Trading Currency Online

Trading currency online has made forex markets accessible to more traders than ever before and many have believe that it has made trading easier. I disagree! It’s no easier now then it was in the past, in fact, it is probably harder than it's ever been.

Here's why.

Let’s start with a basic truth.

The ratio of losers to winners remains the same as it was 20 years ago and the number of novice traders entering the market, and losing, is higher than ever. There is a simple reason for this. Trading currency online is easy to do in today's technological society. Most people have a computer and the minimum account size required is so low that beginners often try to get rich quick and fail.

Now let's look at a common misconception.

The amount of products and information about trading currency online has made success in forex trading easier. False! Yes, there is tons of information available free of charge to give you the basics to get started in online currency trading but I can also find lots of medical information online but that does not make me a doctor!

There are many products and courses about trading currency online being sold with outrageous claims of overnight millions and 100% auto pilot systems. The truth is that most of these products are geared towards traders with dreams of easy money. Many of these systems show results in the short term but fail in the end. That is not to say that all products fail. There are some excellent systems available that do produce results.

With the rapid rise of the internet, news from around the world is now at our fingertips in seconds, but when was the last time a trader made money online trading the news? Everybody has access to breaking news at the same time and it's quickly absorbed and discounted. Breaking news stories makes online currency trading volatile and this volatility can be fatal to a traders account if not used to their advantage.

For these reasons many would feel that the internet has made trading easier. It's is easier in terms of executing trades and opening an account, but in the business of trading currency online the internet has only made it easier to make trades, not profits.

Success in online currency trading can only come when one accepts that trading is not easy. It can be very profitable when approached with the correct preparation, knowledge and system. This brings us to the next important step in online currency trading success.

Trading with a plan.

There are many more losers than winners in the business of trading currency online. For the vast majority of traders it is a short lived experience that results in the loss of most if not all of the money used to fund the account. Many are lured into the business by the hope of great profits earned in a very short time period. These things actually do happen but how does one make it happen? It only happens one way - by planning trades ahead of time - executing the trade plan and finally sticking to the plan. A trader failing to plan is trader planning to fail.

That sounds simple enough but what exactly is the plan?

The plan can be a variety of things to a variety of people. For some it is a mechanical trading system that automates buys and sells and hopefully produces profits over time. For others it is advice from a broker who with the help of his technicians recommends trades and risk.

Having been in the business for nearly 20 years now, I've read most of the books, heard all the hype, been to the seminars, and bought the expensive online currency trading systems that worked for a while then blew up. I've made millions, lost millions and made them back again. After years of trying different plans and approaches to trading currency online I've arrived where I believe most successful traders arrive. I've developed a plan that is uniquely my own. In essence it is the sum of all my experiences both good and bad
in the world of trading currency online.

Anyone considering trading currency online for a living should do considerable research before getting into the business. Talk with other traders to learn as much as possible. It has been my experience that truth in often a scarce commodity in the world of futures, forex and trading currency online.

Once you have done the research and decided on your trading system, execution will be the next important step. There is a world of difference between theory and practice in trading currency online trading. Failing to consistently execute your trading plan will lead to losses. Take all the trades all the time.

Visit CTGFutures.com for your copy of our free weekly trade plan with nightly updates or click to hear to learn more about trading currency online.