3 Forex Trading Secrets That Will Rock Your World

Forex Trading Secrets

Forex Trading Secrets

If you are looking for Forex Trading Secrets then look no further because this article is packed full of them to help you learn to be the best that you can be. Last week I wrote about how making choices in your Forex trading impacts the bottom line. This week I am sharing some tips that I have found along the way that will make you a better trader. This post is for everyone so please share your Forex trading secrets in the comment section below.

Desire:

First we have the desire factor, to make money in your trading, you must want to make money. I mean that you must want it enough to change your bad habits. When we desire to do something the right way we are willing to change our procedures when they are not working. I have found one of the main pitfalls to traders is that even though they lose money consistently they continue to do the same habits and procedures that have been losing money. I don’t care what you tell me, if you say that you desire to succeed and you are not willing to change your ways than you don’t have the desire. This is a psychological factor that cannot be overlooked.

Bottom Line: Do whatever it takes to make money and don’t be so caught up in yourself that you will continue to do the same thing all the way until you get another margin call.

Education and Training:

Get the education and training that you need to make money. I don’t mean that you have to take a seminar and spend thousands of dollars. You can learn all you need to know for free over the internet. We put out enough material on this site alone to educate a new trader and there are many other good sites on the internet as well. Paying for quality education is good if you know that it is proven systems by reputable traders. Education is important why do all the educational systems of the world exist today.

The big part of education is getting information from people that actually are making money. You must listen to those people that have experience. Do what they say, because they must have learned some things along the way. In my life my biggest source of blessing has been putting myself around successful people and letting their success fall on me. This works and I will continue seeking wisdom from others that have been there and done that. Why? Because I am not the first person to do something or to have an idea, Why not learn from those that have made mistakes and learned to how to do well.

I have found many traders that will get sound advice but they won’t follow it. I remember speaking with one trader after a meeting and I said “ If you do that you will blow your account” His response was “you don’t understand my circumstance.” Guess what happened? He ended up blowing his account.

Bottom Line: Find people that win and follow them. You are not the first and you won’t be the last. It is not hard to find successful people to share their Forex trading secrets. Actually if you are looking for people to learn off of this blog has a great deal of wisdom and success that you can tap into.

Discipline:

I bet you thought this article was going to be about the XYZ crossover strategy that would get you rich. NO! Why? Because those are valuable but the mental training to trade like a winner takes work to develop. The right mental attitude doesn’t happen on accident. You must intentionally work at developing the right mindset, and habits, and skills. Write out a plan and evaluate your performance don’t hang out in a fantasy land pretending you are not losing all your money.

Discipline in all the following areas is critical to success:

  • Money Management
  • Mental Attitude
  • Trading Strategy
  • Following your rules

Bottom Line:

Discipline is what will make or break any Forex trader during the course of there trading career. Trading is not easy and it takes discipline to survive. The absolute best thing about being a blogger is the ability to get that mentor ship and experience right here. So for those of you that are sitting on amazing Forex trading secrets please share them in the comment section below. I am waiting expectantly for some incredible tips that will help me.

Thanks for reading and  until next time.

Casey Stubbs

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Thanks for stopping by John

  • John

    To all newbies, read this article thirty four times (it's a fibs number)

  • Eric,

    I appreciate the comment, We are trying to push out further in how we help new traders. I have a new series called forex Trading Journal which is where I will be showing how to do trading journal and how I find trades and a trading plan.

    So keep you eyes on that and if you have any questions comments or suggestions please let me know.

    thanks

    Casey

  • eric

    Hi Caseystubbs this blog is wonderful, i love this. i 'm a newbie interested in forex trading, though i trade on a life account, i have made profits, but also loose them. i don't know how to create trading plan, how to balance news and the technicals, and so on. But i know belonging to this comunity will help alot. i have learned the rules from Helder. 'Desire' as you said cannot be overlooked. thanks for the mails you've sent so far.

  • Jason,

    Thanks for the compliment and I am glad that this article has been useful to you. We are all about creating great traders, if you have any questions please do not hesitate to ask.

    I appreciate the feedback to our community here and please come back again.

  • jason

    Casey, this is not a good but great article. I have been trading and lost so much that I had to stop for a while and did some psychological research. Out of the three secrets, strong Desire to me is the most important, “Mind can move mountain”. Without desire nothing will change. Thanks for reminding me and everyone here.

