Tag Archives: Traders

Forex Trading Articles

Forex Trading Information – Facts All Novice Traders Need to Know

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Before you start trading you need the right Forex information and education and in this article, we will look at some essential facts all novice traders need to know. Let’s look at the first obvious fact…

1. Forex Trading is Not Easy!

Before you start trading, you should be aware that 95% of traders lose. There are lots of vendors telling you that you will get rich with no effort but that’s not true in real life and certainly not true in Forex trading. You can win but first let’s look at the method most traders use when seeking Forex Profits and it’s the subject our next fact:

2. Forex Robots and Expert Advisors all Lose Money

Many traders think they will win by following a cheap robot or Forex Expert Advisor and they all lose their money. hese trading systems make grand claims but have no results that are verified to back up the claims. If every one could get rich by paying hundred dollars or so a lot more traders would win and they don’t.

3. You Have to Work Hard or Be Clever to Win at Forex

Hard work does not guarantee profits and neither does being clever. Forex trading is essentially simple and you don’t get rewarded for effort, you get rewarded for being right with your trading signal and that’s it.

4. Simple Systems are Best

This leads on from the above fact and it’s true. If you make your trading system to complicated it will simply have too many elements to break, simple systems are more robust and more profitable.

5. Money Management is the Key to Success

Most novice traders lose because they over leverage their accounts and don’t pay attention to equity preservation. To win at Forex you must have robust money management that protects your equity at all costs.

6. Discipline

Most traders can’t trade with discipline because they follow other traders systems and have no confidence when they start to lose or they simply can’t take losing, because it hurts their ego and their emotions get involved. If you can’t follow a trading system with discipline you don’t have one!

7. Anyone Can to Trade and Anyone Can Win

Forex trading is a learned skill, if you take time to get the right Forex education and mindset, there is no reason you can’t make a great second or even life changing income.

To win at Forex trading, requires you get the right Forex trading information and get confidence in what you are doing. When you have done this, you will have the mindset to trade with discipline and will be on the road to long term currency trading success.

Forex Trading Articles

Forex Trading Success – Why This Group of People Often Become Millionaire Traders

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There is a group of people who tend to make the best traders and their not mathematicians or College educated, they have a skill that anyone can actually learn and their very successful. The group of people I am referring to are…

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

Forex Trading is Complicated

To enjoy Forex trading success does not require you have a college education or have a complex Forex trading strategy or knowledge of maths and the reason is simple – Forex trading is simple and if you make a system to complicated it will break in the ever changing brutal world of Forex Trading.

Mathematics doesn’t help, because markets don’t move to certainties, you are only dealing with odds and probabilities and that’s why card players are so good at Forex trading.

Here are the reasons card players make such great Forex 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 Forex traders who are always in the market or trying losing strategies like scalping. In Forex Trading you don’t get rewarded for trading often, you get rewarded for being right.

2. The Ability to Fold

A good card player will pass hands by when the odds are not 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 small and he doesn’t mind taking them, as he knows his time will come.

Most Forex traders on the other hand simply can’t do this and run losses or get frustrated, as their emotions get involved.

3. Courage at the Right Time

The good card player knows when a good 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 big amounts and hold on with discipline and win.

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

4. Discipline Discipline Discipline!

You have heard about how important it is in Forex 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 and Trade the Odds!

Forex trading is simple and always has been and the big difference between winners and losers is the discipline 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 complicated – but being able to make money and that’s why this group enjoy Forex trading success.

General Forex

Forex Lessons – Beginner Lesson For Wannabe Forex Traders

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Forex Lessons

Forex training classes are a great way to learn to trade forex. They are basically a method of getting a good grounding of knowledge from which to springboard a successful trading career. In this article, let me give you your first lesson of forex.

The Big Global Picture

Forex is how much you can sell one currency for to buy another – just like when you go on vacation.

But what affects forex prices is the big global picture. It is not just the economic picture but anything that affects a country.

So, forex prices will also be influenced by war, the threat of war, emigration patterns, the weather and much more. This is what makes forex so fascinating, because it is influenced by pretty much everything. Forex Lessons

Buyers And Sellers

If you look at a forex chart for today, it will look like a bunch of waves, moving up and down. What causes these up and down movements is the pulling and pushing between buyers and sellers of a currency.

At any given time, there can be more people wanting to buy or there can be more people wanting to sell.

