The forex market is filled with scam offers and pie in the sky promises. On the other hand, it is the largest, most liquid market that trades twenty four hours a day. So how to find your way through the maze of offers that are out there, well here are four steps to becoming a successful trader.

Becoming a successful Forex trader basically comes down to four things:

1) Learning about the markets and your appitite for risk
How the markets work, what moves them, etc is a simple matter as these markets are not that complicated. Determining how well you are suited to trading is a difficult process however. Finding out how you react to stress and perform when real money is on the line can be a life long process

2) Finding and learning a system that fits your personality and life style
There are as many different systems as there are traders, many have been proven over time, so really the only question is which one suits me.I know many will dispute this point, however it really is not as complicated as some try to make it. Most of those making it hard are really just trying to sell you something. There are many free systems that once learned and traded can make you wealthy

3) Testing that system until you have an edge.
Testing is the heart of becoming a good trader. Most people don’t do this. If you test something until you can prove and edge, no matter how small it may seem, you just need to trade it over and over to make money.

4) Trading that system exactly how you tested it, until you are wealthy.
Many traders are always looking for that magic system that will make money fast. The secret to wealth is to stick to the system you have tested and proved and do it until you acumulate wealth. Not chase the latest trading software or system.

When you are ready to trade this market, keep these four simple steps in mind and then do not let anything stand in your way of becoming the trader you want to be.

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Trade Your Way to Financial Freedom

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Since the inception of the credit crisis, US imports have fallen by a record 40%, on an annualized basis. In March, “Imports decreased 1 percent to $151.2 billion, the fewest since September 2004. Demand fell for industrial supplies such as natural gas and steel and for capital goods such as engines and machinery, reflecting the slump in U.S. business investment.â€‌ Lower commodity prices have also played a role on the imports side of the equation. In fact, if not for a slight uptick in energy prices, the deficit probably would have declined further this month.

Exports are also falling, but at a slower pace, such than the net effect is a more positive US balance of trade. “The 2.4% monthly fall in exports in March more than reversed the 1.5% rise the month before. But even that 2.4% drop compares well with the monthly declines of 6% plus that had become the norm since last September,â€‌ explains one economist. In other words, worldwide demand (as symbolized by US exports), is stabilizing.

Economists remain divided as to whether the trade deficit will continue to decline: “The low-hanging fruit has been achieved, and it will be difficult to narrow the trade deficit by much more going forward, especially if the vicious downturn in the economy seen in the fourth quarter and first quarter has begun to abate…..Once the economy begins to return to health in earnest (mainly a 2010 story), the trade deficit will likely begin to re-widen.â€‌ But a competing view expects “drooping consumer demand to weigh on imports and keep the trade deficit on a narrowing trend in the coming months,â€‌ in which case the deficit could fall to $350 Billion by the end of the year. Compared this to the record $788 Billion deficit of 2006!

While the balance of trade doesn’t figure directly into GDP (although it confusingly is incorporated into the expenditure method), a declining trade balance is generally reflective of a healthier economy. It implies that either exports are growing relatively faster than imports, and/or consumers are diverting more of their relative spending towards domestic consumption, both of which should contribute positively to GDP. Summarizes one economist, “If the current account did move towards balance, then it would allow the U. S. economy to probably grow at a more sustainable rate in the long term.â€‌

The idea of sustainability (not in the environmental sense, unfortunately) is also connected to the US Dollar. Generally speaking, it is the Dollar’s role as the world’s reserve currency which has enabled the US to run a trade imbalance almost continuously for the last 30 years. In other words, trade surplus economies are willing to accept Dollars because they can be stably and profitably invested in the US. In this regard, one commentator hit the nail right on the head: “When it comes to the U.S. trade gap, how many refrigerators the U.S. sells overseas is far less important than how many dollars the rest of the world wants.â€‌

Note: Both Charts courtesy of International Business Times.

No doubt that losing money in Forex is a very stressful and painful experience. Did you ever lose all of your money in Forex. I hope not. But, if it ever happen to you, the first question is “Did you have profitable trading rules?â€‌ and the second question is “Did you obey thems 100% in every trade?

Trading rules and being disclipined with them is the key of success in Forex. All successful traders create a trading rules and trade their rules. In this posting I will write the kind of rules you have to set up.

How to set up your trading rules:

Before you decide to enter the market, whatever your trading style you have to answer the questions below.

1- Where to enter a trade?
2- Where to exist a position?
3- Why should I trade?
4- How much your risk per a trade?

Where to enter a trade?

You have to know exactly where will you try to open the desired position? What happens if
your entry level is not reached? For example your collection of indicators giving you the entry signal

Where to exit a trade?

You have to know exactly where will you exit the position, both if it’s a winning position
(take profit) and if it’s a losing position (stop loss)? Exiting in the correct time without hoping of more profit or hoping that the loss decreasing is one of the very important points that you rules have to include!

Why should I trade?

When it is time to trade, you must think before you act. If you act before you think and make mistakes, your subconscious mind will
take over and record all your ignorant actions and subconsciously create bad trading habits.

Why should you trade?

The question itself needs to be clearer! The question means “There are times that you have to enter the market, and there are times that you have to exit the market, right, Huh? well, there are times that you should not trade at all?â€‌

How much your risk per a trade?
It depends to your money management strategy. I recommend that your risk per a trade should never exceed 3% per trade. It’s better to adjust your risk to 1% or 2% but if you are confident in your trading system then you can lever your risk up to 3%.

The last advise to finish this posting because the most of us forget to answer it daily and hourly even minutely:

1- Being disciplined with them!
2- Being disciplined with them!
3- Being disciplined with them!
4- “Plan your trade and trade your planâ€‌ Which means “Being disciplined with them!â€‌

Too many times I hear about new traders opening a trade using the 5-minute chart (not my favorite approach) and when the market moves against them, they move to the 15-minute chart to justify staying in a little longer, hoping that the market will turn around.

Then if the market continues to move against them, they move out to the hourly chart to look for a reason to stay in the trade. As the market continues to move against them, they shift to the daily chart to hope to find a reason to stay in the trade. The next step is to get a margin call because they have no funds left to maintain their position.

Of course, the main issue here is that they were looking for a way to stay in a losing trade rather than closing it out at a small loss. Taking a loss does not mean that you do not know what you are doing. Too many new traders think that losing a trade means that they are losers or that they aren’t smart enough to trade. Nothing could be further from the truth though.

Professional traders understand that if they trade, they will have losing trades. That is really the only guarantee in the field of speculation. How you handle those losing trades has as much to do with your success as a trader as any other factor. You don’t have to like losing, but you must accept the fact that all trades cannot be winning trades. You have to keep those losing trades small enough to be able to make up for them with your winning trades.

Switching time frames to justify staying in a trade is not how you keep your losses small. Identify your exit point before you get into the trade and stick to it. Judge yourself from month to month rather than on every pip move in the market. Be consistent in your approach and stay in one time frame from the beginning of the trade to the end of the trade.

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