This book helps beginner and progressing forex traders like you solve the problem of how to get started trading forex safely with proper risk management and to easily identify high probability low risk trade opportunities and make money consistently and safely.
I have aimed in this book to provide you a sound introduction and grounding. Diligently learn the skills and art of trading and you can become free of those chains.
Trading is a business, the business of making money and managing risk. Your priority as a trader is to understand how to find high probability trade opportunities, when and how to get into the trade, when and how to get out with a profit, how to manage risk and make decisive money making trades!
This book will help you dramatically increase your chances of success and clearly explain logical, systematic and prudent trade and risk management strategies that will do three crucial things:
Help you keep your capital
Help you choose better trades
Help you make money
You will learn how to trade with discipline and logic, systematically trading a high probability trade plan to enjoy making money safely, consistently and reliably.
You may have heard all kinds of horror stories about people who started to trade and lost it all; and of course people have. Over 80% of beginner traders lose money, some even wiping out their whole account in the first 3 to 6 months.
You won't do that. Why is that? The biggest reason they lost their money was because they were not properly prepared for trading and the risks of trading. That's why I spend a whole chapter on Risk and Risk Management so you really understand how to avoid that trap.
You may be thinking, "I am not sure I have the right mindset to trade"? While it is true some people do not, I show you how to be in the right mindset before you trade, and keep calm while making your trades. There is a whole chapter on Mindset and Managing Your Emotions that will get you in the zone.
So, do you have time to trade forex? The forex markets are open 24/7 nearly five and a half days a week. They are the most active markets in the world, and there is always a time of day you can trade. You can choose when you trade, how often, and how long you spend at the computer. You can even automate your trades, and I will show you how.
A lot of people ask me, "How much money should I use to trade?" It's a great question! Let's face it, trading is a risky business. I have already said that and I will say it again. I explain the risk and probabilities in great detail in the chapter on Risk and Risk Management so you can work out how much money you should use and make sure you manage your risk.
And, here's the thing, you must not trade with money you cannot afford to lose. Before you entertain the prospect of trading, you must make sure you have your finances in order and only use true "risk capital". I really don't want you to even start trading if you don't have the money to risk. If in doubt, speak to your financial advisor.
You may be wondering what results you might aim to get from your trading. Well, of course I don't know how it will turn out for you as I don't know you personally, but I suggest you set a target of making 1% a week, and when you have got your 1% in the week you could take the rest of the week off. 1% a week would give you around 70% a year, a good goal for your risk capital. Trading can be fun and very rewarding!
Trading is just like any other discipline and skill, you have to learn how to do it, and spend time studying how to do it successfully. To make money trading you must have a trading strategy, trade your strategy and be disciplined.
I will teach you the key principles of how to trade forex, show you where to find more information, and tell you how to make money trading with a great trading strategy and trading plan you will learn to trade with discipline and enjoyment.