Tag Archives: currency trader

General Forex

Forex Trading For A Living – 6 Cardinal Rules To Sustain Your Forex Trading Career

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Learning how to trade forex successfully and being a full time forex trader is a lot more than analyzing forex charts, then jumping in on your forex investment. There are plenty of currency traders that are successful for a short period of time and then fall apart and lose their edge.

As a professional and full time forex trader myself, I’ll like to share the 6 cardinal rules as a personal advice to help you sustain your career as a full time forex trader.

1. Don’t forget to check your economic calendar

It sounds like something that should be obvious, but you would be surprised at the number of currency traders who forget to simply check the economic calendar each and every morning to make sure that they don’t miss out economic data releases. If you want to avoid a situation where you spend all day trying to find a good investment opportunity and then have it fall by the wayside because of this, go to a site like the Forex Factory each and every day before you jump into the action.

2. Use economic forums to your advantage

When you are trading, forex forums can serve two purposes for you. First, they’re going to provide you with a productive way take a break during slow periods of business. The life of a full time trader can be very boring. Second, you’re going to have a way to discuss forex trading intelligently with other like-minded individuals as you’re rarely going to be in a situation where someone else in your household could even care what you are talking about.

3. Enjoy your life

After spending all day in a high paced environment and staring on the monitors while you’re doing forex trading online, you need to get out and interact with some human beings again. Crunching numbers all day and being exposed to the level of stress you’re going to have in the forex market demands a little release. Make some time to get out and enjoy yourself and you won’t regret it.

4. Don’t allow yourself to get lazy

If you are successful currency trader or just learning to trade forex, one of the best forex tips I can give you abouts something other than forex is to not fall into the trap of getting sedentary and spending all your time worrying about the forex market. In order to keep your body in shape and your mind fresh, you’re going to have to get your fair share of exercise. This is not a job is going to create a lot of movement. You be sitting down all day at a computer and exercise will help in keeping you sharp.

5. Get off your computer a couple of times a day

You are going to learn very quickly that the more you sit at your computer, the less focused you become. This is extremely dangerous in the forex trading. There is nothing wrong with treating yourself to a quick 15 minute break so you can go out and get some fresh air a couple times a day. It’s a quick way to recharge your batteries and regain your focus to take a successful trade.

6. You work hard for that money, now make it work for you

Forex trading is not the only place where your money can grow. Once you have established yourself as a successful trader, pull some of that money out and put it to work in other areas. You may decide to buy some investment properties or dive into a separate market and allow your money to grow in other ways. It also serves to diversify your portfolio.

General Forex

Forex Trading Guide – The Pursuit Of Best Forex Trading System

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Some people may find forex trading is a highly lucrative but a tedious business. First, they’ve got to read the news that may affect the currency they are trading, then they’ve decide on which currency pairs to trade, then look out for forex signals. To help overcome this, most successful traders use a forex trading guide that works best for them time and time again.

Those that criticize this method end up looking to evaluate the forex market with as many forex trading techniques and in as many different ways as they possibly can. They don’t realize that this results in making everything extremely complicated and very unorganized.

The best thing any new currency trader can understand is that by developing one forex trading system that will continuously produce you profits day in and day out is the best way to approach trading in the forex market.

The forex trading system that you use does not have produce the best forex signals all the time. It merely needs to produce some profits each and every day, consistently. You don’t necessarily have to produce a hundred pips to be successful. In fact, having a system that will produce 20 or 30 pips a day will be more than enough to make you a wealthy individual.

For those that are looking for one super forex trading system will solve all their problems, know now that it does not exist. All you have to do is find a simple forex trading strategy that will work well and produce a steady profit for you. When you find it, you stay with it.

Depending upon the type of trading you want to do is going to dictate what forex trading strategies you develop. Following trends, developing breakout strategies and quick scalping all require entirely different models to be successful. You need to specialize in just one of these areas and you can be very successful.

This may be a little boring for a lot of people, but there is no place for a cowboy in the forex trading market. This is a profession where being tedious and boring is going to work to your advantage. Using that one good forex strategy will put profits in your pocket.

It cannot be stressed enough that you do not need to be involved in every aspect of forex trading, quite the opposite. If you enjoy analyzing trends, make long-term investments your specialty. If you like the quick hits you should develop a forex scalp method that will allow you to successfully scalp and make a bunch of small profits. Trying to work all the angles will surely result in failure.