In order to trade the Forex market successfully, you must have a Trading System that you can rely on. This holds especially for those who want to trade the Forex market to earn a living for life.
From what I've gathered so far, the keys to successful trading boils down to 3 main points:
- Money Management
- Strategy
- State of Mind
Among the three, Mario Singh associates 55% of the success to the trader's state of mind. This goes in resonance with what Alexander Elder wrote in his best-selling book Trading For A Living.
The Trader is the Weakest link in any Trading System -Alexander Elder
Money Management comes second at 30% and only 15% is attributed to Strategy. Let me explain more in detail below.
We're day three into the trading week and it seems like there are no clear set ups in the charts. When there are no clear set ups that means you DO NOT TRADE. If you can't tell from the charts what the trend is, do not trade as well. That's one of the few things I learned last week. It takes great effort not to trade when you're itching to get into the market fast. 
A lot of people you meet will actually discourage using high leverage to trade the forex market. While he agrees that leverage is a double-edged sword, he actually encourages that traders use high leverage. For Mario Singh, leverage is your friend. And I certainly agree. But you need to use leverage wisely. You need to incorporate Money Management Strategies to be able to take advantage of leverage smartly. Read the following article to learn more.
