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How to Master Forex Day Trading

By Edited Aug 6, 2016 1 1

In order to master Forex day trading, you need to observe the laws of the market and find constructive ways of profiting from them. This can mean trading on someone else's system, or less commonly, trading on your own. The keys to making money and Forex are all around you and there are no real secrets, just systems that work and ones that don't. So in order to find these systems and master Forex day trading, here are some of the tips you need to understand how the markets work and what you can do to be successful.

First of all, always trade on the system. If you don't have a system of your own, then get someone else's and use theirs. Forex trading systems are extremely important and they're what keeps you out of trouble. The reason is because it takes discretion out of the market. Discretion is the human intuition that is very inaccurate and needs to be suppressed. This pertains to both greed and fear, both of which are punished in the Forex markets.

Another very important ingredient to success in Forex day trading is getting around other successful Forex traders. You can do this on forums or in chat rooms if you don't have anyone in your area. I recommend a website called babypips.com as they have very many successful traders, as well as some very good quizzes and training for people who are interested in getting started in Forex. Be sure to get around here with people that are better traders than yourself.

Finally, get an excellent Forex education before starting live trades. This can mean getting involved in a website like Forex Institute, or using the Forex home study courses that are available online. All of these are an excellent way to introduce your mind to the concepts of the market. Forex education is where day trading starts, and needs to be respected the whole way through in order to become successful.



Nov 13, 2010 6:23am
Couldn't agree with you more about the education. I got schooled at www.trendtradesystems.com before I ventured into Forex and ETF's and it paid off..(see my avatar) :)
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