Standard Money Management, Your Own Key To Earning On A Regular Basis From Currency Trading

There are many free forex signals and forex signals service providers online. The question we should ask ourselves is: does trading accuracy really make a difference when it comes down to being a profitable forex trader?

the answer is no, accuracy does not matter, but what matters is money management.

You can take almost any free forex signal service and turn it into a money making trading system, as long as you apply sound money management. Here's how it's done.

Leo Trader Pro might very well mark the beginning of a new era in automated forex. Traditional, rule-based trading robots are deprived of the versatility to adjust to ever-changing market conditions. This is why most finally stop generating profits or even worse, get rid of your trading account.

Are you aware that the majority of experienced traders are wrong more than half the time, yet they earn repeatedly from forex trading? Hard to believe isn't it? It certainly was when I first started trading, but after applying discipline and basic money management techniques it all became clear. Recently I've been using a 6:1 win to loss ratio. Meaning I only need to be correct on my transactions 1 out of 6 to yield a profit.

Before we discuss why you need to trade forex, why don't we talk facts about in terms of what forex is. Forex is an abbreviation of Foreign Money Exchange which happens to be the exchanging of one type of currencies for another.

Let's take a look at this further. Remember, this needs total discipline and the capacity to carry out your own rules. If I am trading on a 1 hour chart and I put my stops to 20 pips, this means I am getting profit at 120 pips. So if I lose, I lose only 20 pips then when I win my trade, I win 120 pips. Keep in mind 1 pip can be worth anything based on your contract size for each pip, $1, $10 or $20, it depends again on you. You do the math, if I just have to be right 1 out of 6 times, that means I just need to win a minimum of 16 % of my trades. Now, is this difficult to do? Yes. And here's precisely why. There's a good reason only 5 percent of traders ever make it and that's because of emotion. What's going to decide success isn't the system, the signals, but actually your ability to observe the rules and buy and sell your own plan.

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