I am a fitness trainer and a Forex trader. My success story in Forex trading has not been an astounding one, but I have been making a pretty profitable career in this field. People have varied opinions about Forex trade. Some believe that it is the best way to make millions easily, while some others say that it is very risky and fluctuating. I was looking for an additional stream of income and Forex trade seemed to be a better choice. But I was confused as to how to make some decent profits in this market. However, eight months down the line, I am happy that I jumped into this bandwagon.
As far as my results are concerned, Forex trade fetches me anywhere between 10 to 15% in a month, which I feel pretty good, when the amount of time and energy I put forth into it is considered. I believe three important things have led me to gain success in Forex trading.
Approach- I started trading with the instrument and market that I can relate to comfortably. Luckily, UFXMarkets.com, the Forex trading platform I have been using offers a range of trading options, which include currencies, commodities, CFDs and indices. It is advisable to assess the time frame that matches with your choice. I used to choose five minute chart, as I am comfortable in a position that does not require me to expose to overnight risk. If you are comfortable with overnight risk, you can go for weekly charts. Once you choose the time frame, you need to choose a Forex trading system. Be sure to test and confirm before opting for it.
Attitude- I realized the importance of developing the right mindset to get success in Forex online trading. Patience and discipline are crucial for a trader. You need to be patient and wait for the price to reach the levels indicated by the system. You need to have the discipline and believe your system. It is important to avoid making any guess works. Having realistic expectations is also important. It is important to develop the attitude of never giving up. It is not possible to become an expert overnight, so you need to hone your skills gradually and develop your talents. UFXMarkets.com offers various tools to make the learning process easier. The more you learn, the more you can earn. UFXMarkets also offers personalized coaching and access to a personal account manager. I took advantage of this to improve my Forex trading performance.
Management- Successful trading is all about maximizing profits and minimizing risks. Try to get your trade in the right direction. This requires patience and disciplines. However, once you get the right direction, you can start making profits more often.
For beginners, I would like to advice to open a mini Forex trading account. This lets you trade with real money, but limits your risk relatively to a small amount. It also helps you to practice trading and pick a right technique suitable for you.