As you grow older, you have this urge to achieve something great in life! Once you have set some goal for yourself, what do you do? You do some research and get all the information that you can, talk with experts who may even be unfamiliar to you, come up with various strategies to keep away the possibilities of failure, and so on. Well, it is the same if you want to establish a firm foothold in the trading community, especially if you are desirous of going in for foreign currency trading.

Here are some guidelines to help you enter the world of foreign currency trading–

(1) Goal-setting:

(a) Before starting out on your venture, be clear about what you wish to accomplish.

(b) Additionally, your goals should match your capabilities of attaining them. To put it in simpler words–what are your strengths and weaknesses (how brave can you be in the face of adversity?), how much funds can you set aside for investing, do you have well-planned strategies and tactics in place or not, etc.?

(c) There are two types of goals–long-term and short-term. Concentrate on the short-term goals first. When one goal has reached completion, go to the next one.

(d) For each goal, incorporate certain strategies. On the way to the accomplishment of these goals, you are bound to make mistakes, as well as achieve some amount of success. Ensure that you learn from your experiences, and never repeat the same mistakes again.

(2) The Right Attitude:

(a) As an educated person, you may feel proud about your college degrees and believe that there is nothing more left to learn! But remember, unless you have a degree related to commerce, you may never even have heard about foreign currency trading!

(b) So keep an open mind, and prod yourself to treat each encounter with this new world as a learning experience. Ask any expert in the game, and he/she will relate stories about the time and efforts he/she has put in to reach that pinnacle of success! Money was also invested, of course!

(c) If you are planning to make foreign currency trading your career, then learn to be optimistic always! Yes, there are bound to be ups and downs in the business. Yes, unexpected situations are bound to suddenly crop up without warning. But going about with a long face is in no way going to improve the situation!

(d) Overreacting to negativity is not a solution. Instead, accept everything that comes your way with a cheerful countenance, and see how these negative situations can be converted into positive ones. These unforeseen events should only serve to strengthen you!

(3) Waiting For The Right Moment:

(a) This is a game of patience. Yet, if you look around, you see that very few people possess this quality! Some are so impatient to see results that they buy every currency in sight! In contrast, some begin to dispose off currency without studying current market trends! It is a form of psychological illness with them! The end-results are not happy ones–there can only be dismay, and probably depression too.

(b) To prevent yourself from getting this psychological disease, make sure you assess your strengths and weaknesses beforehand (as mentioned earlier). Thus, you realize your potential as well as limitations concerning day trading.

(c) Only when you feel that you have all the necessary tips concerning foreign currency trading on hand, then enter the trading arena. At the same time, once you have entered, do not go on trading and trading! Take it slowly, despite your impatience to see quick profits!

(d) Learning is a continuous process. It is followed closely by knowledge. Winning your share of the market takes time. But when you do, you stand to gain a lot of money!

(4) Money-management:

(a) Everything related to foreign currency trading revolves round MONEY! That is the reason why so many people are hungry to succeed in the trading business! It is therefore imperative that you learn how to take control of your finances. Give only where it is needed, and refuse if it seems unnecessary.

(b) If you are someone who has no clue about monetary management, take the help of a broker or a financial advisor.

(5) Summary:

(a) It is a financial war out there! So you can best be prepared for it by developing a forward-looking mindset, and well-planned tactics and strategies.

(b) Even after achieving success in foreign currency trading, do not just say, “full stop”! Keep adding to your knowledge and experience. After all, great things can be accomplished only with great thoughts!



By: Abhishek Agarwal

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Building your own currency trading system is far easier than most forex traders think it is and here we will look at building one in three simple steps that will give you a trading system you can make big gains with quickly.

Building your own currency trading system is essential to your success as no one else will help you get rich your on your own. All the successful traders do it on their own – success comes from within not from someone else and as most of the systems sold simply don’t work.

Lets get started and build a simple robust currency trading system for big profits.

The first think you need to decide when devising your forex trading strategy is to take into account your own personality - Are you a patient trader or do you like more action?

If you are a patient trader long term trend following is good if you like action then try forex swing trading (under no circumstances whatsoever try day trading it doesn’t work) once you have decided you need to build your trading system.

1. Support Resistance and Breakouts

Most profitable currency trading systems use support and resistance and aim to sell into resistance and buy into support.

