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Successful Forex traders are hard to find. Of course, there are many people who pretend to be profitable dealers, but generally, they are the ones trying to sell you something. It is difficult to quantify, but estimates say that 95% of beginning traders cannot make more money than they lose.

So what can you do to make sure you are one of the successful Forex traders? Here are some tips.

Learn from other successful traders first. The internet is a wonderful tool, but if you start listening to someone who has an opinion on trade, you will be confused and end up following deplorable advice. You need to find someone who really makes money and follows.

Where can you find successful dealers? In forums (look for people who have been posting for years), in blogs (there are many free professional blogs) and even taking lessons. I think one of the reasons so many people fail is because they are unwilling to learn. They will listen to the last "guru" off funded account forex, take their advice as gold and then make one mistake after another. Choosing who to take your advice from is crucial to your success. Take some time and research to find someone who really knows what you are talking about.

Would you go out on the freeway without taking driving lessons? Want to cook for the guests without first learning some basic cooking techniques? I certainly wouldn’t, and yet people would risk hundreds and thousands of dollars without learning to act first.

Secondly, you need to set realistic expectations to be a successful . You can make money in the forex market almost faster than doing anything else in the world. But you have to understand that currencies are not a gold mine. It has incredible income potential to be respected. If you take this random investment vehicle, you will lose money. Guaranteed If you take it seriously, you are way ahead of most other currency traders.

So as a beginner, you should never risk more than 2% of your trading account during any operation. This means that if you have $ 1,000 in your account, you should never lose more than $ 20 in any operation. Does that sound small to you? Just risk $ 20 for $ 1,000? As a beginner operator, your main goal is to survive and learn the basics. If you do not learn to survive, you can never make money.

Most operators will see their $ 1,000 and assume they could easily risk $ 200 a day. Operation. They would definitely have a winning operation before losing 5 trades in a row, right? This mentality will definitely kill you. Even professional operators risk no more than 5% of their accounts in one operation, so why do you think you should?

Excessive leverage (which risks too much of your account) is the number one killer for beginner Forex traders. You should avoid this at all costs. Small trade and survive. While losing money in the currency markets can happen very quickly, it is a process of becoming a profitable currency trader. Find as many successful Forex traders as you can and learn as much as you can about them. By modeling your trading strategies, you increase the chances of making money in the forex market.