4 Ways To Become A Happy Forex Trader

The world was greeted with global interest rate cuts from three of the world's powerful nations last year. I got Series of messages calling for help and what to do when the trades just could not give good set ups with high volatility being experienced in the markets.

In the morning after the day's turmoil while trading before the market went into rest, in a long day consolidation, i got an email from a friend who never stopped asking for trading direction all through the night of Wednesday October 8. The email subject read Am happy! By the time i was reading this email, i was happy as well; although the previous day none of my colleagues in the office could figure out that i was only trying to maintain my balance within. In fact it was the grace of God and the blood of Jesus Christ my savior that sustained me through the night and gave me sound sleep.

I had to wake up at 12 midnight (having suddenly fallen asleep while waiting to recover from the trading errors i made earlier in the day) to cut some of my losses and open new positions. I went back to bed unable to wait any longer since my batteries had gone down and i could put on the generator set. His grace sustained me until i got to the office in the morning and found that i had recovered from the losing trades. So, when i got my my friends email with the remark: "i hope you have recovered from the losing positions," i was happy for two reasons:1.i had advised her to watch out to buy GBPUSD early Thursday morning and she did and was happy and 2. i was happy that i recovered and had a profit of well over 200 pips for those 2 days of turmoil. I give all glory to God Almighty.

What make A Happy Trader

This to me is the catch for this piece. the truth is that, many are not happy to have traded forex and lost out. They cannot be qualified as forex traders until they change this mindset. top Government and central banks around the world on Wednesday October 8 2008 had to cut interest rates simultaneously and that threw financial markets around the world into very high volatile moments.
The forex market was no exception. But the fact remain that while most participants in other markets- the housing sector, credits, mortgage,stock etc- were left to count on their losses since the markets were blowing hot air, forex traders who knew what they were doing started following the FX market up and down.

One significant thing about the market is that there will always the Bulls as well as the bears. So on this faithful day when two positions were against me, i used two others to follow the markets up and down and by the time i decided to cut the losers,God had added good profits trades in other market may not have had the privilege of enjoying since they had to only trade on one side of the market e.g. buying low and selling to make profits.

Happiness In Forex Trading

This is one thing most forex traders lack- happiness in trading. Many keep running from one pillar to another in search of happiness in trading. i want to use this recipe for becoming a happy forex trader. i will simply list them for for you since i have repeatedly mentioned them in previously

1. MONEY MANAGEMENT:Never expose more than 20% of your accounts equity in trading. Maintain !0% per trade will be a great help particularly during highly volatile moments.
2. SPECIFIC ENTRY AND EXIT RULES: This is one thing most traders ignore a lot particularly when one trade goes contrary to their expectations. throwing caution to the wind can be very damaging to both one's account and health. You need to have a decent trading system that points to you the very specific Entry And Exit Rules to follow before accepting any trade as high probability trade.
3. CHOOSE YOUR BEST CURRENCY PAIRS AND INDICATORS WISELY: Your trading system should give you clear selection criteria for both tradable currency pairs and best indicators for determining trend confirmation and identifying overbought and oversold markets.
4. HIGH TURNOVER: Becoming a trader of significance in the forex market is not in making a kill in one single trade or trading day,week or month. Many traders still do not understand this. With small profits compounded over one month to 12 months, you can only imagine how rich you would have become over time. No need to be in a hurry. The power of compounding is very great and that is what top professional traders, who are making significant impact, use in their favor. Remember,there is no ORACLE in the forex market. Just a measure of predictability and ability to stick to the rules.

You can be a happy forex trader today by obeying proven trading rules.

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