By Kelly Price
If you are interested in trading foreign currencies for profit, the good news is anyone can learn to trade and even better, it should only take you a few weeks and your then all set to start making big profits in just 30 minutes a day.
It's a fact that 95% of all people who trade foreign currencies lose money and the reason they lose is they believe myths like the cheap Forex software packages can give them a regular income with no effort! If trading were this easy, 95% of traders wouldn't lose money. You need to learn skills but to prove that anyone could win at trading and learn quickly, famous trader Richard Dennis set up an experiment which was this:
He set out to trade a group of people, with no trading experience in two weeks and these were ordinary people ranging from a security guard to a female auditor and after there two weeks training. they went on to make several hundred million in profits.
So what did this group do right?
First they used a simple trading system and it was just a few rules, with strict money management and based on breakouts. The system is public now and you can see how simple it is. while it is simple. all the best strategies are, because they are more robust than complicated ones with fewer elements to break.
The easy part of currency trading is learning a method which can win, the hard part is executing it with discipline and if you think about it, if you can't execute a trading strategy with discipline, you simply don't have one!
When trading foreign currencies, getting a method together is easy but what you must pay careful attention to is your mindset and maintaining discipline. You need to ride out periods of losses and keep them small, until you hit the big trends and then you need the courage to run them. Dennis knew this and drilled into his students that keeping losses small and maintaining discipline was the only way to succeed and they followed his instructions and made huge profits.
The right mindset comes from a good education and confidence in what your doing and while you may not make as much money, as the traders we looked at earlier but there is nothing to stop you getting the right mindset and making a lot of money.
In global currency trading, its not the market which ends up beating the trader the trader beats himself by having the wrong mindset - if you want to enjoy currency trading success you can and with the right education, you could soon be making big profits in just 30 minutes a day.
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Friday, October 2, 2009
Wednesday, September 30, 2009
Forex Basics - The Basics of Forex Trading
Author: Bennie
Some basic tips for getting richer, the Forex market.
* You should be able to perfect equilibrium of the type of return you and your investments, how much money can you invest and how much time you can not wait to leave.
* Apply good money management techniques is crucial. Your money management strategy should never risk more than 2% of your account per trade. Your account will not explode when the trade goes wrong. Get Best Forex Automatic Trading Robots
* Did you not panic if something goes wrong and you let your emotions take over your business sense.
* Open an Excel spreadsheet and do some simple calculations. Put less money at first. Slowly increase your investment area, such as your account grows.
* Never too much greed. Try to get a good risk-reward ratio.
* Start slowly and cautiously to grow your account over time. Slowly try to improve the risk / reward ratio to make bigger and bigger.
* In general, the exchange rate of one currency against other currencies is a reflection on the state of the economy of this country, compared to the economies of other countries.
* So try to make your decision based on political factors such as recession, depression, war, political unrest, etc. Get Best Forex Automatic Trading Robots
* Initially, almost every trader faces failure, you have enough experience and knowledge to succeed in winning the coveted kingdom with the other 5% successful traders.
* If you have a large trade balance and a conservative lot size, then you can be sure a good percentage of time that your trading eventually will bounce back, especially when it consistent with the H4 or Daily trend.
* Try to trade development, with the LRC and a few indicators very closely and have found a special talent for turning points.
* Finally, remember slow and study wins the race.
* Forex robots are always welcome because they help you pips you could not earn merit without the aid of a robot. Get Best Forex Automatic Trading Robots
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-basics-the-basics-of-forex-trading-1283192.html
About the Author:
More Super Forex System Tips:
10 Minute Forex Wealth Builder is a simple trend trading End of Day system that anyone can implement. It utilizes the fact that the Forex Currency Markets trend for extended periods of time, and all you need is a simple way to identify the trend as well as determine a clear cut, no guesswork entry and exit into the trend.
Forex Trading Made E-Z was developed by G.C. Smith. It is a forex trading course which shows an scalping system. How would you like to earn a living with a proven, step-by-step program that could earn you as much as $500 dollars a day once you've learned the strategy the Forex Trading Made E-Z e-book and videos will teach you!
A non directional trading formula can be highly sophisticated and complicated but it is nevertheless fascinating. Why so? It is so because it can manage to make money for you in the market trading despite its present unpredictability brought about by the economic crisis the world over. A non directional trading formula defied tradition and paved the way for innovation to do its thing and allow traders to earn money the most sophisticated way.
Some basic tips for getting richer, the Forex market.
* You should be able to perfect equilibrium of the type of return you and your investments, how much money can you invest and how much time you can not wait to leave.
* Apply good money management techniques is crucial. Your money management strategy should never risk more than 2% of your account per trade. Your account will not explode when the trade goes wrong. Get Best Forex Automatic Trading Robots
* Did you not panic if something goes wrong and you let your emotions take over your business sense.
* Open an Excel spreadsheet and do some simple calculations. Put less money at first. Slowly increase your investment area, such as your account grows.
* Never too much greed. Try to get a good risk-reward ratio.
* Start slowly and cautiously to grow your account over time. Slowly try to improve the risk / reward ratio to make bigger and bigger.
* In general, the exchange rate of one currency against other currencies is a reflection on the state of the economy of this country, compared to the economies of other countries.
* So try to make your decision based on political factors such as recession, depression, war, political unrest, etc. Get Best Forex Automatic Trading Robots
* Initially, almost every trader faces failure, you have enough experience and knowledge to succeed in winning the coveted kingdom with the other 5% successful traders.
* If you have a large trade balance and a conservative lot size, then you can be sure a good percentage of time that your trading eventually will bounce back, especially when it consistent with the H4 or Daily trend.
* Try to trade development, with the LRC and a few indicators very closely and have found a special talent for turning points.
* Finally, remember slow and study wins the race.
* Forex robots are always welcome because they help you pips you could not earn merit without the aid of a robot. Get Best Forex Automatic Trading Robots
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-basics-the-basics-of-forex-trading-1283192.html
About the Author:
More Super Forex System Tips:
10 Minute Forex Wealth Builder is a simple trend trading End of Day system that anyone can implement. It utilizes the fact that the Forex Currency Markets trend for extended periods of time, and all you need is a simple way to identify the trend as well as determine a clear cut, no guesswork entry and exit into the trend.
Forex Trading Made E-Z was developed by G.C. Smith. It is a forex trading course which shows an scalping system. How would you like to earn a living with a proven, step-by-step program that could earn you as much as $500 dollars a day once you've learned the strategy the Forex Trading Made E-Z e-book and videos will teach you!
A non directional trading formula can be highly sophisticated and complicated but it is nevertheless fascinating. Why so? It is so because it can manage to make money for you in the market trading despite its present unpredictability brought about by the economic crisis the world over. A non directional trading formula defied tradition and paved the way for innovation to do its thing and allow traders to earn money the most sophisticated way.
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