You can do the above but you also need to learn to buy breakouts to new highs as it’s the most profitable form of trading.

It’s a fact that most big currency trends start From New Market HIGHS NOT market lows. If you go with these breaks you will catch some of the best high odds and profitable trades. In your currency trading system learn to do both and you will make bigger profits overall.

2. Use Momentum

Most currency trading systems fail because they try and predict where prices are going and if you predict your hoping and the FX markets don’t reward you for hope.

For example, a forex trader will buy into support and simply hope it holds however:

You need to wait for CONFIRMATION that any level of support holds before executing ANY Trading signal, this way you are trading with price momentum and have the odds on your side.

On the other hand - if you have a break of resistance make sure price momentum supports i.e. price momentum has turned down.

If you are unfamiliar with price momentum you need to lean as you wont win without it (check our other articles) and read up on these great indicators:

Relative Strength Index (RSI), Stochastic, Average Directional Movement (ADX).

Forex trading is all about trading with the odds and if you use momentum you will achieve this and enjoy currency trading success.

3. Running Profits and Cutting Losses

Getting a method together is relatively simple.

The hard part is money management and battling the big problem that all traders face - volatility

Many currency trading systems are right about market direction but their trading signals get stopped out by volatility.

In most cases this is because traders have stops within the market noise of the trade, or trail stops too quickly. When deciding on money management for your trading system make sure that you do not try and restrict risk to much or you will create it and guarantee you get stopped out and lose.

Use these 3 guidelines when doing your money management

- Risk reasonable amounts per trade up to 20%

- Do not trail stops to close you will have to give back a bit of profit

- Study the volatility of the currency ( learn standard deviation) and make sure that stop takes this in to account

To Simple To Make Money?

It’s a fact that simple forex trading systems work better than complicated ones as their more robust and have fewer elements to break than complicated ones Furthermore, if you build your own currency trading system you will understand it and this will lead to the confidence to apply it with discipline.

If you don’t have confidence and discipline to apply your method you have no method!

The difference between winners and losers is not so much the method they use but how they cope with profits and loses.

If you take calculated risks at the right time and are aware of volatility, you can make big gains with a simple currency trading system and trading is all about making money and a system based upon the above will achieve this.



By: Kelly Price

About the Author:

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Of course all traders want them and are capable of accepting them – but they cant, due to having the wrong mindset and this is what this article is all about - spotting and accepting big gains.

So why is this currency trading fact such a problem to most traders?

The problem is rooted in most currency traders attitude to risk and there inner confidence and conviction.

Many traders are great at spotting the big moves, but they snatch profits too early - or get stopped out to soon.

A closer look at the reasons will reveal why.

Most traders are so obsessed with restricting risk they actually create it in two ways.

1. They place their stops to close and get stopped out by normal volatility.

How often has this happened to you?

You spot a big trend, get in and volatility takes you out - then the trade goes on to make $10, $20 $30,000 or more and your not in but you saw it coming?

It happens to most traders at some point and some more than others.

2. They want to grab profits

When a trader gets a profit he wants to snatch or protect it before it gets away.

The bigger the profit becomes, the more volatility eats into his open equity the more tempted he becomes to take it and then he snatches it.

The mindset you need is:

If a trade looks good risk more!

If you are trading a small account of $10,000 risking 2% is waste of time risk 10 – 20% and give the market room to breath – otherwise volatility will get your stop.

If you believe in a trade have the courage and conviction to go for it.

Get Used To Open Equity Dips

If you want to make the big profits you have to accept that you are gong to see open equity dips of thousands per day – that’s just the reality of trend following.

Look at past instances of big trends and peak to valley drawdown and mentally prepare yourself to take these dips.

There not nice to take!

However keep your eyes on the bigger prize and comfort yourself with the end result.

You need to keep your stop loose not tight to do this – if it’s to tight volatility will simply pick your stop and take you out.

Currencies trend long term as they reflect the underlying health of the economy and the way to make the really big profits from them is:

To follow them - but this means steeling yourself to ignore short term volatility.

The only way you will do this is:

If you have rock solid confidence in your method to succeed and this means not just following someone else but understanding the system you are using why it will win longer term.

If you don’t have inner belief and confidence you will never ever follow these trends.

