Dec
10
Currency Trading for Beginners - Understand These Crucial Points or Lose
Filed Under Currency Trading | Leave a Comment
Here we will look at currency trading for beginners and achieving currency trading success. The tips enclosed will help you enter the elite 5% of winners and avoid the losing majority…
Before we start lets stress a key point:
Currency trading is easy to learn and anyone can do it but the paradox is 95% of traders lose money. This article will focus on getting a forex trading strategy but also on the discipline needed to succeed.
Most traders don’t lose because they can’t learn, they lose because they learn the wrong information, or lack discipline.
Getting a System Together
The first thing you need to do is get a simple forex trading system. Your system only needs to be simple as simple systems always work best. A good way to start is to simply use a breakout methodology.
Most new trends start from new highs or lows so focus on buying and selling these (we don’t have enough room to cover what this is in detail simply check our other articles) It’s simple to understand easy to apply and can and does make big profits.
Focus on the big trends and don’t be tempted to trade often. There is no correlation between trading frequency and profits
Success Relies On YOU!
You maybe thinking… why don’t I just buy a forex trading robot?
The answer is they don’t work. There popular but they never work and rely on selling simulated track records and they fail in real time trading. You need to do it yourself!
No one is going to give you success, only you can.
By learning your own system you will have confidence and that is essential to obtaining the discipline to follow your system. If you don’t have the discipline to follow your system - you don’t have one!
Discipline - The Key to Forex Trading Success
Most traders don’t understand the importance of discipline and when they hit a few losses they lack the confidence to continue. This is because they try and follow others and you can’t, you must know what you are doing and have the confidence to follow your system through periods of losses.
Trading is a combination build on the following building blocks
Logical Robust System + Confidence = Disciplined Application = Currency Trading Success
If you understand that you are responsible for your destiny and that a simple forex trading system applied with discipline is the key to success, you are likely to get the right forex education, adopt the right mindset and win.
Currency trading for beginners is straightforward, follow your own path, get the right forex education, have confidence and discipline and currency trading success can be yours.
By: Kelly Price
About the Author:
Before we start lets stress a key point:
Currency trading is easy to learn and anyone can do it but the paradox is 95% of traders lose money. This article will focus on getting a forex trading strategy but also on the discipline needed to succeed.
Most traders don’t lose because they can’t learn, they lose because they learn the wrong information, or lack discipline.
Getting a System Together
The first thing you need to do is get a simple forex trading system. Your system only needs to be simple as simple systems always work best. A good way to start is to simply use a breakout methodology.
Most new trends start from new highs or lows so focus on buying and selling these (we don’t have enough room to cover what this is in detail simply check our other articles) It’s simple to understand easy to apply and can and does make big profits.
Focus on the big trends and don’t be tempted to trade often. There is no correlation between trading frequency and profits
Success Relies On YOU!
You maybe thinking… why don’t I just buy a forex trading robot?
The answer is they don’t work. There popular but they never work and rely on selling simulated track records and they fail in real time trading. You need to do it yourself!
No one is going to give you success, only you can.
By learning your own system you will have confidence and that is essential to obtaining the discipline to follow your system. If you don’t have the discipline to follow your system - you don’t have one!
Discipline - The Key to Forex Trading Success
Most traders don’t understand the importance of discipline and when they hit a few losses they lack the confidence to continue. This is because they try and follow others and you can’t, you must know what you are doing and have the confidence to follow your system through periods of losses.
Trading is a combination build on the following building blocks
Logical Robust System + Confidence = Disciplined Application = Currency Trading Success
If you understand that you are responsible for your destiny and that a simple forex trading system applied with discipline is the key to success, you are likely to get the right forex education, adopt the right mindset and win.
Currency trading for beginners is straightforward, follow your own path, get the right forex education, have confidence and discipline and currency trading success can be yours.
By: Kelly Price
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf’s, with 50 of pages of essential info and more on Currency Trading For Beginners visit our website at: http://www.learncurrencytradingonline.com.
Dec
9
Electronic Currency Trading - 10 X Tips to Get Started on the Road to Success
Filed Under Currency Trading | Leave a Comment
If you want to try electronic currency trading and become a successful currency trader from home, then we have enclosed a checklist for you, to guide you from novice to professional trader…
1. You’re In Charge!
You are responsible for your financial destiny and don’t expect anyone else to make you rich. There are plenty of gurus, experts and robot vendors, telling you that you can win with their advice - but pass them by.
In forex trading, just as in life your destiny is in your hands.
2. Avoid the Myths and Mistakes of the Majority
We have already touched on this above - but there are many more myths and we have outlined these in other articles and they include; Forex day trading and scalping works, you can predict markets in advance, markets move to scientific theory and many more.
3. Getting the Right Forex Education
You need to see electronic currency trading as an odds game.
Your aim is to trade high odds set ups and the best way to do this is, via technical analysis and forex charts.
No prediction - just trading the reality of price change.
4. Your Forex Trading System
Keep it simple! Many traders think the more inputs the better but this is simply not true, simple systems are more robust in the face of brutal market conditions and yours should be too.
Building your own currency trading system is straightforward and covered in our other articles.
5. Never Under estimate This Key Trait
Your system is only part of the equation for success.
To realize its potential, you are going to have to execute the trading signals when you are losing and stay on course until you hit a home run.
This is the hard part!
Don’t underestimate it - which leads me on to my next point…
6. Get the BEST Traders advice
Go to your local online bookstore for the price of a few beers, you can pick up some trading advice, from the world’s best traders and you will note how almost all, will refer to the key trait of discipline being essential for success.
