Open trading account 
Successful forex trading is about correctly anticipating exchange rate changes.
Leverage of 100:1 is standard, so you don’t need a lot of money to trade.
Your risk is clearly quantifiable based upon the number of lots you’re trading and the pips/lot you are risking.
The reality of trading is:
ú 10% of Traders Succeed and
ú 90% of Novice Traders Fail
ú Losers pay the Winners
Why is that – They Are Motivated By:
ú Greed
ú Emotion
ú Fantasy
ú Knowledge = Income
ú Lack of Knowledge = Lack of Income
Therefore Eistein’s Equation E = mc2
E = Education
m = More
c2 = Cash squared
Successful people will do what unsuccessful people won’t do – You have to educate yourself to be successful in life. There is the 21 day 3% rule – that you will forget 80% of what you learn in 3days.
The mind is divided in into 2 Hemispheres and 4 parts. Figures Above.
Left
Analytical
Objective
Scientific
Logical
Rational
Intellectual
Realistic
Time Bond
Logical
Recall
Right
Imaginative
Subjective
Artistic
Unconscious
Intuitive
Feelings
Internal
Emotional
Insane
ú STAY LOGICAL – NOT EMOTIONAL WHEN TRADING.
ú HAVE A CLEAR TRADING PLAN.
ú HAVE A CLEAR UNDERSTANING HOW THE MARKET WORKS.
ú You don’t know Yourself and the Enemy (Market) You will win few Battles (Trades).
ú You know Yourself and don’t know the Enemy (Market) you will win 50% of all your Battles (Trades).
ú You don’t know Yourself and get emotional and know the Enemy (Market) you will win 50% of all your Battles (Trades).
ú You know Yourself and the Enemy (Market) you can succeed in winning most of your Battles (Trades).
Important Concepts
These concepts explain why you wake up 2am in the morning 3 days after learning something – you are certain you know but you can’t remember – then suddenly “WHAM” you remember.
Short Term Memory
Recalls things you hear, see and think about for a few seconds to several hours.
Long Term Memory
Information you couldn’t forget even if you tried – name, address etc.
Inaccessible Long – Term
All other experiences recorded by human tape recorder (ear) the human camera (eyes) and all other senses.
Your mind is like a filing cabinet – when you have a trained memory, your mind is organized. Things you hear, see or think go into mental files so they can be recalled easily.
With an untrained memory the files are literally jumbled together, thrown onto the floor.
There are 4 Step to progress forward:
1. Unconscious Incompetence – You Don’t Know What You Don’t `Know.
2. Conscious Incompetence – You Know What Can Be Done, But You Can’t Do It.
3. Conscious Competence – You Think You Way Through The Process.
4. Unconscious Competence – You Apply The Techniques Automatically.
BE OPEN AND HAVE FAITH
Characteristics Of Top Traders :
ú Disciplined, Confident, Self Reliant, Motivated.
ú Optimistic, Intuitive, Honest, Strategic.
ú Patient, Enjoy Trading, Risk Management, Focused.
ú Independent, Risk Trading, Hardworking.
ú High Achieving, Energetic, Objective
ú Organized, Goal Orientated, Self Confident.
ú Open Minded, Knowledgeable, Determined and Ambitious.
ú Committed, Stress Management, Automatic.
Visualize Your Success and Manage Your Stress!!!
Thoughts When Taking a Loss – WHY???
ú No Clear Strategy.
ú Don’t Know What you Are Doing.
ú These Markets are Impossible
ú I’m a looser, Idiot etc
ú Inexperienced, To Young/Old etc.
ú What to say to the wife – this stuff works well.
Beliefs When Taking a Loss.
ú The Market is Rigged.
ú Can’t Get a Decent Fill.
ú The Broker Is Out To Get Me.
ú This Game is Impossible.
ú Taking losses Makes Me A Loser.
ú I Can’t Get A Winning Trade.
Why Do Traders Fail???
ú Poor Focus.
ú Trading to Get Lucky.
ú Greed Exceeds Their Needs.
ú No Defined Trading Strategy.
ú No Trading Education.
ú More Emotional Than Intellectual.
ú Trading Is Like A Lottery System.
Emotional Symptoms Taking a Loss.
ú Angry
ú Irriatable
ú Frustrated
ú Depressed
ú Embarrassed
ú Low Self Esteem
ú Disillusional
Stress, Depression and Nervousness is the worse enemy for the brain when it comes to learning and memorizing information - i.e. exams, speeches, presentations, trading etc.
The other reason why most traders choose the FX Market is because of the volatility as these markets are seldom dull.
It is not unusual for the FX to between rally 50 and 100 pips a day – and when these markets pick up they really do rally very quick on rapidly depending on fundamentals.