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Forex Training Course Article:

6 Important Tips To Ensure The Success Of Those New To Forex Trading
By Donald Saunders
The first step on the road to being a truly successful trader is training and there are a lot of different ways to master the intricacies of trading. But, although the knowledge acquired through training is fundamental to your success in trading, it is just one part of the puzzle for your true success.

So, before you rush straight from your training course into the live world of trading, here are 6 indispensable tips.

1. Adopt the right attitude. The really successful traders know only too well that attitude is crucial and that adopting an approach to do whatever is needed for success is key.

You can read as many tip sheets as you wish and listen to the 'gurus' for hours on end but success is not going to come until you equip yourself with the knowledge that is needed, carefully set down your own personal strategy for trading and then get out there and do what your senses tell you is necessary to turn a profit.

2. Pick the right method. There are several different methods for predicting the course of the foreign currency markets, as well as some extremely sophisticated software to help with this task, and you have to choose one particular method and stick to it.

You will need to master the skills of mapping and charting and will have to develop your own particular system for deciding precisely when to enter and exit the market. There will be ups and downs and you will find yourself questioning your method and being tempted to give it up in favor of an alternative method but you will have to stand your ground. As soon as you start chasing one method after another in response to a trading loss you soon find that one loss turns into two and then three and so on.

3. Be disciplined. Although this naturally follows on from the comments made above about sticking to your chosen method
it is something that you need to adopt in every aspect of life as a trader. Having established your trading strategy and method you should stick with it and must not allow yourself to be thrown off course either by events or by the opinions of others.

4. Adopt the right mental attitude. Foreign currency trading can be very stressful at times and the volatility of trading and the inevitable swing between profit and loss on individual trades may and indeed frequently does produce considerable mental pressure. Learning to handle the stresses of trading life is no less important than learning the workings of trading.

5. Do not be afraid to take a risk. A common mistake amongst traders is a fear of taking risks. Risk and reward go hand in glove and you will not succeed if you are continually turning away from taking a risk. Taking risks does not of course imply throwing caution to the wind and merely diving in head first, but it means that, having calculated the risks involved, you are happy to trade assertively based upon your reading of the market and in spite of the risks.

6. Take your own trading decisions. It is essential that you focus your attention when it comes to your own trading and not to be knoecked off your course by the opinions of others. You will be working alongside individuals who are more than willing to offer you their advice but you need to remember that most of them will do nothing more than talk a good trade. Truly successful traders are a rare breed and they invariably steer their own ship.

Hurrying into trading without the required training is an extremely risky game but, once you have acquired the knowledge needed, success will depend very much on your ability to establish a clear course and then steer to it despite anything that might come along to throw you off your course.

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