7. Always Remember to Play Defence First
“If you want to win you need to bet and you can’t bet if you’re not at the table”
Obvious - but most traders think they can use all the leverage their broker gives them and win - that’s as much as 400:1!
Defend what you have and make sure you use far less leverage to stay in the game longer 20:1 is ample for most traders.
8. Have Courage to Accept Big Gains
How many traders snatch any profit they can get? Most.
If you want to win, you need to hold and run the big trends and have the courage of your conviction.
9. Don’t Try and Be Perfect
The market will make you look a fool at times and you will never have perfect market timing, so accept this and simply focus on getting profits and not what might have been. We can all be wise in hindsight!
10. Know Your Trading Edge
Your trading edge in electronic currency trading is the reason you will win when 95% of traders fail. Don’t know what your trading edge is?
Then you don’t have one, so continue your forex education until you do.
Final Words
The world of electronic currency trading is exciting and can make you big long term profits but you need to work at the basics.
Get a forex strategy, you are confident in and can apply with discipline for profits.
If you can do that, you can get on the road to currency trading success and enjoy a solid second income, or maybe even a life changing one.
By: Samuel Leslie Berkovits
About the Author:
1. You’re In Charge!
You are responsible for your financial destiny and don’t expect anyone else to make you rich. There are plenty of gurus, experts and robot vendors, telling you that you can win with their advice - but pass them by.
In forex trading, just as in life your destiny is in your hands.
2. Avoid the Myths and Mistakes of the Majority
We have already touched on this above - but there are many more myths and we have outlined these in other articles and they include; Forex day trading and scalping works, you can predict markets in advance, markets move to scientific theory and many more.
3. Getting the Right Forex Education
You need to see electronic currency trading as an odds game.
Your aim is to trade high odds set ups and the best way to do this is, via technical analysis and forex charts.
No prediction - just trading the reality of price change.
4. Your Forex Trading System
Keep it simple! Many traders think the more inputs the better but this is simply not true, simple systems are more robust in the face of brutal market conditions and yours should be too.
Building your own currency trading system is straightforward and covered in our other articles.
5. Never Under estimate This Key Trait
Your system is only part of the equation for success.
To realize its potential, you are going to have to execute the trading signals when you are losing and stay on course until you hit a home run.
This is the hard part!
Don’t underestimate it - which leads me on to my next point…
6. Get the BEST Traders advice
Go to your local online bookstore for the price of a few beers, you can pick up some trading advice, from the world’s best traders and you will note how almost all, will refer to the key trait of discipline being essential for success.
7. Always Remember to Play Defence First
“If you want to win you need to bet and you can’t bet if you’re not at the table”
Obvious - but most traders think they can use all the leverage their broker gives them and win - that’s as much as 400:1!
Defend what you have and make sure you use far less leverage to stay in the game longer 20:1 is ample for most traders.
8. Have Courage to Accept Big Gains
How many traders snatch any profit they can get? Most.
If you want to win, you need to hold and run the big trends and have the courage of your conviction.
9. Don’t Try and Be Perfect
The market will make you look a fool at times and you will never have perfect market timing, so accept this and simply focus on getting profits and not what might have been. We can all be wise in hindsight!
10. Know Your Trading Edge
Your trading edge in electronic currency trading is the reason you will win when 95% of traders fail. Don’t know what your trading edge is?
Then you don’t have one, so continue your forex education until you do.
Final Words
The world of electronic currency trading is exciting and can make you big long term profits but you need to work at the basics.
Get a forex strategy, you are confident in and can apply with discipline for profits.
If you can do that, you can get on the road to currency trading success and enjoy a solid second income, or maybe even a life changing one.
By: Samuel Leslie Berkovits
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf’s, with 50 of pages of essential info on successfull Electronic Currency Trading visit our website at: http://www.learncurrencytradingonline.com.
Nov
30
Forex Currency Trading Software – Web Based Forex Software Versus Client Based Forex Software
Filed Under Currency Trading | Leave a Comment
The modern technology had a big impact on the field of currency trading putting the entire mechanism behind it on steroids. Nowadays, any forex broker will tell you that forex currency trading software is very important in this line of work because it provides all the necessary information and also numerous clients with real time market prices.
There are two types of currency trading software available on the market: one is client based while the other is web based. Both of them offer real time information about everything happening on the Forex market.
The real time updates are very important because they influence both the entry and the exit points.
Forex web based-software is only installed on the broker’s site while the client-based software must be installed on the client’s system and must be synchronized with the broker’s currency trading software.
The common practice has proven that the web based software is the most used program because it’s more safe and effective. Despite all that, the main reason for its popularity is the mobility it provides: every client uses only an ID and a password in order to log in from any computer all around the world requiring only an Internet connection.
As you can see it’s far more convenient than using the client based currency trading software that works only a single computer. Even then, you still need an internet connection to download updates to the software.
The main objective of any financial software is to protect the stored data from hackers. That’s why the program encrypts the information before transmitting it but even so there’s still a small risk of losing some packages along the way.
Currency trading software is working with data servers in order to have access to the stored website content and the user’s transactions and secure the data.
Unfortunately any natural disaster or power outage can shut down a server and that’s why it’s recommended to use two servers at two different locations so that the safety of the data will be 100% guaranteed.
Sometimes the data transmission can be delayed and this can happen due to low Internet connection speed and long distance between the client’s machine and the main server.
As you can see, the Internet connection is very important with currency trading but if you cannot solve this problem you can always ask a local broker to help you. Now you won’t have to suffer any losses because your Internet provider is having some technical difficulties.
