#210: The 7 Most Important Points To Becoming A Successful Forex Trader

Podcast: The 7 Most Important Points To Becoming A Successful Forex Trader In this video: 00:28 – My 7 top tips to be a successful Forex trader 00:43 - #1 – You must have a passion for trading Forex 01:26 – #2 – You must have a strategy that works for you 02:18 – #3 – A low risk money management trading approach 02:56 – #4 – Learn how to trade first 04:25 – #5 – Be level headed and be consistent 05:06 – #6 – Seek on-going support and mentorship – Keep improving yourself 06:07 – #7 – Don’t be fooled by lagging indicators 06:35 – Get all 7 points working and you’ll become a good Forex trader Andrew Mitchem: In this video and podcast, I'm going to explain to you the seven really important points that you need to understand and have implemented in order to be a successful Forex trader. Let's get into it straight away. Hi, Forex traders. Andrew Mitchem here, the owner of The Forex Trading Coach. Today is video and podcast number 210. My 7 top tips to be a successful Forex trader And this is a really, really important lesson for you to get, and to understand, and to implement in your trading. I'm going to give you my 7 top tips to be a successful Forex trader so let's get into it, shall we? #1 – You must have a passion for trading Forex Number one, you must regardless of all other things, you have to have a love of trading, a passion for it. I'd be trading for 13 years. I still have passion for it. Every morning I wake up, I want to go and have a look at my charts, see how the trades are going. A lot of people after that length of time in anything get quite bored. You see, most people of course get to Friday night, they can't wait for the weekend to come. For me, it's the opposite. I can't wait for Monday and the charts to open, the markets to open again so I can get trading again. You got to have a passion for it. There's no good in even if you're making money out of your trading if you hate doing it or you're really bored by it. You got to have a passion. It's a really important point number one regardless of what you do in life. Enjoy it and have a passion. #2 – You must have a strategy that works for you Number two, you have to of course have a strategy that works for you, something that suits you. It doesn't matter whether you're a technical trader, or a fundamental trader, or a combination of both. Whatever it is, have something that works for you, something that doesn't take all day and night to do. What's the point in having a really good system that's making you a lot of money but you're sitting there for 12, 14 hours a day glued to your charts? That's just no fun at all. Life is far too important and you need to have too much ... You should be having lots of fun and not spending too much time at your charts. For me, it's important to have something that I can trade for only a short amount of time per day but does very, very well, and I think that's important for longevity and enjoyment out of your trading. Make sure you find out what works for you, what suits your style and your personality as a person and as a trader. #3 – A low risk money management trading approach The third thing you need to use and to understand correctly is a low risk money management approach. You see, you can have the best trading system on the planet but if you don't have low risk in your approach and high rewards risk trades, then what you generally do is lose money. You can have a 90% winning system but still lose money. You can also get heavily influenced by emotions, and greed, and fear, et cetera if you're risking too much on a trade. That takes you away from your trading plan. Keep your risk really low for trade. I suggest no more than half of 1% the trade.