Many people want to make money trading Forex, but they go about it all wrong. The biggest mistake they make is thinking they can treat their trading as anything less than a REAL business. This line of thinking gets you started off in the wrong direction and one that never leads to reaching your goals. To be completely honest, you MUST treat your Forex trading like a real business if you want to succeed and make the kind of money that can change your life.
Most would-be traders are ill equipped to treat trading, or anything, like a business. Most people work for someone else or for a business they did not create. This means they have the mentality of a “worker” not an “owner”. Being successful as a Forex trader is not about putting in hours in front of a computer screen, but having a plan and getting results. YOUR trading business depends how you set everything up AND how you execute the daily activities of your business.
The first thing you need to think about is your Forex trading business infrastructure. If you opened up a distinct type of business you would have to have a place to work and all the tools that allow you to work. Starting a Forex business is exactly the same. You should have a place where you set up your trading station so that you can place trades and analyze the market without distraction. You’ll also need to think about the computer, Internet connection and broker platform you’ll use. Other things to think about using are a Virtual Private Server and smart cell phone that can receive messages and alerts.
A lot of people think the only cost of a Forex trading business is the money you need to set up your broker account. If you are using a mentoring program or signal service, this cost is taken into account as well. The best way to look at your trading like a real business is to treat your losses as expenses and your profits as income. Just think of a real business where you sell something. You’d have to buy the products to start with (expenses) before you can sell them for a profit (income).
Every business endeavor should have goals. And these goals need to be realistic. Too many times new traders have unrealistic views for their trading business. You need daily goals, weekly goals, monthly goals and yearly goals, and a plan to make those goals a reality. One of the great things about Forex is you can use the power of compounding your winnings to greatly increase your profits for the same amount of work. This makes starting a Forex trading business more advantageous than other forms of businesses.
Forex Insider Pips shows you what you need to do to REALLY succeed as a Forex trader, from the point of view of someone who has made it. Get the guidance you’ve been missing on your quest to go from Forex dreamer to profitable Forex trader by visiting