Usually the currency trading software have a built-in charting functionality and you can view real time market prices for any currency you want. Also, you can use the stops and the limits to control the entry and exit points.
In exchange for a small fee, several brokers would even allow you to access their chart and their analytic functions to trade.
By: Ricky Lim
About the Author:
There are two types of currency trading software available on the market: one is client based while the other is web based. Both of them offer real time information about everything happening on the Forex market.
The real time updates are very important because they influence both the entry and the exit points.
Forex web based-software is only installed on the broker’s site while the client-based software must be installed on the client’s system and must be synchronized with the broker’s currency trading software.
The common practice has proven that the web based software is the most used program because it’s more safe and effective. Despite all that, the main reason for its popularity is the mobility it provides: every client uses only an ID and a password in order to log in from any computer all around the world requiring only an Internet connection.
As you can see it’s far more convenient than using the client based currency trading software that works only a single computer. Even then, you still need an internet connection to download updates to the software.
The main objective of any financial software is to protect the stored data from hackers. That’s why the program encrypts the information before transmitting it but even so there’s still a small risk of losing some packages along the way.
Currency trading software is working with data servers in order to have access to the stored website content and the user’s transactions and secure the data.
Unfortunately any natural disaster or power outage can shut down a server and that’s why it’s recommended to use two servers at two different locations so that the safety of the data will be 100% guaranteed.
Sometimes the data transmission can be delayed and this can happen due to low Internet connection speed and long distance between the client’s machine and the main server.
As you can see, the Internet connection is very important with currency trading but if you cannot solve this problem you can always ask a local broker to help you. Now you won’t have to suffer any losses because your Internet provider is having some technical difficulties.
Usually the currency trading software have a built-in charting functionality and you can view real time market prices for any currency you want. Also, you can use the stops and the limits to control the entry and exit points.
In exchange for a small fee, several brokers would even allow you to access their chart and their analytic functions to trade.
By: Ricky Lim
About the Author:
Visit my site and discover my top 3 recommended forex currency trading software. Learn which are the top rated forex trading system at my site.
Nov
17
Courses in Currency Trading - Finding the Right Ones to Lead You to Success
Filed Under Currency Trading | Leave a Comment
There are some great currency trading courses that can give you a head start in your quest for profits and here we will look at the criteria you should use for finding one which can help you achieve the success you desire…
First, many courses make huge claims and have systems that are supposed to give you huge regular profits so ignore any forex robot course or trading signal course that carries this disclaimer.
“CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
Most of these currency trading courses have no chance of teaching you anything and the fact that they present a track record and then put the above warning on gives currency trading a bad name.
Now look for the following:
A Specific Currency Trading Strategy
You don’t need to know currency trading basics, you can get all that for free online you want something that will give you a trading edge and enable you to enter the 5% of winners.
Ignore any course that claims you will learn to do the following:
- Learn secrets - a contradiction in terms as if everyone knows them they can’t be secrets!
- Predict market moves - You cant predict you trade reality
- Day trading courses - day trading simply doesn’t work so don’t try
- Scientific theories - Don’t work, if there was a scientific theory of market movement, we would all know the answer in advance and there would be no market!
Look for a sensible, odds based trading system which either long term trend follows, or swing trades.
Forex trading is not an area you get success with no effort and you can’t follow anyone to success.
You need to learn what you are taught - only then will you be able to apply your currency trading system with discipline and this is the key to trading success.
Look for unlimited email support and check that the retailer of the course is a trader. You can test this by simply asking some questions before you buy and see what response you get and how quick it is.
Finally look for a money back guarantee in full - if you are not satisfied.
Choosing a currency trading course is really common sense.
Ignore the hype and get one which will give you a solid grounding in the subject, plenty if support and a trading edge, you can learn and apply for big trading profits.
By: Kelly Price
About the Author:
First, many courses make huge claims and have systems that are supposed to give you huge regular profits so ignore any forex robot course or trading signal course that carries this disclaimer.
“CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
Most of these currency trading courses have no chance of teaching you anything and the fact that they present a track record and then put the above warning on gives currency trading a bad name.
Now look for the following:
A Specific Currency Trading Strategy
You don’t need to know currency trading basics, you can get all that for free online you want something that will give you a trading edge and enable you to enter the 5% of winners.
Ignore any course that claims you will learn to do the following:
- Learn secrets - a contradiction in terms as if everyone knows them they can’t be secrets!
- Predict market moves - You cant predict you trade reality
- Day trading courses - day trading simply doesn’t work so don’t try
- Scientific theories - Don’t work, if there was a scientific theory of market movement, we would all know the answer in advance and there would be no market!
Look for a sensible, odds based trading system which either long term trend follows, or swing trades.
Forex trading is not an area you get success with no effort and you can’t follow anyone to success.
You need to learn what you are taught - only then will you be able to apply your currency trading system with discipline and this is the key to trading success.
Look for unlimited email support and check that the retailer of the course is a trader. You can test this by simply asking some questions before you buy and see what response you get and how quick it is.
Finally look for a money back guarantee in full - if you are not satisfied.
Choosing a currency trading course is really common sense.
Ignore the hype and get one which will give you a solid grounding in the subject, plenty if support and a trading edge, you can learn and apply for big trading profits.
By: Kelly Price
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf’s, with 50 of pages of essential info on Courses in Currency Trading visit our website at: http://www.learncurrencytradingonline.com.
