Believe it or not, there are Forex traders out there who live a comfortable life solely through trading on the Forex market. In might seem like a dream to some of you who are doing it as a side job while maintaining your finances through the main employment. But it is clear that trading Forex for a living is possible. Yes, it takes a lot of dedication and time to become a successful trader but fortune comes to those who work hard in order to achieve it.
Becoming a successful Forex trader is an individual thing and there is no formula that will help you reach that status. However, there is a set of attributes and trading habits that keep repeating in all Forex success stories. One Forex trading book managed to gather all the needed information and put it in a single text and that is Trading For a Living by Alexander Elder.
Forex Trading for a Living book
Alexander Elder firmly believes in discipline and he claims that it is a foundation of successful trading. Having in mind that Elder is a professional trader himself who had a huge share of success in the market, following his guidelines can be very helpful. As we have previously mentioned, there is no clear formula that will turn you into a professional trader overnight. But if you manage to include some of the points he makes in his book into your trading style, you will definitely see the overall improvement very soon.
Emphasis on psychology
In the opening chapters of Trading for a Living book, Elder focuses on the psychology of trading. Make sure you do not skip this part of the book since psychology is a very important part of the trading business. Having a strong will might be seen as the most important trait you could have if you plan on trading Forex in the long run. Trust me, you will appreciate his advice once you enter the live market.
Managing your money properly
Plenty of traders think that money management is not as important as the trading methods. But trading is simply impossible if you don’t know how to manage your finances right. This Forex book by Alexander Elder offers many useful tips and tricks on how to organize yourself and your funds properly. His methods are very simple and since it is very important to have a proper start, these chapters will be extremely important to all traders who are just starting out. Mastering the money management right away is crucial and it will give you a head start.
We will finish our Alexander Elder Trading for a Living review with a recommendation for you to grab this book and read it cover to cover. If you are just starting out and you want to make quick progress, or if you are looking for a useful advice on how to improve already made trading methods – this is a book for you. You might not start trading for a living right away, but you will feel and see the difference.