The fact is that making big profits is mentally hard and comes from confidence conviction which leads to discipline – if you want to catch these big trends when others don’t bare the above points in mind.

Sure it’s an uncomfortable ride - but comfort yourself in the fact that if you take calculated risks, at the right time and accept risk and drawdown as normal, you will catch the best profits from the longer term trends.

Look at a forex chart and you will see these trends moving for weeks, months or years, have the courage to go for them and accept the massive profits they can provide you with.



By: Kelly Price

About the Author:

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Anyone can achieve currency-trading success – you can learn everything about trading currencies by simply investing the time necessary.

Fundamental Analysis

A currency trader who makes trades based upon fundamental analysis, will look at the supply and demand situation relevant to the particular currency studied, and try and predict the impact of such factors as:

. The health of the economy

. Interest rates

. Balance of payments

. Employment

. Trade deficit

. Other factors

Technical Analysis

Technical analysis is the study of a currency, based strictly on using only the price history of the currency.

Technical analysis uses no information about the currencies supply and demand situation - it simply focuses on price action. The secret of currency trading success is using technical analysis to spot them.

Long Term or Short Term Trading

For long term currency-trading success, is it better to be a long-term trader, rather than a short-term trader.

While traders can, and do make money with short-term methods of trading, the fact is, currencies trend longer term and these are the trends that yield the biggest profits.

Choosing a Trading Method

While there are many ways to achieve currency-trading success, all methods have the following salient points in common:

1. Simplicity

Most of the best trading systems are simple. There is no correlation between how complicated a strategy is and how successful it will be.

2. Liquidate Losers Quickly and Run Big Profits:

The basis of any successful trading systems that deals in leveraged products is:

You need to be able to run the big profitable trends and exit losers quickly.

3. Understand your Method

This may sound obvious, but you need to understand your trading method, and the logic behind it, so you can execute it with confidence and discipline.

4. The Importance of Discipline

Currency trading success is rooted in a successful method applied with discipline. This means a trader has a method and follows it. This however is much harder in practice than many traders believe.

The more disciplined you are in trading, the more profits you will make longer term.

You should not underestimate the need for discipline, if you want long-term currency trading success.

Robust trading method + discipline = currency trading success

There are a number of variables involved in longer-term currency trading success and the above are the salient points to keep in mind when deciding how to trade currencies.



By: Sacha Tarkovsky

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Currency trading success can be achieved by anyone, as everything about trading currencies can be specifically learned, by any trader wishing to put it in the time and effort to do so.

Trading currencies successfully is a combination of two factors:

Firstly, you need a successful trading method for long term currency trading success to predict market direction and these systems fall into two categories:

1. Fundamental analysis

A currency trader who makes trades based upon fundamental analysis, will look at the supply and demand situation relevant to the particular currency studied, and try and predict the impact of such factors as:

· The health of the economy

· Interest rates

· Balance of payments

· Employment

· Trade deficit

· Other factors

In today’s markets with the all-fundamental information available in seconds anywhere in the world, fundamental news is quickly reflected in the price.

Traders therefore, can have difficulty acting quickly enough to position themselves in the market in relation to breaking news.

In light of this, more traders looking for currency trading success are using a technical approach to the markets.

2. Technical analysis

Technical analysis is the study of a currency, based strictly on using only the price history of the currency.

Technical analysis uses no information about the currencies supply and demand situation - it simply focuses on price action.

The common belief is that the currency price reflects all the known information about the currency as it is immediately discounted in price action.

Technical analysis however does something more - it indirectly studies human psychology.

Since price patterns reflect shifts in human psychology, one can assume that certain patterns, cycles and trends, will repeat themselves again, as human nature has remained constant over time.

Technical analysis takes into account both the fundamentals and the market participants psychology and this gives us a simple equation:

All known fundamentals + human psychology = Price action

The fundamentalist studies the cause of market movement, while the technician studies the effect.

For currency trading success, you need to catch the longer-term trends that yield the big profits. The technical trader does not care how and why these trends develop; all they want to do is make money from them when they occur.

Look at any currency price chart over time and you will see long-term trends and many of them last for years.

The secret of currency trading success is using technical analysis to spot them.

Long Term or Short Term Trading

For long term currency-trading success, is it better to be a long term trader, rather than a short-term trader.