  • Helder,

    Welcome to our blog, you can stop by anytime, I truly appreciate the time you took to share here. Those rules are truly priceless to any trader thank you for sharing and yes those are some true forex secrets. I believe if you are not a great trader yet you soon will be.

    Thanks

    Casey

  • Helder

    Evening fellow traders,

    I have been involved in forex trading for over two years now, over this period I blew many demo accounts due to excessise greed and ignorance but I also spent months away from forex to recover from when I gave away Usd5000 on a real account. So far the downs have been many, but every time I recoop my strenghts and fight back. I believe that confidence is very important just as patience, but in my opinion the most important characteristic to become a professional forex trader is to be willing to accept that you, we, are the weakest link. It doesn't matter how good your system is, or your strategy.

    I believe that trading is more a psychological game than anything else. Every day, before I start my trading day, i make sure to read out loud the following rules:

    1- Many aspire to the life of a successful trader but few succeed.
    2- Decide that you are in the market for the long run.
    3. Lear as much as you can. Read and listen to experts, but keep a degree of healthy skepticism about everything.
    4- Do not get greedy and rush to trade, take your time to learn.
    5- Develop a method for analysing the market.
    6- Develop a money management plan: Survival, Steady Growth, Large profits.
    7- To survive and prosper you must control your losses.
    8- The inability to manage yourself and your emotions will lead to poor money management.
    9- You may have to devote as much energy to analysing yourself as you do to analysins the market.
    10- You must keep in mind the importance of of self and crowd psychology in trading. All losing amateurs ignore it.
    11- Emotional reactions are a luxury that you cannot afford.
    Respect the strenght of the crowd but do not fear it. A trader who thinks for himself can take money from crowd members.
    12- You are responsible for every trade you make.
    13- Your objective is to trade well, not to make money.
    14- Identify your fantasies and get rid of them.
    15- Learn from your mistakes or you will repeat them again.

    Hope some of these points can help you reach that next level. Determination and perseverence will take you a long way towards becoming a good trader.

    Happy trading!

  • Wilma,
    I would recommend demo trading until you can prove that you will be profitable. If you have not made a trading plan yet I recommend you do so now. If you need help with that please let me know and I will help you in any way that I can.

  • Wilma

    I am a newbie and have my second demo account. With my first account I ended with a loss of US$ 324,–, but now with my second one I gain in 22 days US$ 1.200,–. But I stay out of the EUR/USD at this moment.
    At this moment I can't get it right. So I surge other pairs and I need to say that oke for me to.
    But a question to the profesional traders. Do you think it is alright to start a live account or do you say no it's to soon. For my feeling I could, but just curious to know from profesionals
    Thank you

  • thanks Empire,

    I agree with you you that we must keep our skills sharp. I also thank everyone for their comments that is what makes this blog so much better because of the group effort.

  • forex brokers

    Hello Helen , i will be happy to help you , you can visit fightforex.com read the education we added new Forex Education . if you need any help also iam here to help you , fill our contact us form with your details that i can replay

  • Empire

    Hey Casey, thanks for this load of information becos even when we are a bit experienced in the trading of currencies, it is great to be reminded of the basics on a regular basis.

    thumbs up to all who contributed, ur comments have been very helpful.

  • Helen,

    thanks for sharing your story with us. It appears that you are determined to do this. Which is one of the secrets to being a great trader. A determination to succeed.
    I hope you do come back and I would be interested in your trading experiences so please comment or email me any time I will be happy to help in any way that I can.

    Casey

  • Helen

    Hi – I am new to Winners Edge Trading, and have been trading for the past 5 months on a mini 250 dollar account – the first mistake I made was being advised to open this account after having spent only 3 days on a demo account – I thought I was ready to play with real money! The first week I was liquidated because I did not fully understand the margin balances. Over the last 4 months I have consistently lost money, then over the past 3 weeks finally “got the hang of it” and made all my losses back. Then last week I blew three quarters of my account on two trades (eur/usd & eur/chf) that went completely wrong and am back where I started. I could blame the SNB, etc etc but have really no-one to blame but myself. I had no concept when I started how much I needed to learn – the broker made is sound so easy, I was obviously very gullible, but despite the losses I am enjoying it hugely and have no intention of quitting. I am going to do a great deal more training and learning, but in the meantime I am going to take the next week out of the market completely and am not going to be tempted to trade in conditions I do not understand. Thanks for all the helpful suggestions here – I will be reading all this avidly in future.

