Forex Trading Made E-Z

Forex Trading Made E-Z

I'm here to share with you a little about forex trading made E-Z. This can be a very rewarding market to most people, the problem is if you don't know what to do this market will steal all your money and that isn't a good position to be in. Only a small minority of people are actually making money trading forex. It's sad, but true. This small group of people do things different and I want to shed a little light on that.

You should start using your demo platform, not as a means of gaining "infinite knowledge" in this business, but to sharpen skills, to develop routines and just get a better eye at looking at things. A lot of people like to bad mouth the demos because they're not going to teach you how to properly use a strategy. This may be true, but it will teach you how to do all the other important things.

Each currency is distributed through a central bank. The whole purpose of that bank is to control the supply of money, so that it follows demand and inflation is 0% (ideally). The problem is that it is next to impossible to follow demand in the market because there really is no way of measuring it. That means most central banks are "guesstimating" how much money should go into the economy. They do this by changing the central bank interest rate. A cut means more money is available and the price goes down. A raise means less money is available and the price goes up.

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Become a Successful Trader in 2 Weeks!

Forex Trading From Home - Become a Successful Trader in 2 Weeks!

Here I am going to give you a checklist on how to get started in forex trading from home in just 14 days and then be on target to make triple digit profits in under 30 minutes a day.

What inspired me to write this article is the "turtle experiment" where Richard Dennis taught a group of traders to trade in just 14 days and they went on to make hundreds of millions of dollars. You probably won't make as much money as this group but it shows anyone can learn and anyone can be successful, if they have the right forex education.

Lets get started and the first area to focus on is learning about forex charts and formations and all this information is available free online. You need to focus on long term trend following and base your strategy on breakouts.

We have written about these frequently simply look up our other articles. Once you have this mastered, check some indicators to time you're trading signals and take your time two great ones to start with are the stochastic and RSI, so look them up.

You will now have a simple robust forex trading strategy you can apply for profit. Don't think simple systems don't make money - they do. Simple systems are robust and easy to understand and will enable you to have confidence and discipline which is essential for currency trading success.

Discipline is what separates winners from losers.

You must be able to apply your trading system through losing periods with discipline until you hit a home run and if you cant do it - you don't have a system.

It's always good to get some lessons from the pros and some books which are from traders who have walked the walk and don't just talk the talk.

Here are a few which I think can help any trader.

The Disciplined Trader - Mark Douglas

This is simply one of the best books on trading discipline you will read and for any newbie trader who thinks discipline is easy, read it and you will see why its not and why most traders cant master it.

Another excellent book is.

The Way of the Turtle - Curtis Faith

The most successful of the turtle group we discussed earlier, its essential reading and very inspiring as well.

Finally I simply love the book - Trader Vic Methods of a Wall Street Master by Victor Sperandeo.

This guy is simply consistent decade after decade of huge returns and you get a bit of everything in this book.

The above 3 books will cost you less than a $100.00 but will give you some great insight on the discipline side and what it takes to be a winner and pay for themselves many times over.

When you come to trade your system, make sure that you have enough cash forget trading with $50 d and get a reasonable amount so you have staying power. $500 - 1,000 is a bare minimum and preferably $5,000.

Do not over leverage, take it gently to start, forget about 200:1 leverage and start at 10.

You are in this for the long run and you need to preserve equity and build your base.

Once your system is set you are ready to roll, don't believe all the people who say you should try and improve their system, or keep journals of your losses its complete waste of time.

You are going to lose, that's trading and the perfect system doesn't exist.

I have used the same system for 25 years and never changed it sure it losses but overall it gives me great annual profits for less than 30 minutes work a day and the system enclosed can do the same for you, allowing you to become a profitable forex trader from home.

Follow the above steps and you could be on the road to currency trading success in just 2 weeks and making profits in around 30 minutes day.