While traders can, and do make money with short-term methods of trading, the fact is, currencies trend longer term and these are the trends that yield the biggest profits.

The reason for this is obvious:

Currencies reflect the underlying health of the economy.

These cycles of expansion and contraction, tend to last for many months or even years and a long term position trader has huge profit potential, if they can lock into and hold these longer term trends.

The choice between long term, and short term trading is subjective, but generally the longer-term price trends tend to be easier to predict, and offer better risk / reward, so a long-term approach is the one to focus on.



By: Sacha Tarkovsky

About the Author:

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If you want to trade currencies then you need a currency trading system that will get the odds in your favour and here we will show the basics that make a successful one. Anyone can build one and incorporate it in their Forex trading strategy and it’s easy to do - Let’s look at the basics.

1. Identifying the Opportunity

The best way to identify an opportunity is to use support and resistance and good old trend lines. We won’t explain support and resistance here - but if you are not familiar with it look it up on the net - Here we want you to keep in mind one key point:

When you trade be selective and only trade valid support and resistance.

What do we mean by valid?

- The more tests the better

- The more time frames involved the better

- The longer the duration between the time frame the better

The above are just general guidelines - you can use 2 tests but 3 tests or more, are better and look for resistance or support that is considered important by the market.

You then need to decide after spotting the opportunity on your forex charts when to trade.

2. Executing the Trading Signal

Never simply buy into support or sell into resistance with your currency trading system.

This wont work, as your predicting what may happen and as you can’t predict the future ( despite what many guru’s will tell you), you are simply hoping or guessing and the market will kill you.

You need confirmation.

If you don’t know what momentum indicators are look them up - you need them and there an essential part of your forex education.

You only need a couple to confirm the move - more is not better as you need a simple system - more complicated ones have more elements to break.

The way to use them is to watch for a level to hold and when momentum shifts away from the level then you trade.

Don’t just look for support or resistance to hold though - incorporate breakout methodology. It’s a fact that most trends start form new market highs NOT Market lows. So, if prices breakout supported by momentum buy them!

Most traders can’t do this they want to get back in on a pullback that never comes - don’t make this mistake trade the breakouts like the pros do.

Finally be very selective and only trade the best set ups - in forex trading you don’t get paid for how often you trade you get paid for being RIGHT.

Trade sparingly and only trade the big high odds trades.

3. Stops and Profits

Stops are easy and behind support and resistance. Place them as soon as your currency trading system gives a signal.

If you are long term trend following, keep your stop well back and give the market room to breathe, so you don’t get stopped out by random volatility.

You are going to miss the turn but as you can’t predict that anyway, that’s fine.

Catch 50 - 60% of the big trends and you will become very rich.

Swing trading is another matter.

You’re looking for smaller moves and they can disappear quickly, so use a profit target and take your profit early!

Don’t worry about perfection of what you might have made - concentrate on making money - no one is perfect but that won’t stop you enjoying currency trading success.

4. Managing Your Money

Forex trading is risky, that’s why the rewards are so high. Many traders however try and restrict risk so much they create it.

They trade to often have stops to close and move them too quickly and end up losing.

Confront risk cheerfully!

Forget all the common wisdom about risking 2% per trade- if you’re trading a $10,000 account that’s 200! If you don’t risk much you wont win.

If you have a high odds trade risk 20% and have the courage of your conviction.

If you take calculated risks at the right time you can enjoy currency trading success.

FINALLY REMEMBER THIS!

So there you have it the above is a simple system - support resistance and a few confirming indicators and the best systems are.

Keep in mind that forex trading is as much to do with mindset as method and you need to maintain discipline.

Simple currency trading systems are easier to understand, apply and have confidence in which leads to the discipline to follow your currency trading system to long term currency trading success.



By: Kelly Price

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The world of forex thrives on a constant comparison of currency values. Without them, buying and selling will not be facilitated. However, there are just too many currencies being used all over the world and their values are always subject to fluctuate. It’s hard enough that you have to almost memorize their individual values but it’s way more difficult to try figuring out how they can play up when paired against each other. This is why a currency trading chart becomes essential.

