You’re entering one of the most volatile markets, where prices change immediately due to predictable and unpredictable events. A market where 4 trillion dollars are changed every day and where people and companies are fighting for their share. We know it’s kind of hard not to let yourself influenced by this hectic atmosphere and you’ve heard it already most probably, but let us underline this once more for you: Don’t trade on feelings! Emotions are the key to unsuccessful trade and this has been proved many times, so, for your own sake, don’t try to prove it wrong. First, if you find yourself in any of the categories below, try to get rid of these features or just get out of the market: • Greed – it’s normal to want more, but put a limit on it and learn when to stop. Greed causes a huge problem, overtrading, and leads to high risks. • Fear – excessive risk will get you poor, but a zero risk will for sure not make you rich. And the extreme phase of fear, panic selling, is even worse. Remember: the market will always correct by itself! • Hope – you need it, but don’t get stuck too long with a position, hoping for higher returns. Your hopes will soon dash unfortunately. • Poor money management – if you don’t have respect towards money, then for sure you will be soon out of them. If you want to make money out of Forex trading keep in mind this: the only things you can really count on are the system you built, a continuous analysis and perseverance. They will show you what are the next steps. Built a trading system and stick to it. Always stick to it. Understand how the market works, how it reacts to feelings and identify its trends. The trends will help you plan the system that suits you best, a system that should be based on the following: 1. Define yourself – before you start looking at the market, start looking at yourself. How are you trading? Are you a day trader, a swing trader, or maybe a position trader? Write down everything that you think it defines you as a trader.

2. Define your risk – it’s very important to know exactly how much are you willing to risk on trading.

3. Define your method – basically, this means identifying your entry and exit point, the exit strategy and the factors that you want to take into consideration when exiting

4. Find the trend – use specific indicators that can find the market trend and confirm it

Once you put everything on paper, you can start trading using your system. Analyze your trading continuously, check where you were wrong, how did you lose or win money and correct your mistakes. Observe how the market reacts, its ups and downs and remember that these are the moments when your emotions might reach the highest peaks. But the most important thing is to stick to your system. Like this, you allow it to work and get good results. Discipline should be your strongest point, because emotions do nothing else than hurt your portfolio. If you see the currency slipping suddenly, don’t panic and cut your losses immediately. And reversely, if the currency goes up strongly, you might be tempted to hold your positions. But the system should be the own pointing you what to do next.

This doesn’t mean that you have to ignore your instinct. Differentiate between your hopes and fears and your instinct. Check if what your instinct is saying is the same as what the system is pointing at, and if these two factors are showing you the same direction, then almost surely you have to key in your hand. Block any useless noise, the short-term impact news and factors that can affect your strategy and try to remain on the same line.

Whatever the outcome of your trading is, remember that a single loss is not necessarily your fault or your system’s fault. Maybe it’s not even the market’s fault. It’s a loss and you should take it as it is. And expect it, because it will happen. It’s part of the game. Run a back test and analyze the charts to improve your strategy where the results are not as you planned. Also, don’t count on one single winning position. This is not an indicator of complete success and will not make you rich on the long term. It might not be you or your system the cause again, so try to keep your feet on the ground. And of course, your profits up!