Nov
14
International Currency Trading - an Opportunity for Wealth for Wealth for All
Filed Under Currency Trading | Leave a Comment
Could you make money at international currency trading? The answer is yes - but you need to understand a few key points as, it’s a well known fact that 95% of traders fail. So let’s look at the advantages and how to avoid the pitfalls and enjoy currency trading success…
Anyone can trade - but most fail and first you need to learn currency trading the right way and get yourself a solid forex trading education.
First avoid the myths and there are plenty of them, so here are some common ones to avoid.
- Day trading and forex scalping makes money
- Following a forex trading robot with simulated track record will see you win
- You can trade news stories
- You can predict forex prices
- You can earn a regular monthly income with little or no drawdown
All of the above assumptions are wrong so avoid the myths. Forex trading is NOT easy and as the potential for profit is so high, you wouldn’t expect it to be easy. The good news is anyone can build a forex trading strategy for success.
Here are some points to put you in the right direction with your forex trading system
- Keep it simple as simple systems work best and have fewer elements to break.
- Learn the system don’t try and follow anyone else. You need to know what your doing to have confidence
- Base your strategy on forex charts and use the reality of changes in price to execute your trading signals
- Do NOT trade news events, these are discounted immediately and your playing catch up
- De leverage sure you can get 200:1 but 10:1 is plenty for most traders - Over leverage destroys equity quickly as your stop has to be to close
- Base your trading strategy on breakouts to start. We have written on this frequently and it’s a high odds way of trading
- Be patient! Only trade sparingly, the big high odds trades don’t come around often so wait for them.
The big key to winning at international currency trading is having the discipline to execute your plan and this is built on confidence in what you are doing. You can’t follow anyone else - you’re on your own.
With the rise of electronic online trading we have seen a huge rush of naïve and greedy traders enter the market, who think trading is easy and the facts point to the opposite.
For the forex trader, prepared to get the right forex education and work smart with a disciplined mindset the potential is huge.
The world of international currency trading offers you the potential for currency trading success either via a good second income or a life changing income. Sure it’s a challenge - but if you are prepared to work smart, get the right education and adopt the right mindset, you can win.
Are you up for the challenge?
By: Sonia Kristina
About the Author:
Anyone can trade - but most fail and first you need to learn currency trading the right way and get yourself a solid forex trading education.
First avoid the myths and there are plenty of them, so here are some common ones to avoid.
- Day trading and forex scalping makes money
- Following a forex trading robot with simulated track record will see you win
- You can trade news stories
- You can predict forex prices
- You can earn a regular monthly income with little or no drawdown
All of the above assumptions are wrong so avoid the myths. Forex trading is NOT easy and as the potential for profit is so high, you wouldn’t expect it to be easy. The good news is anyone can build a forex trading strategy for success.
Here are some points to put you in the right direction with your forex trading system
- Keep it simple as simple systems work best and have fewer elements to break.
- Learn the system don’t try and follow anyone else. You need to know what your doing to have confidence
- Base your strategy on forex charts and use the reality of changes in price to execute your trading signals
- Do NOT trade news events, these are discounted immediately and your playing catch up
- De leverage sure you can get 200:1 but 10:1 is plenty for most traders - Over leverage destroys equity quickly as your stop has to be to close
- Base your trading strategy on breakouts to start. We have written on this frequently and it’s a high odds way of trading
- Be patient! Only trade sparingly, the big high odds trades don’t come around often so wait for them.
The big key to winning at international currency trading is having the discipline to execute your plan and this is built on confidence in what you are doing. You can’t follow anyone else - you’re on your own.
With the rise of electronic online trading we have seen a huge rush of naïve and greedy traders enter the market, who think trading is easy and the facts point to the opposite.
For the forex trader, prepared to get the right forex education and work smart with a disciplined mindset the potential is huge.
The world of international currency trading offers you the potential for currency trading success either via a good second income or a life changing income. Sure it’s a challenge - but if you are prepared to work smart, get the right education and adopt the right mindset, you can win.
Are you up for the challenge?
By: Sonia Kristina
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf’s, with 50 of pages of essential info and more on Electronic Currency Trading visit our website at: http://www.learncurrencytradingonline.com.
Nov
13
Make Money Trading Currencies - 4 Steps to Currency Trading Success
Filed Under Currency Trading | Leave a Comment
If you want to make money trading currencies, then we will show you how to do this in simple steps. Here we will give you the basics and help you build a currency trading system for long term trading success.
Step 1 - Get the Mindset for Success
You cannot get currency trading success from others and there are plenty of people wanting to sell you automated forex robots and systems but they don’t work. If you want to win, you have to understand that you need work and learn currency trading for yourself. If you do this, you will have confidence in what you do and the discipline to follow your system.
Most traders fail because, they don’t have the discipline to follow their system and if you don’t have the discipline to follow it, you don’t have a system!
Step 2 - The Methodology to Base Your System On
The best, simplest and easiest to understand methodology, is to buy or sell breakouts of price, to new market highs or lows.
Look at any forex chart and you will see most major trends start and continue from new market highs or lows. If you can go with them, you can make a lot of money. Most traders don’t and that’s why the majority lose.
Most traders want to wait for a pullback, to buy at a “better price” and of course prices don’t pullback and they sit and watch, as the trend sails over the horizon and makes thousands of dollars in profit and their not in!
Go with breakouts and sure you miss the first bit of the move - but if it’s a good break, you will have a lot of profit ahead of you.
Step 3 - Basics of Your System
You need to understand support and resistance.
Look for levels that are considered important by the market and the more times the level has been tested the better. You then need to confirm that when a break starts, the odds are on your side and it will continue and for this you need to use momentum oscillators.
