How to Trade Forex For Life

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.

Forex Trading: 3rd Trade Up +158 PIPS!

--> A quick post to recap what happened during the week.

Here's the 3rd trade results using a demo account.  Went long on USD/JPY and USD/CHF copied from my awesome mentor!  Yes, I'm really liking my mentor for now.  I'm still on honeymoon stage so there's really nothing to dislike for now.

Click to enlarge - 3rd FOREX Trade (Demo account)

Technical Analysis - Certificate of Completion (Risk Management)

The tricks of the trade are endless.  Look what I got for completing the Forex Trading Basic Course on Technical Analysis.  These people really know how to encourage you.  Hopefully the support and encouragement doesn't stop even when you've opened a live trading account already.  (Sound FX: crowd cheering and clapping! I take a bow and thank you all)

Certificate of Completion: Technical Analysis for the Happy FX Trader.  Given by Daily FX.

I found another set of online videos that will compliment the Forex Trading Videos from Mario Singh and Mark So that I posted earlier this week.

This time it's from FXCM's site called Daily FX.

Here's the link:

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Leverage is Your Friend (Forex Trading)

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.

"If you plan your trade so that you are risking a small amount of capital on each trade, very high leverage will not have a negative effect.  On the contrary, low leverage can severely hamper a trader's potential for profit." - Mario Singh