The Forex market is growing rapidly, it is largest exchange with over $5 trillion dollars traded of which $3 trillion is retail trading (that’s us). That dwarfs all the major stock exchanges, the DAX, LSE, NYSE, Nasdaq all put together. This great surge has meant people are looking for Forex trading success. So how do we achieve Success in the Forex market?
We first need to have a Method. A method can be Technical analysis, fundamental analysis or plain gut feeling. The key is you must have a working method to attain Forex trading success.
Secondly you must have good Money management. That is simply how much you trade with, stop loss points and how much you are risking in each trade.
Lastly you must have a Mentality. This for me is the most important thing leading to Forex success, this can be described as being able to control your fear, your greed and having discipline overall to stick to your system regardless of what the next guy is doing.
These are collectively known as the 3 M’s all the best traders live by the 3 M’s. They are Forex trading success and becoming a successful trader.