Tag Archives: Traders

General Forex

Learn To Trade Forex – Advice From A Group Of Traders Who Made Millions

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Learn To Trade Forex

If you are looking for the best way to trade Forex, you should start by looking at the group of traders enclosed, these traders learned to trade in just two weeks and made hundreds of millions of dollars! It’s an interesting story and one which can lead you to success so let’s look at it.

If you want the best way to learn to trade Forex, ignore all the people who tell you that there is a way to beat the market, there isn’t. All the people trying to sell you Forex Robots and other get rich quick systems – should be ignored, you need to make some effort but the rewards can be staggering, as we are about to find out. The group of traders we are going to look at in this article, learned the basics and you must to but the good news is they learned to trade in two weeks and became legends; if you are thinking maybe these traders were nerds, think again.

The people who learned to trade in two weeks consisted of an actor, a security guard, a kid out of high school and a lady auditor, to name just a few. This diverse group were picked by trading legend Richard Dennis, to prove anyone could win at trading and learn quickly. He was proved right, as his group of traders made over $200 million in 4 years. They were called the “turtles” and the system they were taught is now free online and if you look at the system you will see how simple it was. The system is less effective today, as market volatility has increased ( the experiment was 25 years ago) but it still makes good profits and has all the elements a good system should: Learn To Trade Forex

It was easy to understand, was based on trading the reality of price change via breakouts, it focused on the big long term trends and had strict money management parameters.

Many of the traders in interviews stated the system was easy to understand but hard to follow with discipline. Discipline is hard for most traders, as they simply can’t take losses, so they run them and when they have profits they cut them too soon! What you need to do to win is to cut losses and run profits, the above system had far more losers than winners but made huge gains.

Discipline comes from a solid education and confidence in your systems ability to perform long term; if you have confidence and you accept and take your losses and have the courage to milk the big trends for all there worth, you can make a lot of money.

So when anyone tells you, you need to work hard or have a college education to win, don’t believe them you don’t. Many of the top traders in the world, are high school drop outs and use simple systems but they all have one thing in common which you have probably already guessed – A humble attitude, respect for the market and the discipline and courage to follow their plan.

If you have understood this article you will now know the best way to learn to trade Forex and also understand that if you adopt the right mindset it’s the key to a huge regular income. Learn To Trade Forex

Forex Trading Articles

Forex Trading Strategies – the Best Strategy for Novice Traders for Huge Gains

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If you are looking at forex trading strategies and want to win with a simple one which works and will always work and takes less than 30 minutes a day then, one enclosed is for you. The strategy we are going to look at here is a long term breakout strategy.

The reason it works and will continue to make profits, is outlined below, as well as tips on what you need to incorporate in your Forex trading system to win.

Focus on the Big Trends

Firstly, look at any Forex chart and you will see big trends, that last for months or even years. If you can lock into these trends you can make huge amounts of money with leverage on your side. Forget about trading short term and focus on the long term, the odds are better and there is more money to be made.

Catching the Moves

If you look at any Forex chart, you will see that most big trends start from breakouts to new chart highs or lows and you should trade these breakouts.

Most traders can’t because they want to wait for the market to come back to get in at a more advantageous price but they wait in vain, as the trend continues.

If they would have bought the break, the odds of it continuing are high and they would have made money but they missed the move. This is why it makes so much money because most traders simply cannot do it. If you learnt to go with these breaks you can make a lot of money.

You only want to trade breakouts, where support and resistance is considered important by traders, so lots of tests and the level should have held at least twice before.

Indicators to Use

When trading breakouts, all you need are bar charts and some indicators which will tell you if momentum is accelerating into the break. If it is, chances are the break will continue. We have discussed various indicators in other articles – but two great ones are the stochastic and RSI, you can learn all about them in an hour or so and if you use them to confirm your moves, you will get the odds in your favour and win more trades.

Money Management

This is easy when trading breakouts – put your stop under the breakout point and wait for the move to gather momentum and then trail it – but don’t trail to close! Most traders move their stops to close and get taken out of the trade by short term volatility.

When trading big breakouts, you need to trail your stop slowly and outside of the pullbacks. Remember, to catch the big long term moves and stay with them you must accept short term swings against you.

That’s it

You can put together a simple, forex trading strategy, based on breakouts, in a week or less and trade it in about 30 minutes day.

Of all the Forex trading strategies you can use, as a novice forex trader this is one of the best as its so simple, so effective and so time efficient.

It works and will continue to work, as long as markets trend long term which doesn’t look like changing – So trade the big breakouts and make big Forex profits!

Forex Trading Articles

Forex Trading Mistakes – 4 Fatal Errors Novice Traders Make Which Make Them Lose

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Novice traders tend to make one or more of the enclosed mistakes and they lose their money quickly. These mistakes need to be avoided at all costs, so let’s take a look at them…

Forex trading can give you massive profits if you do it correctly but making profits is not easy; that’s why 95% of traders lose money. Anyone can learn Forex trading and win though, if they don’t fall for mistakes and get a good Forex education.

1. Following a Forex Expert

If you really think that you can get rich by following a cheap bit of Software and make no effort, you are going to lose. There are many get rich quick Forex Expert Advisors and robots which claim they will lead you to currency trading success but if Forex trading was as easy as paying a hundred dollars or so and getting an income for life, everyone would be rich!

Forget the easy money message and understand that if you want to make money in Forex trading, you need to learn skills and put in some effort.