  • Thanks Mpontso I hope you do well in your trading in the future

  • Thanks Paul for the comment and for sharing your discipline secrets.

  • Mpontso

    thanks Casey I need this sort of pep up talk. I am undertaking to train my mental attitude to follow the rules I have set up. I should also remember close a losing trade while hoping that a miracle will make it chgange in my favour

  • Paul

    Hi Casey and thanks for the great article. I have been in a demo account for 3 months and training with a coach. Slowly it seems I have become better at trading due to discipline, patience, careful review and because of the info like yours that have blessed my learning. I am also a bodybuilder and a commuter in the maddening traffic of Seattle. I see lessons from trading in my everyday life and vice versa… Patience in traffic has kept me out of impulsive behavior that could have had dire consequences, and discipline in my diet and in my strength training have begun to transform not only my physique but the elusive mental attitude. Trading, weight lifting, working and living require a plan and an execution that remains flexible. Hope you have a pip filled week!

  • Gerar,

    I have remembered you here for a long time and I believe that you will make it to be a good trader keep learning and you will do it.

    Thanks for the comment.

  • thank you for visiting please come back again.

  • Thank you for being such a faithful reader and always coming back and leaving a comment, I hope our relationship can continue for a long time to come.

  • ragap

    Nice article…

  • Gerarfx

    Good article Casey…..with my limited experience I think that mental attitude is so, so important….If you want to succeed your attitude must be a winner. I am facing my feelings in relation to the results of the trading. I believe that I am improving….. I have to learn very very much more, but think that If you have the decision of triumph and the appropriate mental state that will help a lot….I hope to be able to expose my successful experience in the future…jajjj.
    Thanks for share to all of you…..

  • shallom

    casey..your secret has really been a tremendous help i am really studying now and following every sound suggestions
    now i realise that a good trader must understand .and follow the market forex is not about gambling its a trading.with discipline and PATIENCE
    thank you

  • Jen,

    Yes stops are important or else you can take some huge losses. One tip that I recommend is to identify more precise entry points so that you win % on trades is higher. That helps me quite abit. Patience is important in that because it helps to wait for the right trade to develop.

    Maybe some other users will help and give you some assistance with some of their tips.

    Thanks for coming by and if you need any help at all please dont hesitate at all.

  • Jen

    Hi Casey,

    This is a very good article. I have been trading on and off for about a year. My largest problem is with stop losses, as I initially used them a lot, but my broker was stop hunting- I watched the computer chart create false spikes on a few occasions- as soon as I took my stop out, the spikes reversed.

    I know that trading with stops is key to a good trading method. I stopped using them, which has hurt my account balance a lot.

    What is the best way to use stops while taking this into account. I was originally using 40 pip stops.

  • That is great advice Joe to watch the charts and not trade, that builds patience, which Scott the first commenter mentioned and patience will help us stay out of the bad trades.

    Thanks

    Casey

  • Thanks for the comment please come back we will be continually adding useful information for traders.

    Casey

  • Stuart Cropper,

    Thanks for sharing your story with us. If you keep coming back and sharing your progress I am sure that the readers of this blog will be glad to give you some tips and tricks to help you along the way. I know that I would and that is what this is blog is all about educating traders.

    Thanks

    Casey

  • Devadas,

    Thanks for taking part in our great discussion. This is very true about holding trades. It is similar to what IVS said. No big losers and you will eventually grow your account.

    Casey

  • Yes IVS

    That is so true catastrophic losses must be eliminated. It is also useful to break the trade down like you did into the 5 outcomes.

