Page 164 - Ultimate Guide to Currency Trading

times a day. They might be visiting the Riksbank website, as well as following the Fed's economic

reports.
If you find yourself in this situation, then this is your Forex-trading life-style. If things get to

where you invest $100 or $1,000 and begin trading, then that is your Forex-trading lifestyle. You might
already have a Forex account and months of experience and are reading this book in search of some

tips on how to make your trading a bit more profitable. Maybe you didn't even realize what a
currency-trading lifestyle is, but now you do, and you would like to go into FX trading full time.

Whatever your starting point, you have a choice to build your FX-trading system to work for you. This
system not only includes low risk/high risk plans, but the time spent learning, reading, and searching

for good trades to come your way. It also means thinking about how much time and effort you would
like to (or can) spend with your currency trading endeavors. Lastly, the amount of money you would

like to make can make a difference in what your currency trading lifestyle turns out to be like.

How to Successfully Build Up Your Winnings
While it is natural to have some losses to go with your winnings, you will most likely find that currency

trading is very profitable and that you win more than you lose. With skill, knowledge, planning, and
luck, you can build your account to be a cash-generating machine. Once you have started to earn good

money in your account you should move on to taking some of the money out and enjoying it. Money

upon money in any kind of brokerage account is never a good thing. Money should be used and
enjoyed. If you keep compounding your winnings into bigger and bigger piles then there is a good
chance that you will get into a situation where you'll make a mistake. This mistake could cause big

losses in your account. Mistakes usually come from a feeling of glee that you get when you've won too

many times in the market. It is common for traders to get the winner's curse (hubris) when they win
too many times. If this happens to you, watch out!
The best way to prevent this is to get some value out of your currency trading beyond just the

additional winnings. Set up a goal for yourself that you will take out of your account any amount over

20 percent gain on a weekly basis. This might seem to be contrary to logic; the usual approach would
be to let your winnings grow. The sad fact is, if you do not enjoy your winnings somehow, you will be

looking to enjoy your trading. Enjoying trading is good, but remember, you are trading for money, and
that money is to buy things with, and to pay bills with. Piling up money just to play with more and

more money is never good! On the other hand, having a big account or having a lot of money is fine
indeed! The secret is to skim off your money every now and then and use it.