September 24, 2008

The 3 Shortcuts To Becoming A Profitable Forex Trader

If you want to become a profitable forex trader, then there are various ways you can go about this. The most obvious way is to develop your own profitable trading system(s), which is what I did, but this can take several years and can turn out to be a very expensive learning curve. So with that in mind, here's 3 shortcuts that will help you to become a profitable trader a lot quicker:

1. Subscribe to a forex signals service.

Forex signals are extremely popular amongst forex traders because they allow you to profit from the forex markets without having to actually come up with your own profitable trading system. All you do is subscribe to a reputable signal provider and trade the signals provided. The only problem is that I would say the majority of signal providers are not actually that profitable, and the ones that are are few and far between.

2. Find a mentor.

This is arguably the best shortcut because finding a professional trader who can teach you how to trade profitably could set you up for life. It will cut years of your road to success and you will learn how to trade like a professional. Of course it's not always easy finding a mentor who lives in your area but you can always go online and seek out the real pros and either ask for advice or offer them money to mentor you.

3. Buy a profitable trading system or robot.

Finally the other option is to simply buy a profitable trading system or robot, or copy a system used by other pro traders. For example, you could use my trading system if you so wish (see right for more details) or you could visit some of the forex forums and chatrooms to find out which systems people are using. Alternatively you could buy one of the many systems that are currently being sold online. For example, two excellent products I've recently purchased from Dean Saunders, 10 Minute Forex Wealth Builder and Blade Forex Strategies reveal some excellent trading methods you can use to trade the markets.



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2 Comments on The 3 Shortcuts To Becoming A Profitable Forex Trader »

October 3, 2008

sutha @ 3:16 am:

i'm interested to try 10 minutes forex wealth builder. is it some kind of robot or more to a method.

James Woolley @ 8:36 am:

No it's not a robot. It's basically two unique trading methods that are based entirely on price, and trade off the daily charts.

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