    Thanks

    Casey

  • joe

    for new traders, just 4 to 5 hrs a day no more look at your platform look at it move just do not trade just look for them the frist week. then just make one trade per day for the next 2 weeks. after that 2 trades a day for 4 weeks . just use 2 pairs (eur/usd & gbp/usd ) to start this will help on a demo acc.
    KNOW THIS = 1c will turn into 5c and then 10c then 25c and up trade small it will grow just give it time

  • mojtaba1987es

    nicely done.thanks for sharing

  • stuart cropper

    casey thanks for the newsletter,uk demo trader,
    several month`s ago i became interested in forex trading , since then i have made progress but with problems ,the first two demo`s i lost money my last demo was a 5`000 $ micro account i finnished up on the last day 67 dollars up which equates to 670 pips i asked the trading platform for a further demo which they abliged i am now a fortnight into this one and i am 97 dollars up but the had to put many one dollar trades on to pull the account back i dropped about 400 dollars at one time had this being a dollar account i would have had a margin call and would have had to start again .i feel that having a large 5-000 dollar demo account has helped but at a cost ,but you have to learn .many month`s of demo`s lie ahead for me .before i can concider a live account ,i have a methodical mind and i am not bad at a prediction i am able now to find a lot af winning trades i have at times hit 16 wins from twenty my average overall is good .so i know i am learning ,i look everywhere on the internet for traders that have winning strategies that they use .so your advice and methods are invaluable ,i study forex a lot .many hours a day in fact ,my present intertest is in how currencies react to economic anouncements in relation to one another , i use the overlay method a lot to find converging currency pairs ,a lot more work has to be done on that i a have barely scratched the surface as yet i want to turn myself into an expert on that topic .i know predicting future moves relies on me knowing more than i know now . i am now as i have said two weeks into this demo but it is unlikely that i they will extend into a furher demo .i need a 5`000 micro demo shortly to continue with my trading .
    best regards stuart cropper

  • Devadas

    Great Points Casey, the only point i can add is about Mental Attitude and traiding. Do not blindly follow your system or method they do not work all the time. Change your mind and cut your lost, when your trade is not working out. Holding on to a loosing trades, turning a scalp/day trade into swing trade is a sin. The market god's will punish you.

  • ivsforex

    Hi Casey,

    Being aware of the risk with every trade, and limiting losses I always stick to a loss ratio of 1% of my capital. I know for new traders, this can be a long, painfull transition to build up a capital account. However if there are five outcome's in any one trade:
    1) Make big money
    2) Make small money
    3) Break even
    4) Lose small money
    5) Lose big money

    By being regimental and eliminating outcome 5) from the trade, it helps long term growth of capital account.

    “trend is your friend”
    Hope this helps someone
    Ivs Forex

  • Good Point Ryan,

    Reviewing what is going on allows us to measure our performance. Another thing I would add is to set standards of measurement so we know how well we are doing.

    Thanks

    Casey

  • Thanks for the comment Derek, You have been a great help since I spoke with you the other day please come back often and share about your success or failures.

    The Trade size point is well taken and one that is crucial to successful trading.

    Blessings to you as well.

    Casey

  • RYAN

    CASEY JUST POINTED OUT SOME OF THE BUILDING BLOCKS FOR SOUND TRADING. ALWAYS REVIEW. IT IS LIKE AMERICAN FOOTBALL BLOCKING AND TACKLEING.

  • Derek

    Casey,

    Great job! Here is my addition to the success blog:
    Great stuff Casey. You hit the nail on the head. In order to have what you've never had you will have to do (and be) what you've never done. My little addition will be to “strictly” manage trade size in the beginning (and forever for that matter). After a few positive trades I would find myself “risking” more until I took a big hit that would significantly damage my account. I could have easily avoided that by trading no more than 20% of my account in margin and no more than 3% at risk in the market at any given time. Trade size, trade size, trade size–keep it small if you want to keep trading (and learning). The will help you slay the demons of fear and greed in order to be successful.

    Blessings!
    Derek

  • Scott,

    thanks for the comment, yes patience is so important, I think I learned the hard way by always anticipating a trade rather than waiting for it to happen. I would log patience under the discipline category.

  • TraderCisco

    Great Points Casey the only secret I can add it simply patience. It took me about 2 years of trading before I realized that I don't have to trade forex for tradings sake. To become a successful day trader means there are days that you may not trade at all.
    This is a huge secret, learning to wait and wait and wait for YOUR setup. Then when your trade happens you are ready to put appropriate risk and have the faith that your set up will pay. If ones will learn to be patient their forex trading will improve beyond belief.