I always emphasize on this fact that making money through Forex trading is not as hard and complicated as what novice traders think. Almost all of those who start trading Forex, have a mentality and mindset from their past experiences. They “believe” that making money is too hard, because most of them had a hard time making money and covering their expenses.

 

They “believe” they have to work long hours every day to make some money through Forex trading, because they really have been working for several hours to make money, day in day out, no matter what kind of business or job they had. They “believe” it is impossible to become wealthy, because either they never worked toward becoming wealthy, or if they did, they have never been in the right track, and they walked toward it while they believed they could not make it.

 

What happens when you start a new business with such a mentality? It will not work, and you will not succeed.

 

Read the above sentence very carefully for few times, and think what Henry Ford was trying to say. He doesn’t say anything about what you want to do, or the kind of business you want to start. He just says, if you think you can, then you can. If you think you cannot, then you cannot.

 

According to Henry Ford, the first and most important obstacle resides in your own head, not outside, no matter what you want to do, either you want to start a business, or learn something new. The outside conditions are almost the same for anybody. If someone can, and someone else cannot, it is because of what they have in their minds, not because of the outside conditions. The conditions are almost the same for both. The difference is that the first person “believes” that he can, and the second person “believes” that he cannot.

 

Change your mindset, and you will see that everything changes around you:

1. I “believe” making money can sometimes be too hard in some kinds of businesses and jobs, but it doesn’t necessarily mean that it is the same in all businesses and jobs. Forex trading is a kind of business that makes money without having to work too hard.

2. I “believe” I don’t have to work long hours every day to make money through Forex trading. In this business, I have to be wise, precise and disciplined, not workaholic.

3. I “believe” I have everything to become a wealthy forex trader, because those who have become wealthy, didn’t have anything more than me. Same markets, charts, platforms, and… . I just need to plan, set my goals and start moving toward it. A wealthy person is not someone who works too much. It is someone who takes his steps correctly.

Review and revise your mindset now, and read the rest of this article when you done.

 

1. Learn the Basics

If you are too new to forex trading and you don’t know what forex or currency trading is about, and how a trader decides to buy and sell currencies against each other, then read the below articles and watch the videos carefully. I don’t think it will take you more than a few or few days to do it. Even if you are not too new to forex trading, but you have not become profitable yet

 

2. Learn a Trading System

You have already passed this step (above). Candlestick patterns, Bollinger Bands® and some technical analysis is the trading system we use to analyze the markets and locate the trade setups. This trading system was not invented by us. We just learned and mastered it. Candlesticks have been used for several decades by professional traders and investors on any markets you can imagine, from rice and wheat to gold and oil. And Bollinger Bands that was invented by John Bollinger in the 1980s, is a great complement for candlestick patterns. You have already learned about them by following the above articles and videos. It is up to you if you like to follow a different trading system, but keep in mind that our trading system and the way we use it, is the best and simplest in the long run. Follow the below articles, to complete your trading system and tune up your mind to use it properly:

 

3. Demo Trading

Have you learned how your trading system works? If yes, then it is time to open a demo account and start demo trading to MASTER your trading system. Follow the below articles and videos to know what you should do in demo trading exactly. Don’t underestimate this step. It is very important:

 

4. Live Trading

Have you been able to repeat your success with your demo account for 3-6 consecutive months at least, the way it is explained in the above articles?

 

If I were you, I would not rush to start live trading, and I would keep on demo trading for three more months. You must build your confidence through demo trading. Repeating your success for few consecutive months tells you that…

 

1. You have mastered your system, and you are able to see and take the strong trade setups on time.

2. You know how to set the stop loss and target orders, and you do this precisely, strictly and religiously.

3. Your losses are small and controlled, and your gains are big, so that when your stop loss is triggered, your loss can be recovered by the next winning trade easily. This can be seen in all positions you take, not just in some of them.

4. You don’t feel sad or stressful when your stop loss is triggered. You know that it is just a small loss that can be easily recovered by the next winning trade.

5. You are disciplined enough to take the strong trade setups, and ignore the weak ones.

6. You enter only when you are 100% confident about the strength and accuracy of the trade setup, and you easily skip the“questionable” and “doubtful” trade setups that don’t look perfect.

 

If you have really reached this level, you can start live trading. Open a small live account, and treat it exactly like you treated your demo account. Don’t try to make a living through your live account as soon as you start live trading for the first time. First, you have to repeat your success with your live account for few consecutive months, the way you did with your demo account. Build your confidence in live trading, and trade it 100% emotion free, as if you are still trading a demo account.

 

Do not open a big live account at the beginning. Open a small live account, keep on trading with it, and raise it, no matter if you have hundreds of thousands of dollars in your bank account. For example if you have $100,000 in your savings account, just open a $2000 to $5000 live account. Trade with your live account until you double it, no matter how long does it take you to do that.

 

Then withdraw the initial capital and leave the profit in your account, and keep on trading with your profit the way you have been trading with your initial capital. Don’t think that it doesn’t matter if you lose it, because it is just the profit you have made, not your capital. Never think like this even about a demo account. You can not afford to wipe out even a demo account. When it comes to serious trading there is no difference between a live and a demo account, and a small or big live account. You should have exactly the same discipline for all of them. This helps you maintain and improve your discipline, and keeps you from developing bad trading habits.

 

Keep on trading with your profit and raise it. Turn it into a huge capital. It is possible to turn a small account into a reasonable balance that a professional trader needs. But if you risk a big money at the beginning and you lose it, chances are you never become able to recover the loss, both emotionally and technically. Forex trading can make your dreams come true. Don’t turn such an opportunity to a disaster through making the mistakes that can be easily avoided. Let forex trading be the best event in your life, not a nightmare that you don’t dare to remember.

 

5. Enjoy!

If you start your forex trading journey properly, and follow the right track that was showed you above, you can achieve the living you have always been dreaming of. It is very easy if you take it serious and follow the right track carefully and precisely. It is literally impossible, if you follow youremotions and mindset, and try to invent new ways. If you are serious to become a professional and profitable trader as soon as possible, I showed you the closest way above. It is up to you if you follow that way, or waste your time trying to find better or closer ways.

 

Read this if you like to know how it feels to be a professional fulltime trader.