Another post in the series of practical trading tips.
The main intention is to showcase the topics that will be covered in the upcoming London workshop on 21st – 22nd June.
http://www.fibforex123.com/Forex_power_Workshop.htm

Having interacted and coached traders from all over the globe, I have seen that there are only 2 basic reasons why most traders do not succeed.
1.)    Not having a Trade Plan.
2.)    Not following the 3M’s Money, Mind & Method.

If a trader follows these 2 basic and simple policies, then I don’t see any reason why he cannot succeed in trading.
My intention is to make the trader aware of these 2 factors…which are the most important part of trading, and ironically, ignored by most traders.

Ask yourself a simple question.
While trading, do you think beyond technical analysis?
Unless you don’t plan your trades, you will have a difficult time surviving in this business.

You can make a living from trading, but it’s a long process that requires a lot of patience & dedication. If you are looking at this as an immediate source of income, you will make it difficult for yourself.
My advice is to have a source of income, so you don’t depend on forex for a living. Then one can concentrate & learn slowly.
It will be an investment for a lifetime.

Unfortunately, there is still a very wrong notion about trading, which is mainly spread by brokers. The broker gets the spreads / commissions, regardless of whether you have a winning trade or a losing one. He is only too happy to get more traders in this field.
You often see advertisements about “work in your pyjamas, make money from home, open an account with $ 200 and make a handsome living.”
If it were that simple, almost every trader would be a millionaire.
Trading is a very serious business & one has to spend time & efforts learning it…..like any other business.
Would you expect a doctor or a pilot to start practicing after learning for one month?
Then why does a trader think he can?

In the next post, we will have a brief look at patience & discipline.
Then we will start the practical trading tips based on the “Method” - techncal analysis.
Sunil.