Your Way To A Successful Currency Forex Online Trading Career

Automation is in the world of Currency Forex Online Trading truly the lazy man’s way of trading the forex. And it’s a smart way of doing it. You might be wondering why? Because it nearly eliminates the biggest enemy you have to conquer in this process: Yourself!

After stumbling upon FX online trading in 2003, I’ve been through all the obstacles, currency trading has to offer. What can you do if you are not interested in having all these experiences on your own? So what are the differences between the minority of successful traders and the majority of those 95% who lose money in the forex market?

To make a long story short, there are some key factors which are absolutely crucial to your success if you want to survive in the sea of sharks (Brokers, Institutional Traders, Banks, Advertisers and most important: You. So here we go:

How to become a successfully Currency Forex Online Trading Expert
The 8 rules on how to become an effective Currency Forex Online Trading Professional

1. Don’t ever trade using funds you can’t risk to lose. When you are in a trade, you don’t want to be on pins and needles in front of your computer. Just say no!

2. At any time, you should not invest more than 3% of the remaining balance of your trading account. Your stop loss order needs to handle this condition at all times.

3. Begin with a sample/demo account for a minimum of 30days when you are a new to forex or try something new out. Most  Automated FX Trading Software Systems require a minimum of 3-6 month testing time to get familiar with the software and the trading “habits” of it.

4. Don’t switch to real trading until you’ve seen at least a month of profitable trading. There should be a minimum of twenty trades, the more, the better it is. Don’t forget that these are the minimum requirements.

5. After finding a profitable FX Trading Software, always take portions of the newly earned capital out of the account and let the rest accumulate. I would recommend to take out 50% of what you’ve gained each month.

6. Maintain a record of your trades. Always write down, or put your trading data in an excel file. A log file will be given to you by the MT4 broker in most cases.

7. Review and critique the trades made with the system. Understanding how to use your automated fx trading software is essential to your success. Systems weaknesses and strengths become more obvious as you notice similiarities in the trading. Your whole tradng will profit from it.

8. Stick to the rules 1-7. Take my word for it, this is the most difficult aspect. I have seen too many traders losing all their money only because they were not able to follow these simple basic rules.

This is all that is needed in terms of the fundamentals to begin. If you manage to follow these rules, you will do far better than most other traders struggling in the currency market. Get your homework done, stick to the basics and you are on your way to the top 5% who are making serious money with fx online trading.