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If you are a new trader or a very experienced trader one thing that you are always asking yourself is how do I become a more successful Forex Trader? Every online trader wants to know if he is using the best strategy to make the most money everyday, every trader is always studying the charts and reactions to find the best entry signals to make the most profit.
So how can you keep fresh and remain the game consistently making money all the time? One way you can make sure you will always be making positive profits in the FX market is to look at other traders and see how their strategy works. Remember Forex trading is a science so there is always more knowledge to learn and discover. Today we have sat down and studied some of the greatest Forex traders of all time for you like George Soros and Stanley Druckenmiller to find the traits that makes a successful trader.
What we have discovered is that the most successful traders the ones that make the money to fund that dream lifestyle you’ve always wanted: the big house on the beach, the new sports car and the speedboat; well they actually do all have some traits in common that you can bring to your plate.
Common traits of successful forex traders
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WHAT IS SUPPLY AND DEMAND?
The only reason why a price moves in any, and all markets, is because of the imbalance in supply and demand. The greater the imbalance, the greater the move in price.
Algorithm trading (Algo trading), or variably termed as automated or box trading, is a process upon which a computer is pre-programmed with a set of instructions (based on price, quantity, timing, or mathematical model). These automatically start off a trade and generate profits at a speed and frequency far beyond what a human mind can normally do. Unlike those who employ social trading, traders who use Algo trading do not rely on what other expert traders in the market are doing before they place their trading orders. With Algo trading, the computer automatically initiates a trade on the basis of pre-programmed conditions, as set by the trader himself. The best forex software we've seen so far is Assar Elite Pro Forex Scalper V10. You can find it over at https://www.assarofficial.com. They have four free versions they give away for you to use on any type of account, live or demo.
I have talked about how mastering and choosing a predetermined trading strategy will allow you to build up your portfolio and triple your income within two weeks.
But what I can guarantee you without fault is that your strategy won’t work forever, the rain of profits will at some point come to an end. It may take a few weeks, it may take a few months or if you are lucky it may take a few years but I will bet anything that at some point your strategy will be put in the dust. This is for the fact that you cannot always stay ahead of the market and that market forces always change. If you want to become a millionaire in the profitable world of Forex trading then you are going to need more than one trick in your house to be the best online trader that the Forex market has ever seen.
Fresh ideas, new strategies, everyday is profit
If you want to stay ahead of the pack and sustain your profitable edge always making those gains, then you need to keep coming up with fresh ideas and diversifying your trading skills. Don’t worry you won’t need to change the whole way you see the foreign exchange market, just need some tweaks to keep you always above the crowd. Well luckily for you I have three tips right here to make sure your profits keep growing and your money keeps stacking up so you can buy that mercedes benz that you have been looking at all these years.
1. Try looking at different times
Just because someone told you to be a day trader and that would be the best way to dominate the Forex market doesn’t mean you need to be a day trader. Some of the best day trader’s check out longer time frames and that way they see the whole direction of the market. Maybe even speak to some swing traders so you can add it into your repertoire of techniques.
2. Try trading other pairs
So you are a master of trading AUD/JPY and know it like the back of your hand? Well what happens when it all goes wrong? Why not be always stacking the profits by learning another pair in advance? If you are a master of AUD/JPY then you must know the aussie dollar well. So move in on AUD/EUR or AUD/USD so you can maximise your ability to predict the Aussie FX market.
The Secret That Expert Traders Don’t Want You To Know
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Hope you like those three tips, pretty simple to follow through on them and ensure that you become a Forex millionaire trader in no time. I started out with $500 but just following these tips I am now raking in over $10000 a month.
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