Tag Archives: Trading

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

Tips For A Successful Forex Trading System

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If you’re new to forex, you’re going to need forex charts. As you develop your forex trading system, use the demo accounts that many trade brokers provide. They’ll generally provide free forex charts as part of their demo forex trading system. Here is an example.

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If you’re new to forex, you’re going to need forex charts. As you develop your forex trading system, use the demo accounts that many trade brokers provide. They’ll generally provide free forex charts as part of their demo forex trading system.

Forex training is available via online courses, advanced trading workshops and one on one mentoring. Forex training is a process which requires a continuous effort to apply the knowledge that can be gathered from reading Forex trading books, into practice.

The best place to get some really cool advise on Forex is from someone who is already involved in Forex trading. Investing in a high-quality Forex training material with a proven system that is profitable is a good step to becoming a successful trader in the market.

Always be aware for combinations of price patterns as well as obvious price patterns when looking for clues. The most successful Forex traders only think one way, in one direction. If the trend is up then buy the dips and if the trend is down then sell the rallies. Forex trading does not need to be any more complicated than that.

Make sure you get the best Forex trading system education that you can. Avoid free Forex trading system courses and find one that you can budget for. Also be sure to expand your Forex trading education throughout your Forex trading career.

There is also several types of forex software programs that you can purchase for less than one hundred dollars. This software has been found to be very good.

General Forex

Currency Trading – He’S Just Not That Into Forex Day Trading

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To say forex day trading is not risky would be a lie because it is definitely the riskiest form of trading in the forex market, but you can make money if you know what you are doing and have the ability to contain your emotions in this high paced environment. The risk and tempo are what keep a lot of people out of this aspect of it and going the long term way.

I once had a student Alvin who attended my forex training course and one day, he asked me if he should go for forex day trading using the forex scalping methods I’ve thought him. I told him forex day trading may be lucrative but may not be suitable for everyone. I went on to analyze the pros and cons of forex day trading with him.

Firstly, something that is a draw to forex day trading is the fast trading cycle. Many traders like the rush and potentially, it could actually be more fruitful than long term trading. Each individual trade may not make as much as a long term trade, but because you may be making 10 trades to every one of theirs, if not more, your profitability can actually be higher than that of the long term forex trader.

Another drawing characteristic of day trading is that you do not have the overnight worries of the long term trader. Your money is out of the market at the end of the day and if anything happens to affect the currency of a certain country, you just roll over and go back to sleep. The long term investor will be chewing on their nails waiting for the market to reopen.

Of course, with any positive there are negatives that have to be considered. The first of these is that the plain fact of the matter is that about 4 out of every 5 people that day trade end up losing money. There are several reasons for this. One of them we have already mentioned in the risk factor and another is that traders are pulled in by the lure of making very fast money and don’t do the work that is necessary to be a successful day trader.

Also, a lot of the people that are day trading are doing so on borrowed money. They are leveraging against their forex account and they end risking too much on one trade and then they end up in massive debt when a trade goes bad. It is not the forex market that is causing this, it is the trader that is not putting in the necessary work and effort to be an effective day trader.

Another thing about forex day trading you should know is that it will take up quite a fair bit of your time as you need to monitor the forex market very closely. Some part time forex traders overcome this by using automated forex trading system that trades for them.

If you’re having a full time job, it can also be quite distracting. Having heard my analysis, Alvin said he’s just not that into forex day trading as he has a full time job and he does not have the time to monitor the forex market. Also, he said he does not need the extra excitement as his job is already stressful enough for him.

If you are still interested in day trading and have the time, give it a shot, but just do it conservatively. There are plenty of very successful day traders, but they take the time to create a successful forex day trading system that works and gives them an overall profit day in and day out. If you find that it is too much for you, just explore the long term aspect of this market niche as there is plenty of money to be made!

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.

General Forex

Forex Trading Systems and Tips

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With millions of people and institutions making money in the foreign exchange market everyday, you should be making money there too. Forex trading doesn’t require hundreds of thousands of dollars, in fact with the leverage offered by most brokerage firms, you can begin your career in forex trading with as little as $1,000. Before you begin however, there is so much information you need to know. Although you will need to conduct in-depth research on the market to learn forex, we have compiled a list of forex trading tips to help you succeed.

Don’t Break the Bank – Successful forex trading doesn’t mean making giant sweeping gains everyday. Your goal should be to watch the forex indicators to enter and exit the market when you can. Incremental increases are fine and big gains are great, but successful forex trading requires you to find a balance in the middle.

Do Your Homework – Reading up on world news is a good way to give yourself an edge in the forex market, as currency value is related to global events. When financial reports for each nation are released, take advantage of the forex trading tips right in those reports. Don’t assume the worst and close your positions; use the information to maximize profits. If you really want to learn forex, start with reading about factors that affect the market.

Trade without Fear – Don’t choose a forex trading system that requires tight stop-losses. You want to give each position a chance to work for you, and you can’t do that if you close positions before they are in profit. The most important thing to remember about the forex market is that the beauty is in the volatility, not the tranquility.

No Strategy, No Profits – Many who begin forex trading soon quit because they’ve lost their initial investment. Most traders who lose their initial investment do so because they refuse to stick to the rules of their forex trading system. The system you choose will act as your blueprint for success. Your strategy will tell you what currency to trade, when to trade it, and how to minimize your risks. Without a forex trading strategy, you risk losing everything.

Avoid OPH (off-peak hours) – As an individual forex trader, you may want to attempt to limit your risk by taking advantage of the 24-hour schedule of the forex market. Offpeak hours are 17:00 EST to 05:00 EST. This is not a strategy that will prove successful for small-scale or individual forex investors. Learn forex and trade during peak hours in an effort to maximize gains as much as possible.

Beware Wary of the News – Although you will rely on world news as part of your forex trading system, keep in mind that the 24-hour news cycle means that you may hear the same information more than once. Don’t let constant doomsday scenarios to affect your trading; listen to and read financial professionals you trust, not journalists who rely on bad news for ratings. Big swings in trade often come on the heels of important information; use that information and find a way to make it work for you. Although the news won’t always give you winning information, you may just find out something that saves you a ton of money.