We have discussed these fully in our other articles but for now, you simply need to know they will help you determine price strength through the breakout point. If price momentum accelerating, the odds are on your side and you can enter.
Look up the stochastic and RSI for this - there great indicators and you can learn how to use them in about 30 minutes.
Step 4 - Money Management
You need to play great defence and defend your equity. Just like all the great football teams, if you have a great defence, the offence will get the opportunities and make them successful.
With breakout trading, your stop is close and obvious (below the breakout point) and you should trail it slowly as the market moves.
Don’t make the mistake of using too much leverage.
You can get up to 400; 1 but 20:1 is plenty, more traders lose due to over leveraging than any other reason.
Putting it all Together
You don’t need a complicated currency trading system, you need to keep it simple so your trading system is robust, in the face of brutal market conditions. The key though is discipline; you must be able to trade through losing periods, until you hit a home run.
If you want to make money trading currencies - you can. The above tips will help you and remember, work smart not hard, keep it simple, get the right mindset and you will enjoy long term currency trading success.
By: Kelly Price
About the Author:
Step 1 - Get the Mindset for Success
You cannot get currency trading success from others and there are plenty of people wanting to sell you automated forex robots and systems but they don’t work. If you want to win, you have to understand that you need work and learn currency trading for yourself. If you do this, you will have confidence in what you do and the discipline to follow your system.
Most traders fail because, they don’t have the discipline to follow their system and if you don’t have the discipline to follow it, you don’t have a system!
Step 2 - The Methodology to Base Your System On
The best, simplest and easiest to understand methodology, is to buy or sell breakouts of price, to new market highs or lows.
Look at any forex chart and you will see most major trends start and continue from new market highs or lows. If you can go with them, you can make a lot of money. Most traders don’t and that’s why the majority lose.
Most traders want to wait for a pullback, to buy at a “better price” and of course prices don’t pullback and they sit and watch, as the trend sails over the horizon and makes thousands of dollars in profit and their not in!
Go with breakouts and sure you miss the first bit of the move - but if it’s a good break, you will have a lot of profit ahead of you.
Step 3 - Basics of Your System
You need to understand support and resistance.
Look for levels that are considered important by the market and the more times the level has been tested the better. You then need to confirm that when a break starts, the odds are on your side and it will continue and for this you need to use momentum oscillators.
We have discussed these fully in our other articles but for now, you simply need to know they will help you determine price strength through the breakout point. If price momentum accelerating, the odds are on your side and you can enter.
Look up the stochastic and RSI for this - there great indicators and you can learn how to use them in about 30 minutes.
Step 4 - Money Management
You need to play great defence and defend your equity. Just like all the great football teams, if you have a great defence, the offence will get the opportunities and make them successful.
With breakout trading, your stop is close and obvious (below the breakout point) and you should trail it slowly as the market moves.
Don’t make the mistake of using too much leverage.
You can get up to 400; 1 but 20:1 is plenty, more traders lose due to over leveraging than any other reason.
Putting it all Together
You don’t need a complicated currency trading system, you need to keep it simple so your trading system is robust, in the face of brutal market conditions. The key though is discipline; you must be able to trade through losing periods, until you hit a home run.
If you want to make money trading currencies - you can. The above tips will help you and remember, work smart not hard, keep it simple, get the right mindset and you will enjoy long term currency trading success.
By: Kelly Price
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
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Nov
9
Learn Currency Trading - How People With No Trading Experience Became Trading Legends in Just 14 Day
Filed Under Currency Trading | Leave a Comment
Back in the nineteen eighties, a group of people with no trading experience took part in an experiment to learn currency trading in just 14 days. The result? They want on to make hundreds of millions of dollars. How? Let’s take a look.
The group I am referring to above were nicknamed “the turtles” and the experiment was conducted by trading legend Richard Dennis.
Dennis wanted to prove that anyone no matter what there age, occupation or educational background, could learn to trade and he set out to prove it.
The people chosen were a mixed group:
A female auditor, a security guard, an actor, a kid fresh from school and some professional card players, to name just a few.
Dennis taught them a simple long term trend following method (essentially a breakout system) and strict money management. They completed their training and when onto make $100 million in just 4 years. Dennis had proved his point.
At this stage you may be asking yourself a question:
If it’s that easy to learn to trade and anyone can, why do 95% of traders lose?
The real lesson to learn from this article and make part of your forex education is:
Anyone can learn to trade - but few people have the mindset to turn this potential into profit. Some more explanation will make this clear.
The formula for forex trading success is simple and is:
Robust Logical Currency Trading System + Discipline to Follow = Financial Success.
Dennis knew that learning the trading system was the easy bit - executing it with discipline is of course the hard part. He taught them something more than a logical trading system - he taught them the mindset to accept responsibility and have confidence in what they were doing so, they could trade with discipline through losing periods.
Many people have good currency trading systems but lack the discipline to stay with them when losses occur. If you don’t have discipline, you don’t have a trading system. You must follow your trading signals exactly as your system tells you!
Most traders think they can follow someone else or buy a forex robot with a simulated track record and win and they get wiped out.
They don’t really understand what their doing, don’t have discipline and lose.
To win at forex trading requires a method (if you avoid the myths), you can get a simple trading system together that’s robust and can win. Keep in mind the trading system should be simple (just like the one the turtles used) as simple systems work best.
Then, you need to learn discipline and anyone who tells you its easy hasn’t traded!
It’s hard but again it’s a learned skill and if you have confidence in what you are doing you can trade with discipline.
Will you become as rich as the turtles?
Probably not, life simply isn’t like that - but there is a chance you could and furthermore, you can achieve success and earn a lucrative income at your own level and for the effort you put in forex trading can give you a huge reward.
