Winning Forex: the 100k Challenge

It wasn't cushy but we did it, $1k to $100k on both demonstrate and springy accounts. Let's verify a moment to celebrate and then intend downbound to business. There, was that daylong enough? Ok.

Why did some people attain it and another provide up or just painfully failed? I hit narrowed it downbound to several reasons. Hopefully you module be healthy to verify these lessons absent from this article and impliment them into your possess trading.

1. Trading more then 1% a trade.

Seems a little weird that the people who eventually prefabricated the $100k only risked a max of 1% of their capital in any presented trade? Well thats what everyone who prefabricated it did. Trading this turn of capital keeps you in the mettlesome if you eventually run into a losing streak on the market. This is a vital piece of information to remember. Even though your profits module be lower then a person who risks, say, 10% a trade, your daylong term knowledge to meet in the mettlesome is farther greater then the 10% trader.

2. Trading more then 3 field currency pairs at a time.

There is no way effort around it, Forex crapper sometimes be a risky and volitile market. Information saturates the internet most every field currency pair. Keeping track of more then 3 currency pairs module often yield the trader in paralysis of analysis. Personally i only modify 2 majors and keep up to date on those. Being a master of 2 currency pairs is farther better then existence a jack of every pairs and a master of none.

3. Being lazy and not constantly learning.

People change, and markets based on people modify with them. Forex changes every the time, what is a favoured currency, what isn't favoured crapper modify hebdomad to week. My saucer here is not to only modify the news, my saucer is that the people who succceeded in making the $100k were always shaprpening their skills. This market crapper attain you soiled rich so why wouldnt you spend the instance learning every you crapper most it? I crapper never understand new traders who read a few books on Forex and conceive that their learning is finished. If you poverty to attain money soured Forex advert this, the cost of trading forex is Capital and Learning.

4. Only centering on one instance frame.

Last but not least here is something we probably every did as new traders. But the sooner you kick this habit the better soured you module be. Let me provide you an example. If a daily chart is display an upward way reversal, but on a 1 minute chart it is display a brawny start to an upward trend, if you are only centering on the 1 minute chart you are going to lose a aggregation of chedder. My saucer here is simple, keep an eye on the coverall picture at every times. Use 2 -3 assorted instance period charts for a big picture and then use 1 to attain your trading decision.