If you have some experience in trading currencies, but not much, you probably are a technical trader.

This is a good place to be. You are not quite there yet (your profits are not as big as you would like), but you are well on your way to become a successful trader.

Let’s see what you are doing right now:

You know that intuition and hot tips alone do not make you money and you use indicators to tell you when it is the right time to buy and to sell. So, you study all you can about indicators, like charts, trends, ratios, volatility, etc.

This is very good! All those indicators will definitely help you make money. They are very useful tools and you should learn all about them, as long as you do not try to use them to predict the markets

One big mistake many traders make is to use methods like Elliott Wave and Fibonacci to predict how the market is going to behave. They will find that, no matter how accurate they feel their prediction is, they still lose more money than they would like.

Can you relate? There is nothing wrong in losing money (actually you have to feel comfortable losing money, but this is a subject for another article) and certainly there is nothing wrong in using indicators to help you make trading decisions. Actually, you have to be very good at using different types of indicators before doing any trading. But there is one important thing to keep in mind here: markets cannot be predicted, they can only be traded. Big difference.

The technical aspects of the trade are necessary steps on the way to success. As I said before, you have to be good at them. Just remember: all those indicators and methods are tools to be used in a trading strategy, not by themselves.

If you are on this stage, congratulations! You are half way there. You know what is important and what should be discarded when you make trading decisions.

What is next for you is your ultimate goal as a trader: the peace of mind and the profits only pros can have.

A smoother road compared to the beginning, don’t you think?

Copyright by Lanval, Corp. All rights reserved worldwide.

Some traders, especially beginners, try to be in control of the markets and apply their strategies until they succeed. They actually might, but at a high cost of time, money, and emotional distress.

The most profitable and easiest way to trade forex is going with the flow, letting the market tell you what to do, not fighting it.

The only things you can control (and must control) are your money and your risks (with a money and risk management strategy in place). The forex market has a life of its own and cannot be tamed. It moves freely and not even the best software in the world can tell you how it will exactly behave.

Currency trading tools are only that: tools, not magical devices. If you leave your pride on the side and make friends with the market, it will tell you what to do and when to do it. It will help you decide which direction to take to make a profit. This is the right attitude to make you a successful trader. Your mind is detached, your emotions are detached, and this makes it easier to take action to what the market is doing. This attitude helps you to make the right decisions easily and make a profit at the same time you minimize your losses.

One important thing you should keep in mind: you cannot predict how much money you will make, but you can determine how much you want to lose. Without a good risk management strategy in place, your losses can multiply in a snap.

And as important as having sound strategies in place, your emotions must be in place too. Emotional detachment gives you the perfect state of mind to let the market tell you what your profits will be and receive them as the result of a successful forex trading.

But if you, on the other hand, prefer to fight the market and do your will until you get your way, you might eventually get where you want to be. The price of this approach? Effort, time, money, frustration, stress, and all the physical manifestations or diseases caused by that stress.

The question is: Is it worth it?

My best advice to you is: do not try to tame the beast, so to speak. Be friends with it and it will give you its best. And that IS worth it.

Copyright by Lanval, Corp. All rights reserved worldwide.