
Individual forex investors should understand that its hard to profit stably and only a few people become rich overnight. It takes risk-taking and trading skills to double your capital, which indicates that the speculation is made on the basis of investment mentality. In layman's terms, investment relies on the concept, while speculation relies on luck. If the trading concept is correct, the luck seems to come easily. So, how to establish a correct trading concept？ We need to follow the three points below.
Set goals, divide them into stages, and refuse to be spontaneous, with an effort to develop a good trading habit for stable profit. Firstly we need to set a goal for ourselves and see the daily, weekly and monthly profit starting from the present moment. We also need to develop a trading habit of making money steadily. Many investors who like trading a lot should consider that if they have the experience of continuous profits in the market before betting on the trades. On a weekly and monthly basis, if the trading record shows loss most of the time, you should think over whether it is more important to lay a solid foundation first for trading.
Develop a steady-profit habit, youd better start from the first 21-week plan. Let's start by setting a goal for ourselves on a weekly basis. For example, we aim to achieve a good trading record for 21 consecutive weeks in a short-and-medium term. The 21-week cycle is very essential, and if you stick to do one thing for the 21st week in a row, it will soon become one of your habits. Once we achieve the short-and-medium-term goal of 21 weeks and become a stable and profitable trader, believe me when I say we will have a better understanding of forex trading. A trader who keeps profiting can have a deep understanding of trading ideas, skills, money management and risk control.
It is not difficult to make consistent profits, which can be obtained by focusing on simple trade and training the ability to manage capital as the core. How to develop the habit of making consistent profits？ How to reach the 21-week goal of profiting stably in the short and medium term？ Simply put, forget about the rules and regulations, just focus on simple trading, and improve the ability of capital management. The first thing we need is to drastically cut off the inappropriate positions and profit expectations rather than to apply EA, read the famous books of trading masters, and attend various training courses.
Consider stability first, then profit, which is based on the stability. Take a $10,000 account for example, previously we were used to opening 0.5 lot of EUR/USD and adding positions. Then in the implementation of the 21-week stable profit plan, it is worth reducing the position to 0.05 lot, with at most eight orders distributed among three to four currency pairs, each of which has not more than three orders. We go to trade for 21 weeks under this premise, I believe we will have a different experience. This is a basic framework for simple money management, which works as expected. If you can do this, stability and profitability should not be a problem. On this basis, we can then think about trends and retracement/breakout to improve profitability.