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A 100% Way to Lose Your Money Here's Why

Forex Day Trading - A 100% Way to Lose Your Money Here's Why

Forex day trading is popular but it's one of the best ways to lose your money. Try and find a day trader with a track record of real gains (not a simulation in hindsight) and you won't find one. Why? Because:

It doesn't work.

You will see numerous e-books and forex trading systems advertised all with great copy and a track record - but check the track record disclaimer and you will see that there all done in hindsight.

Here is a standard CFTC disclaimer:

"Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those show".

Well could you make a profit knowing the closing prices?

Of course you could and so could a child.

The reality though is we don't have the benefit of trading backwards when we trade forex, we have to trade not knowing the prices and that's a little more difficult.

So why doesn't forex day trading work?

Quite simply - all short term volatility is random.

Because of this, support and resistance levels are meaningless and you can never get the odds on your side.

If you think about this its common sense - you have millions of traders all trading with different viewpoints and methods and to say that you can predict what they will do in a few hours, or a day session is ridiculous.

So why are forex day trading systems so popular?

There mostly promoted by marketing companies NOT traders - it makes a good story but so to does Harry Potter but that's all it is a story.

Forex day trading appeals to lazy or naive traders, who think forex trading is simply a walk in the park - no effort required, spend a few hundred bucks and get rich!

Well forex trading is not that easy and you wouldn't expect it to be with the huge rewards that can be made.

If you want to trade successfully then you need to get the odds on your side and that means trading longer term meaningful data - not random data where you may as well flip a coin.

Trading success is based upon a logical method that takes into account the odds.

To be successful in life (not just forex trading) accept the fact that no one else will make you rich. Sure you can take advice - but never follow anyone blindly, you need to understand what you are doing and make sure you are trading the odds!

If you don't, you won't have confidence. If you don't have that, you will never make money, as you won't have the discipline to follow your method through inevitable losing periods, to achieve long term currency trading success.

So the next time you see a day trading system with a simulated track record - think twice before investing in it.

If it has a real time track record over a few years of profits by all means consider it - but if you find one let me know, I have been looking for 25 years and not found one!

If you want trade successfully forget forex day trading, trade the odds and that means using longer term data.

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Automatic Forex Trading System

Automatic Forex Trading System

The search for an automatic forex trading system that works is often seen as the search for the so called "holy grail" which is the reason why many traders have lost huge sums of money and more are still loosing. When it comes to an automatic forex trading system, the search is likely to be long and arduous, and there is the question of why is everyone not using it?

In fact, I don't believe there can be an automatic forex trading system that can assure you of 100% successful trades as claimed by most because there is always the element of the forex market which is totally unpredictable.

It's not far fetched for a forex trader whose automatic forex trading system is based entirely technical analysis to come back the following day and encounter an unexpected reversal due to fundamental (socio-economic) news being announced lower or higher than expected resulting. So, if fundamental analysis can not be predicted, and as one author puts it "no one knows what's going to happen" in the forex market, how can an automatic forex trading system be possible?

The answer lies in the understanding that if you truly want to use an automatic forex trading system, you are going to have rules, such as not trading in the vicinity of news time where the market reaction can be unpredictable based on technical indicators due to the reaction of the market to the news such as the non-farm payroll data once per month.

Before using an automatic forex trading system then, the trader must know the online currency market fairly well. Must understand that nothing can replace basic education, no matter what system you use basic forex trading education will help you identify better with the system you choose to use. It is also important to have education and mentoring and at least training in some indicators and strategies to understand the reading of the market technically, as well as a sound understanding of the fundamental analysis aspects of the market.

Using automatic forex trading system with a stop loss is one way to ensure that even if your system is entering trades that agree with the technical analysis prior to news release, your stop loss is there to get you out if the news comes out on the other side and things move against you. But if you can altogether avoid using your system before important announcements I personally think it wise.

Conclusively, there are automatic forex trading systems that indeed can generate profitable trades for any trader but they are not without rules.

