If you want a trading strategy which makes money, you can find all the facts you need free online but you also need to get the mindset of a winner. In Forex trading, it's your state of mind which will decree if you are a winner or loser - so where do you get the best Forex advice from to get the mindset of a winner?
Rather than buy automated systems which don't work, learn all the basics for free and then, buy some books from the true great traders and you will see the reality of what is needed to enjoy Forex trading success.
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A great concentrate of books any traders should read are, shop Wizards and the New shop Wizards which are by Jack Shwager. These books have interviews with some of the worlds best traders and they interpret how they make money. When you read the books, you will find the reality of Forex trading and what its take to win, is very distinct to the bulk of material you read online which says - Forex trading is easy and you can make big gains with no losses.
As one of the most currency traders (Bill Lipuschutz) says - you have to work on how to make money winning just 30% of your trades and he's right, most of the best Forex traders win less than half of their trades. Rather than focusing on winning most of your trades, the real focus needs to be on - the size of your winners compared to losers.
The real fancy Forex trading is so tough is - you have to take more losses than profits and because of this, you need to keep losses small. This causes problems for many traders who plainly lack discipline.
All of the ones interviewed by Shawager, make the point you can win but only with the right mindset which is an acceptance of the power of the shop and the ability to keep losses under control at all times.
You can't beat the shop and that's as true today as when the books were written. You need to submit to the shop and let it give you losses and take them. Every victorious trader however knows, the shop will also give you good profits and this minority of winning trades can admittedly cover your losses because there so big in comparison to your losers.
Forex trading is a challenge, because you have to deal with your emotions which is hard for any trader but adopting the right state of mind, is indispensable to turn a systems inherent into profits. If you want to admittedly understand what it takes to be a victorious trader, then there is no best place to start, than by reading shop Wizards and the New shop Wizards by Jack Shwager.
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