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FX Currency Trading – Four Types of Trades

FX currency trading is a very rewarding profession. Trading in any market can be. With the right tools, training and techniques you can make enough money working five hours a week. Does that happen overnight…? Absolutely not! It takes lot of time, practice, patients and more to get this down. But imagine all time you create and all the things you can do with no responsibility of having a job. The FX currency trading market is open 24 hours a day 5 days a week, so pick your time to trade.

FX currency trading is simple, but not easy. It is a physical and mental game. You need be both to be successful. In no particular order here are the four types of trades:

The first type of trade is the good trade gone bad. There it was, the perfect textbook set-up and you took it. It went against you for no good reason and you have to take the loss. These trades are out there and we all have the scars to talk about. I will take that perfect textbook set-up every time and if it goes against me every now and then I am OK with that. Low-risk, high-reward trades like I teach don’t affect me too much when I lose.

Then you have the good trade gone right. Not much to say about this one. You have a plan, executed it and it went your way. These are the trade we are prepared for and happen for the right reasons. Nice Job!

The bad trades that went bad. Let me ask you what did you expect? First let me say this is not a game and you shouldn’t be gambling. If you have too much money give it to a charity do not give it to the markets. Learn from your mistake, stay out of the market if it is not following your rules to enter. There is definitely a discipline issue here if you are taking these trades. FX currency trading will deplete your account fast if you keep doing this!

Bad trades that went good are the worst ones you can have. Why? Simple, if you take a bad set up not following your rules and you make money on it you may think to yourself “that was easy, I can do it again”. Next thing you know you are taking bad trades all the time and they are not going your way. Lack of discipline and patients leads you to lose your funds. Now you start a routine of losing and guess what will happen to the rest of your account.

Whether you choose to FX currency trade or trade in other markets know that most people who attempt day trading are not successful. Don’t set yourself up to be one of those people. Get a coach to guide you and support you, gain the knowledge and practice your technique.

Work hard now to learn the right things to do so you can enjoy your life later.

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