Anyone can do it. Sure it’s a challenge - but it’s a challenge you can take on, win and achieve currency trading success if you learn currency trading the right way.
By: Kelly Price
About the Author:
The group I am referring to above were nicknamed “the turtles” and the experiment was conducted by trading legend Richard Dennis.
Dennis wanted to prove that anyone no matter what there age, occupation or educational background, could learn to trade and he set out to prove it.
The people chosen were a mixed group:
A female auditor, a security guard, an actor, a kid fresh from school and some professional card players, to name just a few.
Dennis taught them a simple long term trend following method (essentially a breakout system) and strict money management. They completed their training and when onto make $100 million in just 4 years. Dennis had proved his point.
At this stage you may be asking yourself a question:
If it’s that easy to learn to trade and anyone can, why do 95% of traders lose?
The real lesson to learn from this article and make part of your forex education is:
Anyone can learn to trade - but few people have the mindset to turn this potential into profit. Some more explanation will make this clear.
The formula for forex trading success is simple and is:
Robust Logical Currency Trading System + Discipline to Follow = Financial Success.
Dennis knew that learning the trading system was the easy bit - executing it with discipline is of course the hard part. He taught them something more than a logical trading system - he taught them the mindset to accept responsibility and have confidence in what they were doing so, they could trade with discipline through losing periods.
Many people have good currency trading systems but lack the discipline to stay with them when losses occur. If you don’t have discipline, you don’t have a trading system. You must follow your trading signals exactly as your system tells you!
Most traders think they can follow someone else or buy a forex robot with a simulated track record and win and they get wiped out.
They don’t really understand what their doing, don’t have discipline and lose.
To win at forex trading requires a method (if you avoid the myths), you can get a simple trading system together that’s robust and can win. Keep in mind the trading system should be simple (just like the one the turtles used) as simple systems work best.
Then, you need to learn discipline and anyone who tells you its easy hasn’t traded!
It’s hard but again it’s a learned skill and if you have confidence in what you are doing you can trade with discipline.
Will you become as rich as the turtles?
Probably not, life simply isn’t like that - but there is a chance you could and furthermore, you can achieve success and earn a lucrative income at your own level and for the effort you put in forex trading can give you a huge reward.
Anyone can do it. Sure it’s a challenge - but it’s a challenge you can take on, win and achieve currency trading success if you learn currency trading the right way.
By: Kelly Price
About the Author:
NEW! FREE FOREX ROBOT PDF
+ MORE ESSENTIAL FOREX EDUCATION
Get free essential trading Pdf’s on catching the big profits and more on Breakout Trading Systems visit our website at: http://www.bestcurrencytradingsystem.com
Oct
21
The Risks of Currency Trading - How to Manage it for Big Gains
Filed Under Currency Trading | Leave a Comment
There are big rewards in currency trading and that means risk is present - without risk, there cannot reward - PERIOD. However, the risks of currency trading can be managed and controlled and you can then seek huge gains.
As soon as you enter a currency trade you are taking a risk how you deal with that risk is critical and you can reduce it.
Consider a high performance racing car. In the hands of an inexperienced driver the danger of a crash is high - but in the hands of an experienced driver, the risk is much reduced.
Risk can be controlled and reduced, just as with driving a car and lots of other areas of life (including trading forex), you can control it.
So how do you reduce the risks of trading currencies?
Let’s look at some simple tips:
1. Trade infrequently
Sure you can trade for profits everyday but not all trades are equal and you will not have high odds trades’ everyday, so trade sparingly. I know traders who trade less than once a month yet; their profit per annum from their forex trading strategy is over 100%!
2. Trade Longer term
Trading is all about trading the odds and you don’t get the high odds trades if - you day trade or scalp, so avoid these methods of trading.
You need to trade longer term and that means forex swing trading, or long term trend following.
3. Trade Breakouts
Most major trends start from new highs or new chart lows and although it looks like you maybe missing the best entry point for your trading signal - your not, because the odds are so heavily in your favour.
4. Trade Valid Support and Resistance
If you trade breakouts, then trade valid support and resistance and this means - areas that have been tested at least three times, in two different time frames and the more widely spaced apart the better.
Look for support and resistance that traders view as Important and breaks are highly psychological.
5. Do NOT Look for perfection
Sure we all want to buy market bottoms and sell market highs - but that’s not the real world of trading. Be prepared to miss the bottom and the top and take the chunk in the middle.
If you caught 70% of every big trend you would be very, very rich.
6. Confirm!
Forget predicting! Confirm each and every move, with momentum indicators to make sure the odds are on your side.
If you don’t know about momentum indicators make them part of your forex education.
Never predict this is another word for hoping and guessing and will ensure you lose.
7. Don’t Restrict risk to Much
Many traders like to trail stops or place them to close.
While it may appear that the risk is less it’s not because you have a high odds of being stopped out by random volatility.
Let the market breathe and understand volatility and standard deviation of price.
If you are trading for big gains the above tips will help you manage and control risk and keep in mind, you have to take risks to make big gains - but there is a huge difference between trading in a rash way with no thought and a calculated risk which puts the odds on your side.
If you trade the odds correctly, you can manage the risks of currency trading and make big long term gains with your currency trading system.
By: Monica Hendrix
About the Author:
As soon as you enter a currency trade you are taking a risk how you deal with that risk is critical and you can reduce it.
Consider a high performance racing car. In the hands of an inexperienced driver the danger of a crash is high - but in the hands of an experienced driver, the risk is much reduced.