A currency trading chart serves as your workflow as you conduct your forex business. It contains all the currencies you are currently trading, the ones you can potentially tap, their corresponding values in terms of buying and selling them. Note that currencies have different values when you want to sell them and buy them. Their exchange rate may also be a different thing altogether. Through a currency trading chart, you can conveniently keep track of all the numbers and prevent confusion.

Using a Currency Trading Chart

One of the most important things you need to understand is that a currency trading chart operates depending market perceptions and the fundamentals that move supply and demand. These tenets help you figure out how prices move about within the forex market and how you can somehow gain control over them. Prices are highly dynamic within the forex market. They are always subject to change and every rise and fall gives them new value.

Among the moving factors of price, and ultimately of a currency trading chart, is the combination of markets discount and persisting trends. Every forex business player has his own ways of attracting buyers and potential sellers. Discounts play a key role in determining price power because nobody wants to pay more for what they will eventually sell. In line with this, trends exist within the forex world based from these discounts and other industry factors that can move currency values as well. When using a forex chart, you need to watch out for discounts and rising trends because they can tell you how to play and stay ahead of your game.

Playing Smart with a Currency Trading Chart

It’s not enough that you already have a chart and that you know how to read it. What’s more important is that you have a chart that you can control. If you are still new in using one, it’s best to start from the basics because they keep a simple system which you can easily follow. Also, trading in isolation gives you the much needed space to keep away from pressures and popping currencies. It’s enough that you understand how a forex chart works but do not completely rely on other people’s opinion regarding the way you are to use it. Develop your own method and learn from your mistakes.

Also, do not stress yourself too much and rely heavily on forex charts. Remember that they are just one of the many other skills and tools you can use to boost your forex business.



By: Cedric Welsch

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If you want to make big profits from currency trading, you need to lock into and follow the longer-term trends.

“The art of contrary” thinking is one of the most powerful tools a trader can use, and is a trait with which all true great traders are familiar with.

What is the Art of Contrary Thinking?

Humphrey Neill’s book, “the art of contrary thinking,” the best known work on the subject, is based on a simple powerful idea that:

“When everybody thinks alike, everybody is likely to be wrong”

“The art of contrary” thinking consists in training your mind to ruminate in directions opposite to general public opinions; but basing your opinion in the light of current events and human behavior”.

Why Contrary Trading Works

By spotting situations when the consensus of a currency is either extremely bullish or bearish, means that a trend change is imminent, as it is likely the emotions of greed and fear have pushed prices too far away from true value.

If you can step aside from the crowd and take a contrary view at these turning points, you can make big currency trading profits. Contrary thinking can be used in any market and is highly effective in currencies.

Contrary thinking can be used to make really big currency trading profits and if used selectively, when markets are extremely over bought or oversold, you can be in right at the start of the trend for maximum profitability.

In any currency you look at - The Yen, Euro, British Pound Swiss Franc Canadian or Australian dollar and many others, there are always occasions where a currency trend in the news is forecast to continue, due to overwhelming evidence in its favor and it then promptly collapses!

Big profits from currency trading can therefore be made by using the art of contrary thinking when the market is extremely bullish or bearish.

Why? Because everyone who has bought has taken positions and there are no buyers left. Prices have moved away from fair value. When there is no more buying to enter the market, a trend change is imminent.

It is clear that to succeed and make big profits in currency trading you need to think independently of the majority at important market turning points.

You can make big profits in currency trading from trend following, but you can with a little practice spot potential turning points in currencies as well which will help you bank profits, tighten stops or open new trades right on the turn, for maximum profitability.

Contrary trading will not only make you big profits in currency trading but in ANY market and has worked for centuries, as human nature never changes.



By: Sacha Tarkovsky

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Currency trading or forex (foreign exchange) as the name suggests refers to the act of exchanging the legal tender of one country for another. “In finance the exchange rate between two currencies specifies how much one currency is worth in terms of the other”. For instance an exchange of 200 Japanese yen to dollar indicate that 120 yen is worth the same as 1USD. Exchange rate is also called as foreign currency rate.

Currency trading is a very ancient phenomenon. Its existence can be traced back to time before money and Internet were discovered. The custom of currency trading began with the bartering system i.e. our ancestors commenced trading of goods against other goods. This bartering system was quite incompetent and needed lot of negotiation and investigation to be able to strike a deal. In the years that followed the important metals such gold, silver and bronze were standardized and graded to make easy the exchange of merchandise. The grounds for these mediums of exchange were acceptance by the general public and realistic variables such as durability and storage. As the middle age came, a variety of paper exchange started taking place and that became quite popular as an exchange medium.

