I want to help show you how to be the smart forex trader. With over $3 trillion in daily trades, this market is the largest in the world and one that has probably the most interest by the common man. From home, you have the ability to command your money into profitable sums, but that is an art that must be perfected.
Should I be trading short or long term?
This is a tough question to answer because it really depends on you. I will advise you that going too short term is a bad move. Think about it. You’re only going to make so much profit and the risk to reward ratio isn’t in your favor. It’s like buying a house and than selling it a few days later. Even if you increased the property value with a little fix up, you probably would only make a few bucks after closing costs. Sometimes it requires more time to make a decent profit. Hang onto currency as long as it is necessary to make a respectable profit.
What do you think the biggest problem of traders?
That’s an easy answer, with a not so easy solution. Your emotions are your biggest problem. I’ve seen people’s emotions get them into more bad trades, had them hold onto more losing trades and end up losing money like a pathetic gambler. Emotions aren’t hear to do you any favors. Emotions exist in us for two reasons: protection and propagating the human race. Trading forex is neither of these, so you got to eliminate them. You should only make trades on sound logical information. This means the numbers. The numbers don’t lie. The numbers aren’t biased. The numbers are just objective pieces of information.
By: Tyler Ziggler
I’m currently giving a 7 day free forex training course. Newbies and experienced are all welcome. If you’re interested in participating, check out the Casual Forex Trader.
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