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A Great Forex Trading Indicator - Check Out This Strategy

A Great Forex Trading Indicator - Check Out This Strategy

What Forex trader isn't looking for a way to improve trading on the currency market? I know, I can always use another trading strategy. I never have enough good trading indicators. As a result, I have decided to review one of the best known and helpful Forex trading indicators: The Elliot Wave.

In the 1920s a man named Ralph Nelson Elliott learned that the markets did not conduct themselves in an erratic manner but actually moved in consistent and dependable waves. He held that there were cycles in which the market moved and it largely because of the emotions of traders which kept these waves continuing.

It was the consistent patterns that he observed and led him to eventually label as "waves." This later developed into a theory which is commonly referred to as the Elliot Wave Theory.

A commonly accepted form of the theory:

1st Wave: The currency has its initial jump which is mainly due to the emotions of traders. The currency, in turn will move higher. A large group of investors "believe" the currency will continue to go higher so they get in on it.

2nd Wave: The first wave group has a good deal of investors that feel they got enough out of the run on the currency so they bail out to take their profits off of the table. This leads more investors to get in on the currency as the dip in price leads many to think that the currency is a great deal once again.

3rd Wave: This is where the currency gains great attention from a large group and shoots up to make its new highs.

4th Wave: Back to wave 2 as many take the profits off of the table and the currency dips lower. In the end there are those who jump back open as they see a reduction in price as a means to a "great buy."

5th Wave: This is where a massive swell of Forex traders come in on the currency. It will eventually become overpriced.

The Elliot Wave is a great Forex trading indicator. Any trading strategy has it good and bad points. I highly recommend using good Forex trading software with reliable trading signals to compliment any trading system.

I have included a review of the three most popular software programs on the market.

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Learn Forex Trading - Learn How to Trade Forex

Learn Forex Trading - Learn How to Trade Forex

If you have been thinking about how to trade forex and is a newbie, you might be interested in knowing that there is a new software that is fully automated which seeks out profit from the continuously changing and complex currency market and can also complete the trade automatically through auto pilot if you want it to.

The best way to learn forex trading online as well as to understand how it works is through automated trading. What you need to do is to put, on every trade, a stop loss and trading profit for every order you place so that the system would then lock in profits and then revert to a trailing stop for absolute profit.

People who ask about "how to trade forex?" is also most likely to ask "do I need capital in order to start trading?" and the answer is, that depends. The need for a capital would solely depend on the broker you use. The usual starting amount is $500. But with the use of automated trading, you can actually "play trade" with the use of fake money. This is done to help newbies, like you, to learn forex trading..

If currently, you already have a metatrader account, you can merge it with the automated one by simply importing the tracing software package to your metatrader account. From there on, you can start playing with the use of the automated trading software in actual time or in a practice session. If you still want to learn more, there are video tutorials that come with the forex trading software. These videos aim to teach you how to forex trade if you are starting from a novice level.
 

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Forex Trading Strategies For the Intelligent Trader

Forex Trading Strategies For the Intelligent Trader

In any business, a good plan or strategy will be needed if you want to be successful in such endeavors. If you are a forex trader, knowing strategies that you can use in your trade will help you immensely to bolster you profit from trading. Here are some forex trading strategies that are often times used by traders. You can learn from them.

Scalping is a strategy used by traders who would like to see sure fire profits at minimal risk. Although this method will make traders earn very little profit, they can be able to have an accumulation of profits after a week of trading.

The downside to this, however, is the fact that you will have to spend a long time in your trading console to monitor movements of currency pairs. This will put a strain to yourself especially if you have more important things to attend to. This is good for those people who do not have jobs and depend on the trade for their day to day needs.

Another strategy that you can use in the many kinds of forex trading strategies will be to determine or analyze first the position you will have to take on a particular currency pairs and once you have decided, you can then put a buy or sell stop order to your trade and you can do other things besides monitoring the price movements in your console. If a price breaks develops due to market consolidation, you will either gain or loss depending on the up or down movement of your currency pairs.