2. Over leveraging

I see brokers who offer leverage of 200:1 or more and traders think that to make money, they need to leverage up their investment by the full amount given to them. These traders don’t understand the impact of volatility and soon get wiped out. Any trader should use leverage cautiously and as a general rule use 20:1 leverage or less.

3. Trying to Predict Price Movement in Advance

No one can predict where markets are going to go and prediction is really just guessing. If you do try to predict prices, your predictions will end up as accurate as your horoscope.

Forex prices move to probabilities not certainties and instead of predicting, you should simply trade the reality of price change. A great proven way of doing this is to use a breakout methodology which should be an essential part of any Forex trader’s education.

4. Not Trading with Discipline

Most traders have heard the word but don’t understand how important it is and it’s vital when you’re facing a period of losses. Don’t believe you won’t encounter a period of losses which lasts for weeks, the best traders encounter them and you will too.

When you are losing, its important to keep your losses small and keep following your system with discipline. This is not easy, when the market makes you look stupid, your ego is hurt and your emotions are getting involved. Discipline is based on confidence and an understanding that you must preserve equity in these losing periods at all costs by, until the markets move in your favour and you start making profits again.

The above are mistakes you can easily avoid and if you avoid them and get a good Forex education, you can enjoy long term currency trading success.

General Forex

Percentage Of Successful Forex Traders – Odds of Becoming a Successful Forex Trader

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Percentage Of Successful Forex Traders

Forex Megadroid is one of the most popular trading robots today, and is continuously supported by more and more traders who have witnessed the power of this trading robot. Being a successful trader requires a lot of time, and experience. Aside from these things you also need to constantly monitor the market trend in order to generate an effective trading strategy. This is the reason why a lot of traders before fail to make a lot of money in Forex trading. The release of trading robots like Forex Megadroid increased the chances of anyone to become a successful trader. This article will show you the things that will give you a successful trading career.

It is true that Forex Megadroid really has the ability to make anyone a successful trader. In fact most of the users of Megadroid have already claimed that they have received more than 95% winning percentage, with an average of 4800% net profit every year. According to them, all you have to do is to install the robot in a Virtual Private Server (VPS), configure it properly, and constantly update its configuration. However, there are still a lot of people who are complaining about the performance of this trading robot. These are the people who were not successful in Forex trading even while using Forex Megadroid. Percentage Of Successful Forex Traders

When you are using Forex Megadroid, always remember that you need to constantly update and change its configuration in order to match your trading style, and to improve your results. If you are simple watching your robot to conduct trades, chances are you will not make a lot of money, and you even lose all of your investment. Always keep in mind that being a trader requires you to monitor the market trend constantly, even though you are using a trading robot. If you do not have time to monitor the market trend, I strongly recommend you to look for another source of extra income if you do not want to lose a lot of money in Forex trading. Percentage Of Successful Forex Traders

Forex Trading Articles

Forex Trading – 5 Critical Mistakes Novice Traders Make and Lose Avoid Them at All Costs!

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If you want to win at Forex trading you need to avoid the common mistakes enclosed as most novice traders make them and get wiped out – avoid them or lose money.

1. Trusting a Forex Robot with a Simulated Track Record

It has always amazed me traders fall for this one – they are presented with a track record that Warren Buffet would be proud of AND all for $100! The buyer never has to work again, plug the robot in and make money with no effort, for life. The problem of course is these Forex systems sometimes amusingly called expert advisors, have never made any real money.

All they have support there claims is a back test simulation, which is done knowing the closing prices. Well anyone can do that – but you don’t get to know the price in advance when you trade. If you want to trust a paper back test you can – but don’t be surprised if you get wiped out.

2. Day Trading

Trading in short time frames is popular – but doesn’t work.

All volatility within a day is random – you can’t get the odds on your side and can’t win. All the systems sold that claim to make money, are like the Forex robots above – producing back tests and simulations on paper. Try day trading for real and it’s a different story, regular profits actually turn into regular losses.

3. Believing You can Trade with Little or no drawdown

90% Accuracy, make a monthly income, make 20 pips a day etc great copy – but not based on reality. If you trade Forex you are going to face losses – sometimes for weeks or months. Your challenge is to trade through these periods with discipline, until you hit a home run and hit profits. Most traders can’t do it and throw in the towel early.

Learn this – if you want to win in Forex trading, you need to learn to lose, take your loses and keep them small and stay on course.

4. To Win You Need to Predict

Not a good idea, as predication is hoping or guessing and you don’t get rewarded for that, in any area of life. Most traders dive into soon and should have waited for confirmation of trend continuation or change and then traded but they dont jump to early and get stopped out.

If you want to win, forget prediction and trade the reality of price change.

Do not believe anyone who tells you there is some mathematical law of market movement – if there was they wouldn’t tell you (they would be to busy making money) and also if there was, we would all know the price in advance and there would be no market. Markets move because prices are uncertain not certain!

5. You Need to work Hard and Be Clever

This is totally wrong and hard work and being clever, count for nothing in forex trading only being right with your trading signal and the money you make is how you are judged and the cleverest and hardest working people, don’t always win at all.

You need to work smart not hard, get the right Forex education and then you need to keep it simple! The best Forex trading systems are simple – not complicated and a simple system has a huge advantage, as it’s more robust, with fewer elements to break, than a complex one.

A simple system traded with discipline is the way to win and always has been.

How to Win

So there you have 5 common Forex trading errors – make any of them and you will join the vast majority of losers. If however you get the right Forex education, avoid the above mistakes and understand that a simple system, which trades the odds and applied with discipline is the key – you are on your way to Forex trading success