Risk can be controlled and reduced, just as with driving a car and lots of other areas of life (including trading forex), you can control it.
So how do you reduce the risks of trading currencies?
Let’s look at some simple tips:
1. Trade infrequently
Sure you can trade for profits everyday but not all trades are equal and you will not have high odds trades’ everyday, so trade sparingly. I know traders who trade less than once a month yet; their profit per annum from their forex trading strategy is over 100%!
2. Trade Longer term
Trading is all about trading the odds and you don’t get the high odds trades if - you day trade or scalp, so avoid these methods of trading.
You need to trade longer term and that means forex swing trading, or long term trend following.
3. Trade Breakouts
Most major trends start from new highs or new chart lows and although it looks like you maybe missing the best entry point for your trading signal - your not, because the odds are so heavily in your favour.
4. Trade Valid Support and Resistance
If you trade breakouts, then trade valid support and resistance and this means - areas that have been tested at least three times, in two different time frames and the more widely spaced apart the better.
Look for support and resistance that traders view as Important and breaks are highly psychological.
5. Do NOT Look for perfection
Sure we all want to buy market bottoms and sell market highs - but that’s not the real world of trading. Be prepared to miss the bottom and the top and take the chunk in the middle.
If you caught 70% of every big trend you would be very, very rich.
6. Confirm!
Forget predicting! Confirm each and every move, with momentum indicators to make sure the odds are on your side.
If you don’t know about momentum indicators make them part of your forex education.
Never predict this is another word for hoping and guessing and will ensure you lose.
7. Don’t Restrict risk to Much
Many traders like to trail stops or place them to close.
While it may appear that the risk is less it’s not because you have a high odds of being stopped out by random volatility.
Let the market breathe and understand volatility and standard deviation of price.
If you are trading for big gains the above tips will help you manage and control risk and keep in mind, you have to take risks to make big gains - but there is a huge difference between trading in a rash way with no thought and a calculated risk which puts the odds on your side.
If you trade the odds correctly, you can manage the risks of currency trading and make big long term gains with your currency trading system.
By: Monica Hendrix
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS & MUCH MORE!
For free 2 x trading Pdf’s with 90 of pages of essential info on The Risks Of Currency Trading visit our website at: http://www.learncurrencytradingonline.com
Oct
13
Currency Trading Signals - How to Make Huge Profits With Them
Filed Under Currency Trading | Leave a Comment
You currency trading signal is your way of timing the market and determines whether you win or lose and most people lose as they don’t understand one key fact behind their currency trading signal so here it is…
The key factor that will determine whether you win or lose long term with your forex trading strategy is - understanding the logic your signal is based upon and most new forex traders in particular, forget this and never make it part of their forex education.
There is a huge industry today in currency trading, where companies and vendors that will sell you currency trading signals and send them to your mobile, or your email box. Most traders simply take the vendors word for it or simulated track record, that these signals will make money.
The trader has no idea of the logic and as soon as they hit a few losses, they throw in the towel.
The same goes for forex traders who buy forex trading system software that generates trading signals. They again accept a simulated track record of profits and have no idea why the system should work (and in most cases it doesn’t) and again they throw in the towel when they hit a few losses.
If you want to follow trading signals you MUST understand the logic they are based upon and be convinced it is soundly based, so you can follow the trading systems signals through the bad periods to hopefully, enjoy long term currency trading success.
The equation that is vital to succeed in forex trading (if you follow a vendor) or generate the trading signals yourself is:
Logical methodology = Understanding = Confidence = Discipline = Forex trading success.
Today, too many traders follow vendors who produce enticing marketing copy and make up a simulated track record in hindsight and the trader is blinded by greed and fails to check the logic is sound and that they understand it.
Where and when you enter your trading signal is vital to you winning longer term at FX trading and you need to know the logic, to have confidence in it and the discipline to follow the signals through periods of drawdown.
Trading is only partially method, the overriding reason traders lose is lack of discipline.
The best way to succeed in forex is to do your homework and understand exactly how and why your currency trading signal is generated, by learning your vendors system and testing it or even better building your own system.
If you want to learn forex trading the right way you need to understand the logic that your currency trading signal is based upon - PERIOD.
By: Monica Hendrix
About the Author:
The key factor that will determine whether you win or lose long term with your forex trading strategy is - understanding the logic your signal is based upon and most new forex traders in particular, forget this and never make it part of their forex education.
There is a huge industry today in currency trading, where companies and vendors that will sell you currency trading signals and send them to your mobile, or your email box. Most traders simply take the vendors word for it or simulated track record, that these signals will make money.
The trader has no idea of the logic and as soon as they hit a few losses, they throw in the towel.
The same goes for forex traders who buy forex trading system software that generates trading signals. They again accept a simulated track record of profits and have no idea why the system should work (and in most cases it doesn’t) and again they throw in the towel when they hit a few losses.
If you want to follow trading signals you MUST understand the logic they are based upon and be convinced it is soundly based, so you can follow the trading systems signals through the bad periods to hopefully, enjoy long term currency trading success.
The equation that is vital to succeed in forex trading (if you follow a vendor) or generate the trading signals yourself is:
Logical methodology = Understanding = Confidence = Discipline = Forex trading success.
Today, too many traders follow vendors who produce enticing marketing copy and make up a simulated track record in hindsight and the trader is blinded by greed and fails to check the logic is sound and that they understand it.
Where and when you enter your trading signal is vital to you winning longer term at FX trading and you need to know the logic, to have confidence in it and the discipline to follow the signals through periods of drawdown.
Trading is only partially method, the overriding reason traders lose is lack of discipline.
