Do you know what the secret to success in any trading market is? It’s learning how to spot trends early and quickly acting on them and then something we will talk a bit later…
Consider the fact that the Forex market is the largest and the #1 most liquid markets in the world.
Now, added to the amazing and dynamic Forex market, cryptocurrencies (like Bitcoin) are also on board. They’re completely adding a fantastic dimension to currency trading. This goes to show how powerful online trading is today and the vast opportunity waiting for you to seize.
But here’s the problem…
…beginners and some experienced traders alike.
A lot of predictions made by most traders are nothing but pure guesswork. And most of them understand little about trading profitably.
In Forex trading, it’s essential to look for good trading signals and also base your analysis on real data rather than entering your trading positions based on what you see on the TV and Internet about commodity prices or the perceptible state of the trading markets.
Look, spotting a true long-term and profitable trend entails the accurate employment of both “know-hows” and instincts. By that I mean, you need to learn to make your trading decisions based on your vast knowledge and experience with good analysis and a reliable strategy that is followed religiously.
You will find expert traders using charts to identify the trend. They could tell when it’s about to shoot up (which is called a bullish trend) or when it’s about to dive down (this is called a bearish trend). What you want to do is to spot a trend and jump right on it to ride it to profit.
The truth is that it takes patience, time and experience to properly analyze the ever-changing markets. And if you are new to trading, all the trading jargon thrown at you can be confusing, not to mention the complexity of fundamental and technical analysis you have to master including the number of styles, strategies, and systems of trading that you could learn and employ.
See, the number one reason why most traders fail to make profitable trades over time and eventually lose their investment is...
Studies show that trading is...
• 10% trading strategy
• 30% money management, and
• 60% psychology.
While this is a very common topic among traders, it has 'crushed' a good number of traders' accounts. But how does this "money-sucker" kill your trade?
Let me explain how…
You see, the emotions in trading that have a negative impact on results are...
"...Greed and Fear."
These emotions can make you to DEVIATE away from your plan, which can lead to further issues, like...
"...Ego and Revenge trading."
Examples of these kinds of trades are...
Fear of admitting and taking losses. This can eventually lead to even more losses. An expert trader who has mastered his or her emotions would know to close trades early. This is either when the trade has temporarily gone into a win or a loss, and not letting the trade run on outside the original plan or strategy.
And for a trader who is under the influence of greed. He will often want to go for more profits and would not even want to close his trade when the strategy indicates that he should
Ego can also be a big problem for traders. It can make you not close trades when the system tells you to and it could even force you to continue trading on the same analysis after your trade has been stopped out. Making you think you’re right in your original assessment.
Revenge trading is when you chase the losses you have had. You become so focused on winning the lost money back in that you fail to realize that you are actually supposed to trade with a set of rules. This could have each trade end up in another loss.
Now, the question is…
How can you successfully fight and control these dreadful trading enemies?
See, there is absolutely no point in reinventing the wheel when it comes to trading.
I mean, there are expert and experienced traders out there who know and have mastered the ins and outs of the trade. These people have figured out reliable systems that keep on getting them insane results.
But then, before you can make consistent income from trading the market, you would have done your best to learn the trading styles and strategies that were used by these experienced and successful traders, and thereafter make effort to reproduce their kinds of results.
Remember, learning proven trading systems or strategies alone rarely cut it for most traders. It only accounts for just 10% of your trading success. This is because, as mentioned earlier, their psychologies play a major role in their trading decision. This still leads them into huge loses.
But there’s a trading system that thousands are using to grow their Bitcoin. It’s a trading system that allows you to trade EXACTLY like an expert and successful trader without doing any of the heavy lifting like analyzing the market, trying hard to determine when and where the trend will switch and so forth. This trading method is called…
When you change your thought processes to success thinking, you truly can change your life.
Let me explain what mirror trading is and how it can be a game-changer for your trading success…
You see, mirror trading is a trading strategy developed in the Forex market which makes it possible to copy the trading performances of expert traders in the currency and cryptocurrency market. You only follow these expert traders because they have proven to be highly profitable and successful.
Mirror trading enables you to copy these traders from anywhere in the world. It is a completely automated means or option of trading. And the best part, it totally takes care of the dreaded emotional trading that can often affect your trading decisions negatively.
Now, mirror trading can help you to easily mirror or copy what other successful traders are doing but it is not the only reason why you want to use this strategy.
I mean, for a start, you are going to have amazing control over your capital, as you can decide the size of the fund you wish to put into your account and how you want to have it traded. The interesting part is that your money won’t be managed by another entity, so you can be saved from the concern of hidden and unnecessary expenses.
This copy-trading option helps take away the overall stress keeping up with the Forex or crypto markets. This is because there is no psychological or emotional effect involved in it.
However, to take proper and full advantage of the Forex or crypto mirror trading, you need a reliable platform and broker to successfully trade the cryptocurrency market.