Cfd Trading Australia- How To Be A Millionaire-00-2494

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CFD Trading Australia- How to Be a Millionaire

We all want to make money from trading, and we all want to make millions from the stock market of the CFD market. However it is a well know fact that over 90% of traders will in fact go broke and not become successful. So if we are to look at who does become successful there is a group of people that tend to become more successful than others.

There is a group of individuals who tend to make the better traders and their non mathematicians or College educated, they have a skill that anyone can actually learn and their very successful. The group of individuals I am referring to are...

Professional card players who are great at Blackjack and poker and the exact same skills you need in these games are the ones you need in CFD Trading, before we explain why lets dispel one of the greatest myths about CFD Trading
:

One reason for this is if you watch all great card players, they will all have one common trait, which is patience. They also realize ...
... that they cannot win every hand, and as traders we cannot win every trade. If we understand this we are increasing our chances of success as a trader.

We also must realize there is more trading days to come, as there is more cards to be dealt. So if we miss a trade, don't trade for trades sake.

CFD Trading is Complicated

To enjoy CFD trading does not take you have a college education or have a complex CFD trading strategy or knowledge of maths and the reason is simple - CFD trading is simple and if you get a system to Complicated it will break in the ever changing brutal world of CFD Trading. Also as humans we like to complicate things and we believe that if they are complicated, then we are smarter therefore it makes us feel better. Quiet often though simple things will make us a lot of money. This can be also looked at with trading strategies, keep them simple.

Mathematics doesn't aid, because markets don't move to certainties, you are only trading with odds and probabilities and that's why card players are so great at CFD trading.

Here are the reasons card players make such great CFD traders.

1. They are Patient

They wait for the right hand and only play when the odds are in their favour. Contrast this with the bulk of CFD traders who are always in the market or trying losing strategies like scalping. In CFD Trading you don't get rewarded for trading often, you get rewarded for being right.

2. The Ability to Fold

A fabulous card player will pass hands by when the betting odds are non in his favour and he is also happy to fold when in a hand, if he doesn't think he will win. He keeps his losses tight and he doesn't mind dealing them, as he knows his time will follow.

Most CFD traders on the opposite hand simply can't do this and run losses or get disappointed, as their emotions get involved.

3. Courage at the right Time

The fabulous card player knows when a great hand comes up, he needs to maximize his potential and will milk as much money from it as he can. They are prepared to bet huge amounts and hold on with discipline and win.

Contrast this with the average CFD trader who banks his profit early or bets 2% and thinks he is going to make a lot of money. In CFD trading, you need to hold and profit from long term trends and have enough riding on them to make a great profit.

4. discipline discipline discipline!

You have heard about how serious it is in CFD Trading and it is to take loss after loss as the market hurts your ego and makes you look stupid is hard. Most traders cant do - Professional card players know it's the key to success and are mentally prepared to do this and know they will hit a home run.

Keep it Simple.

CFD trading is simple and always has been and the huge difference between winners and losers is the correct to keep losses small and bet big amounts when the time is right.

That's why card players often become multimillionaire traders - there not interested in ego, being clever or Complex - but being able to make money and that's why this group enjoy CFD trading success.

Now that we have the patience and are ready to trade we need to find the Best CFD Broker which broker has most of the aces? Well visit us at CFD FX Report and we can show you who we recommend.

Happy Trading

About the Author:

The http://www.cfdfxreport.com is the leading forex and CFD traders report, with forex trading ideas, forex and stock market education. We also help clients find the best forex brokers in the market.