The best way to succeed in forex is to do your homework and understand exactly how and why your currency trading signal is generated, by learning your vendors system and testing it or even better building your own system.
If you want to learn forex trading the right way you need to understand the logic that your currency trading signal is based upon - PERIOD.
By: Monica Hendrix
About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
+ PROFESSIONAL FOREX TRADING COURSE
For free 2 x trading Pdf’s with 90 of pages of essential info and more on Currency Trading Signals foir profit visit our website at:
http://www.learncurrencytradingonline.com/index.html
Oct
11
Online currency trading (also known as FOREX, for foreign exchange) has all the benefits that a trader could want. With the 24 hour, 6 days a week marketplace, you can trade before work, during work, or after work. Whenever you see fit. The day begins in New Zealand and follows the sun through Asia, into Europe, and then the US. Then it starts all over again.
The FOREX market is the most liquid market in the world. That means that a trader can enter or exit the currency market whenever they want. With no commissions and no gaps, or lock limits, and no daily trading limit either. This market is bigger in daily volume than all of the other stock, bond, and futures markets of the world combined! And then some!
Leverage of 100 to 1 is considered normal when currency trading. Compare that to the 2 to 1 margin accounts at your stock brokerage. Plus, there’s no margin interest expense either. But you better have your risk management system in place because, remember, leverage cuts both ways.
You’ve heard the saying,the trend is your friend. Well guess what the best trending market is? That’s right, the FOREX market. Central banks and governments set their own monetary policy. Take the Fed for example. They don’t (usually) raise interest rates today and then next week lower them. And then raise them again. No, they tend to gradually, over time, raise them, month by month, until they feel they are correctly positioned. And then they lower them, month by month, or quarter by quarter, whichever. That gradual tightening and loosening over an extended period of time is what creates those wonderful trends.
When you are trading currencies online, remember to trade with the trend. And when the trend ends, get out. It’s that simple, just not that easy. Then start looking for the trend to reverse itself. You need to have no hang ups about being long or short when you trade currencies. At any given time, approximately a third of the currency pairs are are going up, a third are going down, and the other third are going sideways. So don’t be afraid to go short. If you are coming from the stock market, there are no short squeezes to worry about, no one uptick rule, or any other crazy rules. You just decide to buy or sell; that’s it.
When you trade currencies online, they are always bought and sold in pairs. An example of a currency pair is the popularly traded EUR/USD. This is the Euro vs. the U.S. Dollar. The currency on the left is called the base currency. The one on the right is the cross currency
If you buy the EUR/USD currency pair, you are buying euros, and at the same time, selling dollars. You would do this if you think the Euro is going to rise in value and/or you think the Dollar is going to fall in value.
If you sell the EUR/USD currency pair, you are selling euros, and at the same time, buying dollars. You would do this if you think the Euro is going to decline in value and/or you think the Dollar is going to rise in value.
Currency trading has so many benefits and advantages to it, it is no wonder why it is the fastest growing segment of the online trading community. The FOREX market offers superior potential to realize profits in any market condition or business cycle, making online currency trading an ideal diversification element in your total investment portfolio.
By: James Theiss
About the Author:
The FOREX market is the most liquid market in the world. That means that a trader can enter or exit the currency market whenever they want. With no commissions and no gaps, or lock limits, and no daily trading limit either. This market is bigger in daily volume than all of the other stock, bond, and futures markets of the world combined! And then some!
Leverage of 100 to 1 is considered normal when currency trading. Compare that to the 2 to 1 margin accounts at your stock brokerage. Plus, there’s no margin interest expense either. But you better have your risk management system in place because, remember, leverage cuts both ways.
You’ve heard the saying,the trend is your friend. Well guess what the best trending market is? That’s right, the FOREX market. Central banks and governments set their own monetary policy. Take the Fed for example. They don’t (usually) raise interest rates today and then next week lower them. And then raise them again. No, they tend to gradually, over time, raise them, month by month, until they feel they are correctly positioned. And then they lower them, month by month, or quarter by quarter, whichever. That gradual tightening and loosening over an extended period of time is what creates those wonderful trends.
When you are trading currencies online, remember to trade with the trend. And when the trend ends, get out. It’s that simple, just not that easy. Then start looking for the trend to reverse itself. You need to have no hang ups about being long or short when you trade currencies. At any given time, approximately a third of the currency pairs are are going up, a third are going down, and the other third are going sideways. So don’t be afraid to go short. If you are coming from the stock market, there are no short squeezes to worry about, no one uptick rule, or any other crazy rules. You just decide to buy or sell; that’s it.
When you trade currencies online, they are always bought and sold in pairs. An example of a currency pair is the popularly traded EUR/USD. This is the Euro vs. the U.S. Dollar. The currency on the left is called the base currency. The one on the right is the cross currency
If you buy the EUR/USD currency pair, you are buying euros, and at the same time, selling dollars. You would do this if you think the Euro is going to rise in value and/or you think the Dollar is going to fall in value.
If you sell the EUR/USD currency pair, you are selling euros, and at the same time, buying dollars. You would do this if you think the Euro is going to decline in value and/or you think the Dollar is going to rise in value.
Currency trading has so many benefits and advantages to it, it is no wonder why it is the fastest growing segment of the online trading community. The FOREX market offers superior potential to realize profits in any market condition or business cycle, making online currency trading an ideal diversification element in your total investment portfolio.
By: James Theiss
About the Author:
James is a successful online currency trader and also runs the popular website http://www.todayscurrencytrading.com. Go there now and you can sign up for his FREE, “Currency Trade of the Week”.