For many who are more successful in the forex market with the use of different forex trading strategies, they would be one in saying that to make money in the forex market; you have to go with the trend. You can use trending to your advantage by using the pivotal points and surfing the market to analyze or spot trends on a particular currency pairs that you have. If you know how to spot a trend you can then have either a long or short position on a currency pairs depending on your perception of the trend you have spotted.

A good strategy to be profitable in the forex market is by using a three day rolling pivots. Using this strategy will make you on the more profitable side of the market. This strategy is simple to follow since this is a basic way of getting some profits from the trading market.

Setting up your three day central pivot points should have to be inclusive of a pivot calculator. There will be three sets of central pivot points after everything has been fully established. Consider these three sets of numbers that you have established as a range, with the largest number being positioned at the top and the second and the third downward

What you have to do next is put it in your mind that when you trade on top of the high point of this three day range, you will have a better chance of succeeding when you go for a short position. And when you trade under the smaller number of the range your chances of succeeding will be much better if you go for a long position.

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Commonly Held Views That If You Believe Them Will Destroy Your Account!

Forex Trading - Commonly Held Views That If You Believe Them Will Destroy Your Account!

Here are some commonly held views on forex trading that if you believe them will see you lose and most traders do, so don't be with the majority avoid these beliefs at all costs - here they are...

1. Forex Robots Work

You have seen them, present great track records but there all simulations in hindsight!

If you want to lose use one and you can do it quickly, by buying a forex robot with a simulated track record!

2. Trade Short Term

Day trading and scalping is destined to lose as all movements within a day are random. Again when you see a track record of someone saying they win at it - look for the world "simulated in hindsight" Day trading is a mugs game.

3. You Need to Predict to Win

If you think about this it's simply guessing and no one knows what will happen next, so don't predict, trade the truth and reality of price change only.

Before I forget don't be taken in by all the scientific theories of market movement, if there was one, there would be no market as we would all know the price in advance!

Forget predicting and trade the truth of change of price as you see it in black and white on a forex chart.

4, Trading Breaking News

Waste of time - markets don't move on the news, they move on how traders perceive it, that's why markets rally when there most bearish and crash when there most bullish. If you think you can make money trading news, think again.

4. You can Make Big Profits on $100.00!

The amounts that many brokers ask for today is tiny and with the leverage and volatility in currency trading it's like tossing a coin.

No one should consider trading less than $1,000 and preferably $5,000.

5. Use Leverage Available

This is the one that traders hang themselves with. Brokers give 200:1 as standard and even 400:1 and most traders like to use it - but volatility kills them.

Over leveraging wipes out the bulk of new traders 10 - 20: 1 leverage is enough for most traders.

6. All You Need to Win Is a Good System

Not true, its like having a high performance racing car, if you don't have a careful disciplined driver, the car will crash.

In forex terms you can have a good system - but its going to lose and you are going to have to stick with it and ride out the losses. If you cant execute your trading strategy with discipline in these periods, you will never hit the home straight and win.

Think discipline is easy - think again, its not, even for experineced traders its hard to stay on course, when your losing money and the market makes you look stupid.

HOW TO WIN!

As you can gather you need to avoid the majority and get a simple system that's logically and you can apply with discipline. It sounds easy but its not you need to work at it but don't be dismayed your effort will be well worth it and you can soon be enjoying great forex profits on a regular basis.

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Day Trading Rules to Live By

Day Trading Rules to Live By

Most people looking to make money in the markets believe that the answer lies in finding some simple technical analysis strategies that will catapult them to profitability.

The truth is that trading is not as simple as beginners believe. It is a profession, and like any profession it requires a learning curve. Reading a book or getting a few simple "tips" is not going to turn you into a professional trader.

After studying for a length of time, it's not uncommon for students to begin their search for the "holy grail."

