Get your mind right.
That’s the first thing.
The second thing: Prepare for what you’re getting into.
A carpenter is unprepared without his tool belt, a Navy Seal without his combat gear, Barack Obama his teleprompters.
A forex trader is unprepared without a lot of things.
I spent the last couple weeks sharing wisdom so that you can get your mind right. This week I’m going to reveal a few things to ensure you’re functionally prepared to make money trading currencies.
Today, as promised, I’ll run through a quick checklist. (And later in the week I’ll share something exciting – especially if you’re unsure about your ability to efficiently and effectively execute our trading advice.)
Without further ado, here is the checklist. Be sure you’ve got a handle on these items before you jump in. If you have any questions, just ask us.
Check It Off the List:
___ Get Your Mind Right. When it comes to our money, fear and greed make people do stupid things. Our challenge is to get our minds right so we approach the markets logically. That means getting our emotions out of the way and pursuing objectivity in our trades.
___ Find or Develop a Disciplined Trading Framework that Manages Risk Effectively. I’m sure I sound like a broken record, but risk management is so crucial towards becoming successful and profitable. In fact, disciplined risk control lets us keep our minds right – it lets us keep our decisions as objective as possible by eliminating impulsiveness.
___ Choose a Forex Broker. Check out FXStreet.com for guidance in selecting a broker.
___ Optimize Your Personal Account Parameters. Decide the lot size you will trade. This value will apply to all trades, but it can be adjusted any time. Lot sizes vary between 10k contracts, 25k contracts, 50k contracts or 100k contracts. [Note: 100k is the standard lot size and is what my performance record is based on. Going to a smaller lot size will simply reduce the size of your gains and losses in proportionately.] In each individual trade, you’ll have the opportunity to choose the number of lots you wish to trade. My trade recommendations always assume one (1) lot. Trading with more than one lot is completely at your discretion. The more lots you choose, the more you can win … or lose.
___ Fund Your Account. This is entirely your decision. My performance record displays results based on two starting account sizes: $25,000 and $50,000. If you decide to use standard-size lots (100k contracts) and/or trade multiple lots, you’ll probably be better suited starting with a $50,000 account size or more.
___ Learn the Basic Lingo. Forex terminology is different from stocks and futures. But it’s relatively simple. The basic lingo includes: PIPs, lots, bid, ask (offer) and leverage. A good place to brush up on this terminology is GoForex.net. As it pertains to my forex service – Black Swan Forex – the basic items to know are: short, long, stop-loss, profit target, market order, stop-entry order and limit order.
___ Start Trading: You’re ready. Trust the system, stay objective and pull the trigger.
Those seven things are all you need to become a certifiable forex trader.
The best part, if you’re unsure about this, is I do all the hard work to get you started. I can help you get your mind right. And I’ve already developed a disciplined trading framework that’s given my subscribers the opportunity to make real and substantial profits.
All you need to do is knock out some one-time administrative items and you’re set!
Let us know how we can help.
Once you’re ready, we look forward to having you join us.