The Best Thing That Ever Happened With Currency Trading

The Best Thing That Ever Happened With Currency Trading ; I am a professional forex trader. I routinely and on average make $30,000 every forex trading day. Yet I started my forex trading career with demo accounts and no formal training to learn all about platforms trading. Also true is that after I felt comfortable enough to start trading, I opened my live account with $250 and within 2 days I had lost all my money. But rather than give up, I tried to learn more about it all, especially why I became so emotional over-excited when I used real money.

Four times I used real money, each time $250 all my self-taught trading tactics and strategies were thrown straight out the window and each time I lost all my money - now having wasted $1,000 with nothing but the experience to show for it. Friends started to think I was somehow addicted to forex trading as I could not let it go - I felt not only that I must master it, that if fact I could master it. Half the battle was controlling my emotions, which over-took me so completely every time. The other half of the problem was I was using a totally wrong belief system in the best approach to take.

Then a young trader gave me some very wise advice. He said to him, picking the right entry point was meaningless - that the essence of a great trader was how that trade was managed that counted. After thinking long and hard about his words, I realized that setting Stop Losses levels was killing my account, whittling my equity down slowly and surely until there was nothing left. But if not using Stop Loss triggers to manage my trades, what should I be doing?

The answer was all too obvious - it was hedging. Rather than set a stop-loss at say 50-80 pips away from my trade entry point, I would open an opposite trade at the same level. Now if the first trade went bad, it would stay alive, but be hedged by my covering trade.

Platform trading really does come down to understanding and accepting that every price on the chart will be reached many times. If my first trade is bad today, that is no problem. I just make money in the opposite direction until the tide turns back in favour of my first trade. I make all that profit from my hedges, and then I make money riding it back up to my first trade. For the latest updates PRESS CTR + D or visit Stock Market news Today

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