Just understand that the price movements, although influenced by global events, are actually drive by individuals in the market. Forex Lessons

Forex Is Not Gambling!

In gambling, whether you are betting on a sportsbook or at a casino, the house has a huge edge against you. It makes it very, very difficult to consistently win.

In forex, the commissions or fees that you pay to trade are minuscule in comparison. This means that, so long as you are disciplined, it is not difficult to make consistent profits.

The only obstacle to that is yourself…

Discipline

After you learn the basics, the most important thing that you need is discipline. Never trade on a “gut feel” and don’t risk more money if you’re losing. This is the mentality of a gambler soon to lose all his money.

Instead, you should trade based on good decisions, based on logic. Remove emotion from the equation as much as you can. Always practice good risk management and don’t risk too much on a single trade.

These are the traits that make the difference between a winning and a losing trader. Forex Lessons

Forex Trading Articles

Best Online Forex Trading Broker – Best Online Forex Broker For Beginners and New Traders

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Best Online Forex Trading Broker

One of the biggest decisions any Forex trader has to make is which Forex broker he o she is going to use. After all, your broker has to be supportive, provide an easy to use interface, and make your trading as simple and fast as possible.

The problem is that most online Forex brokers have trading platforms which are more suitable for experienced traders than for new ones. Some of these platforms can make the entry into Forex trading downright frightening and can even make it harder for you to make money at first. If you’re a new trader, you have to make sure your trading platform is super-easy to use and simple to understand.

I think that eToro is the best online Forex broker for beginners for the following reasons:

1. Etoro’s graphical interface allows you to choose from a variety of trading platforms some of which are displayed as a game would so that it makes trading fun, especially when you’re starting out. Of course, this doesn’t mean that eToro doesn’t provide detailed charting software as well as technical indicators and analysis tools. Best Online Forex Trading Broker

2. Etoro allows you to open an account with a very small initial deposit. Anywhere between $50 — $100. This makes it much easier to begin trading since you don’t have to to put up to much money.

3. Etoro have a very supportive staff which help their traders with any questions. This is excellent for new and inexperienced traders.

4. The eToro platform is one of the most friendly and easy to use interfaces I have come across.

5. This is a stable platform and a highly respected broker.

6. You can trade in multiple languages so you shouldn’t have any problems trading.

Overall, I think this is the best Forex broker for beginners and a great one for veterans as well. Best Online Forex Trading Broker

General Forex

Forex Softwares – This Forex Software is the Game Changer For FX Traders

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Forex Softwares

More and more traders are now using forex software in their trading. What this means is that if you are not using a forex software in your trading, you should start thinking about using one now. The currency market has been flooded with many fx robots. In this article, I will talk about Forex Joe and his ground breaking new Forex Software, “M3 Forex Navigator” that is the game changer for forex traders.

First let me introduce Forex Joe. Joe Atkins a.k.a Forex Joe was a Texan sport bettor for 30 years. He had his own radio talk show. Over the years, he developed certain proprietary mathematical formulas for sports betting that he used highly successfully in making a fortune. He ran his own sports betting advisory service.

Some years back, he discovered the world of FX. He was amazed by the uncanny similarities between sports betting and forex trading. So he decided to apply his proprietary sports betting formulas to the currency market. Lo and behold, he made a fortune in forex trading as well. Forex Softwares

Some six years back, he teamed up with two guys Gary Albrecht and Bill Tainter both had very good project management and software development experience to translate his proprietary mathematical formulas into a forex software that could than make all the calculations. You see, his proprietary mathematical formulas depended on certain numbers known as the Bias and Key Levels that could predict the turning points in the forex market with laser like precision.

M3 Forex Navigator Software was the result of six years of hard work. Now, this software uses those Bias and Key Levels plus something more that turns it into a killer forex software. Then Forex Joe and his team took that software and practically demonstraded using it to grow an IRA account into six figures in a matter of one year.

As said earlier, the forex market is flooding with many forex robots. These robots are also trading softwares that when attached to the chart, monitor the currency pair price action to trade when the conditions are right. But the right way to trade the forex market is to combine manual trading with a good software. You see, no robot is capable of looking into the future. Market conditions keep on changing, the underlying fundamentals change. So, these robots are always lagging behind the market and fall flat when the market changes. Forex Softwares