They search for more indicators, chart patterns, gurus, alert services or the latest secret day trading strategies and other things that will provide their answer to becoming successful.

But here's the fact. Success lies within you .. and it won't come easy.

In fact, one of my favorite success principles is this:

"Successful people do what unsuccessful people are unwilling to do."

Let's apply this to trading in the form of my list of "Day Trading Rules to Live By" ... all of which have to do more with you than with the market.

1. The consistency you need is in your mind, not in the market. Many in the market get frustrated because the market often behaves differently than they expect. You can't rely on the market to be consistent. It is largely a random walk. But there are times when the market does setup with a probability scenario that gives you an edge. Your job is be consistent in trading those probability setups and trade them every time they occur.
2. Trade like a cat. Most beginners over trade. It's one of the most common trading sins. Your job is to be better than other day traders in having the discipline to wait like a cat in the brush until just the right moment (your high probability setup) and then jump on the trade without hesitation.
3. Successful trading is simply a game of not making mistakes. Keep a list of your day trading rules posted on the wall or on your monitor and then follow those rules perfectly. You must be more disciplined than the average trader. Never depart from your rules no matter how good a trade "looks" or "feels" to you if it violates your objective and back-tested rules.
4. Only trade when you are in an optimal emotional state. Never trade when you are tired or are in an emotionally unstable situation (after a fight with a spouse or friend for example). Day trading is more like athletics than academics. Trading on such a short time frame requires you to be able to make split second decisions, and you're risking a lot of money when you do. Make sure your mind is sharp and your emotions are centered.
5. Keep a detailed trading log. Every day trading course I've seen has a trading log. Yet my experience in dealing with trading students demonstrates that less than 10% of them actually use it. This is a huge mistake. Not only should you log every trade, but you should also record how you felt and what you were thinking as you took the trade. In this way your logs will become a type of "biofeedback" mechanism for you. Personally, this was the difference that made all the difference for me.

These 5 day trading rules are not the type of rules that you were probably looking for. The masses want rules about indicators, price bars, where you get in and where you get out.

Granted, you definitely need clear objective rules about those things as well. Yet thousands of traders have those types of rules, and yet continue to fail because those rules are about market action.

They fail because they don't have, or don't follow, the more important rules the rules about their own action.

If you find yourself resisting the importance of these rules about your own behavior, realize that you are one of the masses who feels the same way. But since the masses fail at day trading, you must set yourself apart and do something different than them.

Following these 5 day trading rules are what the retail traders fail to do. Not because they can't do them, but because they are unwilling to do them. And remember, "Successful people do what unsuccessful people are unwilling to do."

Stimulating Thoughts on Forex Trading

I wanted to take the time to share with you a little about the thoughts I have with regards to the forex market. After you've been involved in this business for awhile, you'll pick up on some "aha" moments that suddenly make the whole picture of profiting clear. I'm going to share a few of them with you and hopefully you'll have a few "aha" moments of your own.

We all know bad trade are unprofitable. For the longest time I tried to avoid them, but you can't avoid them completely. I learned the lesson that you just need to learn to take it like man and cut your losses. They're going to happen, so you might as well learn how to handle dealing with them. One bad trade can take away all your money, so learn the fine art of cutting your losses. Sticking with the concept of taking it like man; after a loss you're going to feel like you "need" to make a big trade to earn back what you lost. This is a reactive feeling and shouldn't be acted on. Take it like a man, let the bad trade go and get back to business.

The other big aha moment was the day I realized the morning news was a beacon of free information on what the market will do. Some days have a bigger effect than others, but if there is something that will rattle a currency, you'll see it announced on the morning news. The most common type is the central bank and economic statistics. Learn to catch this type of news and you'll be far ahead of other people.

The best reason to get your hands on an automated Forex trading software is that it can make much more money for you because it works on sound mathematical models and doesn't make stupid mistakes which every person does.
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