HOW I MAKE A MILLION DOLLARS A YEAR TRADING FOREX

 





My first year trading fulltime I made $75k. 


Fast forward 5 years I’m on pace to make over $1,000,000 this year. 


Heres how I did it: 


1. Process > Profits Becoming a process-oriented trader greatly benefited my long-term success. I concentrated on identifying good setups and practicing discipline. The profits followed naturally. 


2. Dont be greedy To become a consistent trader, I ad to get comfortable with taking profits. Many individuals let their trades turn negative due to greed, always desiring more. 


3. Cut your losses. If a trade moves against me, I stick to my plan and cut it, then patiently wait for the next favorable opportunity. I learned the hard way that holding onto losing positions and averaging down led to significant losses early on. 


4. Simplicity is key For me, a basic trading plan based on supply and demand has consistently outperformed complex ones relying on multiple indicators and entry systems. 


5. Size up slowly As soon as I achieve consistent profits with my current trading plan and size, I'll gradually increase my position to boost my earnings. However, I must be mentally prepared for larger losses that may accompany this scaling up process 


6. Be prepared to lose Realizing that losses are an inevitable aspect of trading enabled me to handle losing trades without emotions interfering. Before taking a trade, it's essential to accept the possibility of encountering losses 


7. Discipline is everything While motivation can kickstart your journey towards a goal, it may fade over time, especially when facing obstacles. On the other hand, discipline will drive you forward, even during the most challenging moments. 


8. Be patient The most crucial trait for any trader is patience. Trading requires long-term patience to persistently work hard for years before achieving success, as well as short-term patience to wait for the right trade opportunities. 


9. Forget yesterday Whether I had a big loss or win the day before, I approach each trading session with a renewed and clear mindset. I make no attempt to recover losses hastily, nor do I become overconfident after successful days. 


10. Never give up Trading is a game of endurance. Mastering it may require one year or five But the key is unwavering determination and focus.



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