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Oct 17th, 2009
Recently, many economists are comparing our present day economy to the Depression; they believe that we continue to experience the affects of the declining economy. There are lay-offs everyday, houses being foreclosed on and the daily struggle to make ends meet. Many people turn to the internet for supplemental income and may stumble upon Forex market trading. After a little research, many believe that they can also be one of those who make millions with this work-from-home job. However, what those new to the Forex trading market might not know, is that 95% of traders don't succeed in the Forex market.
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Despite all of the advances in technologies, like the Megadroid robots such as the FAP Turbo, traders still lose money, just as those who came before them. If you want to succeed as a Forex trader, you can sure employ technology, but the real secret to success is to learn how to apply a system with discipline.
Don't despair, you can still be a successful Forex trader, but begin by doing your homework and learning about the market. Even though it's not a hard concept to grasp, there are some basics to learn, like many jobs. If you do your research, learn the terminology and network with other traders, you are more likely to have success.
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Once you've acquired the necessary background knowledge, be sure to develop your trading strategy. Whatever strategy you decide upon, do not be influenced to change it because of your mood or your personal situation. Document the successes you have such as when you made the trade, why you made the trade and learn from each trade. Better yet, analyze your trading history to make sure that you are not making the same mistakes. This documentation will also provide you proof that your strategy is working, or in the case of many losses, that your strategy needs to be modified.
Obviously, you will have more success if you keep your losses small. This isn't so simple on some days. But, know that a great trader does not trade with their emotions but sticks to the facts and their strategy. A really good trader also leaves their ego at the door.
So there you have the secret of success to joining the less than 10% of top Forex traders. There still is no magic formula or high tech way to win, but with the skills and knowledge needed to be successful, making good money at Forex trading is not unattainable. The real secret to success lies in you.
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