Showing posts with label forex made easy. Show all posts
Showing posts with label forex made easy. Show all posts
Friday, January 13, 2012
Forex Trading Secrets Exposed - 3 Lessons Learnt From Professional Forex Traders On Forex Trading
Most part time forex traders I know want to be full time forex trader in the future and also a professional trader and it is their dream.
What about you?
You need to be a professional trader to make huge money and to survive in the forex market; it is not enough in being a regular Forex trader. Then, what secrets are with professional forex traders that enable them to make huge amount of money by trading in forex. With the help of my buddy, a professional trader i could get 3 secrets that made professional traders like him so wealthy:
Secret #1 – The Professional Traders are NOT masterminds. They just follow SIMPLE Forex Trading System.
It is right. They aren't more intelligent or have foresight of what happens in Forex. I can say it with no doubt since I know some traders who know nothing but still could be a professional forex trader. So, why is that?
It's because they use a forex trading system that is successful and that assist them to trade constantly by generating excellent forex trading signals. What they need to do is just replicate the consistency by following the trading system and the professional traders only use easy forex trading systems instead of what most of the people considered it being complicated.
Secret #2 - Study and just smartly work, NOT HARD.
Do you believe it's important for you to have all the knowledge and learn the way to trade forex in the hard way before being successful? By applying every strategy learn t from forex trading expert do you believe you can outrun the forex market? If you believe it to be yes, then the answer is a big NO! You may be well rewarded in other businesses for the efforts and time you spent.
However in the forex trading, precise tutorials on forex trading and a good education only will count and you will be rewarded for being precise or accurate but not for efforts. It may be surprising that many traders who are successful blindly follow a trading system that is worked and increase their trading capital.
Secret #3 - They have Determination and Discipline, Mindset and Money Management for Success
My pal who is a professional forex trader told me that he left everything to just focus on his Forex trading and that determination to achieve success made him beat the losses and abrupt learning curves he experienced at starting. He stressed on the big mistake made by most traders that is to too excite to trade and make money from the forex in quick time.
The forex trading systems rules should be followed by you with discipline. In forex huge amount of money is made through of years of consistency and no shortcut is there for getting rich. His profits are not effected even he gets 2 to 3 losses consecutively all because of his money management. He only risks around 1% or even less of his capital per trade.
Wednesday, July 25, 2007
Basic Terminology Every Forex Trader Should Now
The first time I heard that the market is "bullish", I thought that we were in Spain, with the running of the bulls. I also thought that straddling the market, meant something totally inappropriate to the business world.
Forex Terminology is something that can truly through any novice right out off the bus. That is why I thought I should probably begin with terminology first. I will try and explain the most basic terms, just to give you a boost in the right direction. Trust me when I say that Forex is made easy by knowing these basic terms
Bullish / Bull Market.
This means that there are increases in the market, i.e. the market is moving upwards. If the dollar increases towards the yen, then this would be a bull market.
Bearish / Bear Market.
This means that there are decreases in the market, i.e. the market is moving downwards. If the dollar decreases towards the yen, then this would be a bear market.
Spread.
This is what normally is charged by your broker to enter you into a market. The standerd nowadays seem to be a 3-5 pip spread. This is also a fixed cost so you will not be charged anything extra to enter a certain market. Remember that, for you to make a profit, or break even, you need to make at least the spread asked by your broker.
Pip.
A pip is the amount at which a price of a currency can increase. A 1.2500 to 1.2501 move, is one pip! Make sure that you know where to look to determine the amount of pips you made or lost in a trade as some currencies pip is the 4th decimal point (0.0001) and some is the 2nd decimal point (0.01).
Lots.
When you trade forex you trade in lots. Lots are standard at $100 000.00, though there are mini lots which are $10 000.00.
Leverage.
Leverage is what enables you, as a small investor, to trade such huge volumes on the forex market. Say for instance that your broker gives you leverage of 100:1, what this means is that for every $1000 you have you can trade $100,000, which is 1 standard lot. So if you had $5,000 then you could trade 5 lots. This amount will vary from broker to broker and is normally shown as a ratio.
Margin-call.
This is what happens when you are in a non-profitable trade and you do not have enough security left in your margin account at your broker. When you reach this point, your broker will close some or all open positions, to you from going into a negative account balance.
There are more terms that I will discuss further along the line, and I will go into much more depth into some, but this should get you started on the right road.
Forex Terminology is something that can truly through any novice right out off the bus. That is why I thought I should probably begin with terminology first. I will try and explain the most basic terms, just to give you a boost in the right direction. Trust me when I say that Forex is made easy by knowing these basic terms
Bullish / Bull Market.
This means that there are increases in the market, i.e. the market is moving upwards. If the dollar increases towards the yen, then this would be a bull market.
Bearish / Bear Market.
This means that there are decreases in the market, i.e. the market is moving downwards. If the dollar decreases towards the yen, then this would be a bear market.
Spread.
This is what normally is charged by your broker to enter you into a market. The standerd nowadays seem to be a 3-5 pip spread. This is also a fixed cost so you will not be charged anything extra to enter a certain market. Remember that, for you to make a profit, or break even, you need to make at least the spread asked by your broker.