Time passed by and the simple bartering system evolved into a complex and huge industry of foreign or currency exchange. Though with the use of money and banks the system developed to a large extent but it is still developing with the aid of Internet.

Currency exchange is not a simple task. It requires enormous time, market knowledge, ability to study the current market and predict its future course and also immense self-control. But the currency exchange market is extremely volatile and fast. There is no guarantee either of profit or of loss. To be successful in this market a trader has to take into consideration technical and fundamental data and make an informed decision on behalf of his observation of forex futures trading market sentiment and market expectations. Proper planning in timing a trade correctly is perhaps the most crucial factor in successful currency trading. However yet there are times when a trader misses the mark i.e. when his timing will be off.

Besides timing factor being rightly handled, patience of a trader is also quite essential. Perseverance is one of the essential characteristics of a trader. He or she might not be academically qualified enough but must have the potential to stand for a good time in the market. It is only after spending a good amount of time that you understand the intricacies of the market and start accruing some gains.

You should not hesitate to take the help of an experienced trader whom you know and trust. It is very difficult to survive in this currency trade market without the help of qualified professionals. So in the beginning it is better for any naïve trader to take the help of professionals.

If you are not incurring gains for a long time and do not hope that in near future, stop for sometime. This will give you mental peace and entitles you to get out at certain points on trade.

At the end of the day don’t forget that in the market of currency exchange, experience is the biggest teacher of all.



By: Mansi Gupta

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Forex -The term iis well known to most who are in business.This is the biggest financial market known throughout the world and it boasts of thousands of success as well as failure stories. Its popularity has grown over time, and today its daily turnover is a whopping 1.9 trillion dollars.

FOREX deals with the purchase and selling of various currency., Trading is done in pairs, one currency traded for the other.

There are two reasons trading of currency. 5% of the FOREX market’s daily turnover is from governments and organizations buying and selling currency. They would later convert their profit (foreign currency) in their respective national currencies. The rest of 95% is for speculation”, or trades for profit.

If you are new to the FOREX currency exchange, it is important that you get aquainted with the most liquid currencies, as they are the “most traded commodity.” They are called “majors”, which includes the US dollar, the euro, the Japanese yen, England’s pound sterling, the Canadian dollar, the Swiss franc and the Australian dollar.

The foreign exchange markets cannot be manipulated, and it is free from external control. That’s what makes this better than any other market place.

Besides, the money is quickly in the FOREX market. An individual investor may not affect a large currency price in a big way. Taders buy and sell willingly, platforms are opened and closed easily as well.

This market has a wide range of participants. Many enter the markets for long terms while others are round for a short while. In comparison to stock markets, more people are attracted to the FOREX market..

Transactions involving foreign currency on the exchange are not governed or centralized. It just takes place through telecommunications. Currency exchange is open around the clock, from Sunday afternoon to Friday afternoon.

Dealers now quote all major currencies in each time zone around the globe. An investor can buy through these distributors, upon decidingthat the currency was the best deal.

The Forex currency exchange can be extremely rewarding. It comes with its own risks like any other markett. But the rewards of your investment is much greater. The benefits of your initial investment are huge. Other people, even the major players, certainly cannot affect the FX market.

Who says you can not make a lot of money in FOREX? Currency exchange has a tempting upside, however, the drop is immense and frightening. That’s why you must be sure of the trading you do before you catually make the purchase.

Make sure you spend a good amount of timing observing the currency market before you begin trading.

If you wish to succeed in the FOREX market, you mustremain informed of the news in the world, whether political or on the economy. Currencies values are greatly affected by these events. One can see fluctuations in the real exchange rate in terms of the events taking place in the country.

You need this information to make good valuations. It is also important to know the different codes for each currency, but you do not need to memorize all that. It would suffice to become familiar with the various codes, in this way, you will be able to act on short notice if needed.

The FOREX market is one that is truly rewarding. It offers endless possibilities for people looking for a good investment, but at the same time, we must be ever vigilant on a daily basis.



By: Abhishek Agarwal

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