Forex Tips : Getting Your Mindset

Forex, involves tremendous energy, time and resources to make a steady income, and steady strategy. It's a win and loss strategy. How would you minimize the losses, and maximize the profits? There are many books and internet resources for you to read and create your own style of trading. I have come across with a statement that there is 90% people losing while 10% win in trading. How would you do to become that 10%.

Get yourself ready + get a teamwork (min 2 person) + get the basic knowledge firm and strong
* Why get yourself ready? Is it because of the fast money? Not ready for the losses?
* Why a teamwork? Because is a very tiring long journey.
 * Why get the basic strong? To achieve better result in future.

 

 

It would definitely involves three (3) areas MIND, METHOD, MONEY.

 MIND - To have a consistent & discipline mind. Becoming a
1. Scalper Trader : Hold for few seconds / few minutes
2. Day Trader : Day buy / day sell
3. Swing Trader : Hold open position, getting the highest and the lowest position
4. Position Trader : Hold longer than swing trader
5. Long Term Trader : Hold for months and years
6. Fundamental Trader : Looking into macro economy facts
7. News Trader : Looking into economy news
* Do not mix everything, at least you know what is your selection as times goes by.
* Knowing which one is difficult to achieve?
* Knowing which one could earn you a lot?
 

 

For an example for comparison :-
Scalpers:
01. Target 1 - 5 trade per day. Focus on 1 currency.
02. Not to trade at high volatile currency, No trading on Friday and Public Holiday.
03. Trading at nighttime GMT. Doesn't trade during news hour.
04. Target currency spread 3 - 4 pips. Not more that 4 pips. Tight stop loss.
05. Target timeframe is M15. M1 is too small for a nighttime trade.
06. Target currency EurGbp, EurChf, GbpChf, UsdCad. Not all currency pair is suitable.
07. Holding a few minutes. 3pips - 10pips win/loss per trade. Not more than that.
08. Target winning strategy is as winning goes along, increase your bet on each pip.
09. Possible within a month to 3 months, earning 100% of your capital invested.
10. Target indicator is finding daily trend, and goes into smaller timeframe, entry follow the daily trend.
 
 No trend, can't play. Keep your indicator simple. Not all indicator is usable.
 Weakness :
You need to sit in front of computer from few min to hours. No other interruption is allowed. Your strategy might not follow, e.g. Wins, happy to play more. Loss, decide to play more also.

Your decision must be very strong, or else, you will be stuck.
 
 Day Traders:
01. Target 1 - 2 trade per day. Multiple currency is playable at the same time.
02. Target prefer high volatile currency, trading on Friday and Public Holiday.
03. Target Trading at daytime GMT. Trade during news hour also.
04. Target currency spread doesn't care.
05. Target timeframe is H1, H4.
06. Target currency : correlation currency : e.g. EurGbp, GbpUsd, EurUsd.
07. Target holding a day or two. 50 - 200pips win/loss per trade.
08. Winning strategy is as winning goes along, increase your bet on each pip.
09. Within 3 months to 6 months, earning 100% of your capital invested.
10. Target indicator is finding high and low, and making back the gaps of correlation currency pair. 
 
 Weakness :
You may feel boring only play once or twice daily. Earning is very far to reach. Lose interest playing. Your strategy might not follow, e.g. Wins, happy. Loss, your emotion down for very long. Your skill take longer to develop, however it is good for the long term.
* Mixing Type of Trader, meaning mixing your emotions.
Such as buy entry as Day trader, and exit as Scalper trade a few minute later.