Pip.
A pip is the amount at which a price of a currency can increase. A 1.2500 to 1.2501 move, is one pip! Make sure that you know where to look to determine the amount of pips you made or lost in a trade as some currencies pip is the 4th decimal point (0.0001) and some is the 2nd decimal point (0.01).
Lots.
When you trade forex you trade in lots. Lots are standard at $100 000.00, though there are mini lots which are $10 000.00.
Leverage.
Leverage is what enables you, as a small investor, to trade such huge volumes on the forex market. Say for instance that your broker gives you leverage of 100:1, what this means is that for every $1000 you have you can trade $100,000, which is 1 standard lot. So if you had $5,000 then you could trade 5 lots. This amount will vary from broker to broker and is normally shown as a ratio.
Margin-call.
This is what happens when you are in a non-profitable trade and you do not have enough security left in your margin account at your broker. When you reach this point, your broker will close some or all open positions, to you from going into a negative account balance.
There are more terms that I will discuss further along the line, and I will go into much more depth into some, but this should get you started on the right road.
Tuesday, July 24, 2007
4 ways to make forex trading easier
The thing about forex trading, is that many people are always on the verge of making millions. But really, how many people have you seen that have started from scratch and are now living like kings. Not many!
There are of course, ways to make forex trading a bit simpler to understand and come to grips much quicker than normal. And as with most things in life, it will cost you some work. Not too much though.
Join a forum, ask questions. This is also something that can really save you a lot of money. If for some reason you cannot find the answers you are looking for in online or offline resources, then this is normally the best place to look for those answers. Many people of forex forums are very helpfull, and sometimes you get a killer strategy, though not always.
Planning. This step is probably the most important and will make you life much, much easier if done. If not, then you will tend to lose a lot of money really, really fast. There is a saying in forex trading: "Plan your trade, trade your plan!". This was the best piece of advice that I ever could have gotten.
Practice makes perfect. Do not start to trade with real money if you have not been successful in your practice accounts. Some experts say that you should be profitable for at least 3 months before you even think of starting to trade with real money, I say 1 should be okay, but only if you were extremely successful.
That in short is 4 ways to make your forex trading easier. Apply them and I cannot see you going wrong in the world of forex trading. Till next time.
There are of course, ways to make forex trading a bit simpler to understand and come to grips much quicker than normal. And as with most things in life, it will cost you some work. Not too much though.
- Read, read, read!
- Join a forum, ask questions.
- Planning
- Practice
Join a forum, ask questions. This is also something that can really save you a lot of money. If for some reason you cannot find the answers you are looking for in online or offline resources, then this is normally the best place to look for those answers. Many people of forex forums are very helpfull, and sometimes you get a killer strategy, though not always.
Planning. This step is probably the most important and will make you life much, much easier if done. If not, then you will tend to lose a lot of money really, really fast. There is a saying in forex trading: "Plan your trade, trade your plan!". This was the best piece of advice that I ever could have gotten.
Practice makes perfect. Do not start to trade with real money if you have not been successful in your practice accounts. Some experts say that you should be profitable for at least 3 months before you even think of starting to trade with real money, I say 1 should be okay, but only if you were extremely successful.
That in short is 4 ways to make your forex trading easier. Apply them and I cannot see you going wrong in the world of forex trading. Till next time.
Monday, July 23, 2007
How is Forex Made Easy?
It isn't. That is the short and sweet of it. Many people say that forex is a very easy thing to do and that anyone can do it. Though this might be true, there are definitely some aspects of forex that is not made for every person.
If you look at forex trading, ask yourself one question.
"If it is so easy, why isn't everybody doing it?"
That is the question is normally what I tell people to ask themselves when they look into forex trading as a way of life. For many people it has become a great way to make a living, but unfortunately it is not for everybody.
How then is forex made easy? In the form of a managed account, where you hand over your money and let the professionals take the strain that can be forex trading. Many institutions that offer forex trading, most of the time, also offer a managed forex service. This service normally costs much higher than what might be neccesary to start up on your own. Although it is more expensive, your risk is reduced. Why? Because you might not spot the right trade. Because you might forget your stop-loss. These intitutions normally have a wealth of experience to ensure maximum growth of your investment capital.
That is the short of how forex is made easy. Next I will look into some strategies and how they perform on the markets today.
If you look at forex trading, ask yourself one question.
"If it is so easy, why isn't everybody doing it?"
That is the question is normally what I tell people to ask themselves when they look into forex trading as a way of life. For many people it has become a great way to make a living, but unfortunately it is not for everybody.
How then is forex made easy? In the form of a managed account, where you hand over your money and let the professionals take the strain that can be forex trading. Many institutions that offer forex trading, most of the time, also offer a managed forex service. This service normally costs much higher than what might be neccesary to start up on your own. Although it is more expensive, your risk is reduced. Why? Because you might not spot the right trade. Because you might forget your stop-loss. These intitutions normally have a wealth of experience to ensure maximum growth of your investment capital.
That is the short of how forex is made easy. Next I will look into some strategies and how they perform on the markets today.
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