The Best Technique to Make Money from Forex trading yet.

The Best Technique to Make Money from Forex trading yet.

Treat Forex trading as money making skill that needs to be developed over time.

The Best Technique to Make Money from Forex trading yet.

It is better to use a slow and thorough and complete approach to make money from Forex Trading than rushing and paying no attention to detail

Some advantages of Forex trading is that it is always mentally challenging and absorbing. I did a service recently for a Forex Trader who was trading profitably and was totally blind! Talking about overcoming handicaps and using your mental capacities to their fullest.

Natural progression in Sport

Like all sports or careers everything follows a natural progression.

Taking Tennis or Golf:

  1. Start as a beginner
  2. Then you become good at it
  3. Suddenly you start winning competitions
  4. You start entering bigger competitions
  5. After some time are selected to play for your province
  6. You are selected to play for your country
  7. Then you decide to turn professional – then only do you start earning money etc.

Natural Forex Progression in Automated Forex trading

Now Forex trading Expert Advisors or robots make it sound like you can start a step 7 above and earn lots of money straight away.

Even trading EAs has natural progression

  1. Learn all about manual Forex trading and technical analysis
  2. Find a robot
  3. Then learn exactly how it works
  4. Practise and learn to optimize it
  5. Discover ways to make it better
  6. Test and optimise it
  7. Source 30 or more other robots
  8. Repeat steps 3 and 6 as you learn and optimise them
  9. You have learnt how all the robots work and how to manage them so you select the very best of the 31 robots you have and trade them under the best market conditions favourable to each robot
  10. Only then to you trade real money

It is best to start as a beginner with a hobby and only progress to the next step once you are very competent at the previous one. All this takes time.

An Alternative approach

Given the situation of most Forex Traders that dabble in Forex, an alternative approach is to learn how to become good at following good traders and using social Forex trading. Even this approach has a progression.

  1. Identify opportunities to follow good traders ( Eltoro are a good start)
  2. Learn how to identify good traders (results are not always the best guide there a many factors)
  3. Demo follow these traders and learn how to build a portfolio of traders. Always use many traders – don’t put all your eggs in one basket.
  4. Learn from your selection mistakes and redo the previous steps – become good a finding good traders to follow
  5. Only then start investing small amounts to follow selected traders – continuously looking and testing others.
  6. Once you are very confident invest more and start making money

Advantages of this approach is that it does not have time zone restrictions and you can do your analysis over weekends.

Hopefully this will provide you with more information to think about.

 

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