FOREX Trading - Catching The Big Trends Live Examples
by sacha tarkovsky
Recently we gave you two live trades to look at:
British Pound long V Dollar and this made a lovely profit on the breakout and long Dollar v Japanese Yen which again gave another great profit.
Here we are going to look at the above trades and perhaps the best trend at the moment in currencies (it's not one of the above or the euro) and a possible contrary trade.
Let's get started.
Before we get started for those of you who have not read previous articles pull up a free chart service such as futuresource.com.
You will need the following studies:
Bollinger bands, RSI and stochastics - if you are not familiar with them check our other articles.
Right lets take a look at some currencies and their profit potential.
Japanese Yen
The odd one out of the major currencies, as its weak against the dollar.
After the recent spike low in the dollar we have seen a lovely rise and were looking to get out here. We have a quadruple top and stochastics are very overbought - time to bank the profit.
We would not take a contrary trade here.
We would look to go long the dollar at lower levels and will wait for the pullback.
B Pound
We banked our profit here and the pound remains out and out bullish.
Price momentum is building and stochastics are set to cross with bullish divergence prices have tested and held the middle Bollinger band.
While the RSI is a little high the odds favour the bulls and a pop to the upside and test of the highs - the bulls get the nod.
The best trend on the board!
Many traders simply like to trade the:
Euro, pound, yen and swissie, but in my view all traders should look at the Canadian Dollar.
It's got good liquidity and great trends and in our trading it is one of the most profitable currencies we trade.
Check out the classic downtrend on the charts.
Here we are going to look at a possible contrary trade and a change of direction.
Pull up the weekly chart and you will see 1.10 is key support from June 2006 and were approaching these levels now.
RSI is almost in oversold territory and stochastics are starting to bottom out.
This gives us the big picture - now pull up the daily chart.
1.1079 was the close so we are near the key level again, but were trying to hammer out support and a triple bottom is forming.
RSI is oversold and stochastics are looking to turn down.
With the 1.10 area being key support we would look for the triple bottom to hold and wait for stochastics to cross with bullish divergence - the bulls then get the nod.
From these oversold areas, we expect a good pop to the upside.
This is an aggressive trade, but 1.10 is great support and a contrary trade if momentum turns bullish has got good upside and a tight stop.
The Canadian dollar has given us a super profit on the downside so we don't mind risking a bit on a contrary trade, providing momentum confirms a bottom.
Don't jump wait for confirmation of change in momentum.
Good luck and good trading!
About the Author
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Monday, May 14, 2007
Friday, May 11, 2007
Online Forex Day Trading: The Tao Of Rapid Wealth Creation And Perpetuation
Online Forex Day Trading: The Tao Of Rapid Wealth Creation And Perpetuation
by Ikey Benney
Foreign currency trading is the most profitable and powerful way to make money today in the world.
It is a 2.5 trillion dollars daily global market and business.
For this reason the knowledge and the secrets of how to do it successfully have been kept away from the public for thousands of years.
This is because it is the jealously guarded "SECRET" of how the "Money and Power" Elites, the multi-national and multi-billion dollars corporations, largest banks and governments of the world, the "Movers & Shakers" of International Banking & Finance, Business moguls & Tycoons, CEOs of major Corporations, secret societies and the privileged blue bloodlines of the Wealthiest Families of Europe and the Americas make their money and get rich.
They create vast fortunes easily trading foreign currencies.
Thereafter, using this great wealth, they create factories to manufacture consumer goods and products and hire you, Joe Bloke to work in those factories, banks and jobs at minimum wages.
So, it is no wonder why they don't want you to know about the REAL TRUTH and "SECRET" on how to generate great wealth through foreign currency trading.
If you know how to trade foreign currency and generate $100,000 monthly for life, will you be idiotic, naïve and crazy to go to work at these DEAD END jobs to earn minimum wages and be paid nickels and dimes?
So, there has been a persistent organized campaign by the powers that be, the Money Elite to KEEP AWAY AND HIDE these "SECRETS" of creating vast wealth from foreign currency trading.
That is why they are always floating false propaganda and negative campaign in the mass media that currency trading is risky and you should not do it because you'll lose all your money. But this is half of the truth.
The other half of the truth is that if you buy and study a good forex currency trading e-book guide or program and understand how it works, avoid the pitfalls and get to know the secrets of risk management and trade with discipline, you can get fabulously rich so fast it will make your head spin round and put the devil to shame.
This is why there is an organized campaign to discredit online currency trading.
If you get rich so fast, then you'll not need to depend on the "Money and Power" Elites and their jobs and welfare system where they allow you nickels and dimes to keep you subjugated.
If you get rich too fast, they will no longer be able to manipulate you into voting and keeping them in power to continue milking your life by making you labor and work yourself to death making them rich.
There are so many reasons why most beginners in foreign currency trading fail to earn money and instead lose all their savings.
When they first hear about how easy and fast it is making money from day trading currency, they search the internet and find a forex trading broker.
Then they open a currency trading account and put in a few thousands of dollars in the online currency trading account and immediately begin to try to earn money from online currency trading.
And they get entangled in all the foreign currency trading sophisticated strategies and systems of technical and fundamental analysis such as reading "Forex charts", "Moving Averages", "Elliot wave", "Stochastics", "Bollinger bands", "Directional movement index", "Trend and Oscillator indicators", "Fibonacci retracements and others.
They spend all day and night listening to business news on radio, reading forex newsletters, forex articles in magazines and watching business news on TV
These beginners don't take their time to buy a valid online currency trading e-book guide to study and understand the forex market and the currency trading "SECRETS" before they begin trading.
They don't open the free demo trial forex trading account to practice for free to develop viable profitable currency trading skills first before they open a paid forex trading account to begin trading and making real money.
They make the fatal and dumb mistake of trying to fly in the world of foreign currency trading market before they learn how to crawl.
So, they get confused, make grievous foreign currencies trading errors and lose their money.
When they lose their money, they will not accept responsibility because that is the difficult part.
The easy thing to do is to blame their mistakes on online currency trading and to declare and gripe that it is risky and a scam designed to con the unsuspecting public.
This gives them the justification to begin filing false complaints and instigating legal action with the lame excuse that they were naïve and didn't know the risk involved and so have been ripped off.
The truth is that there are at least one million people around the world who have foreign currency trading skills and do it well to make millions of dollars monthly!
Yes, sometimes they will lose.
But most of the time they are fabulously profitable.
I once read about a taxi cab driver from New York who started trading foreign currencies about 10 yrs ago.
While driving his taxi cab, occasionally during his lunch break, he will log into his forex trading account and enter a few currency trades.
By the end of his driving day shift, he would check his online currency trading account and was always surprised to find that for a few minutes of trading currencies, he had made more money that day in minutes than he made driving the cab for a whole month.
This encouraged him to stop driving the taxi cab and to begin trading currencies full time.
In 10 years, he made $4 billion dollars ($4,000,000,000) trading foreign currencies online and was listed in Forbes Magazine's 400 richest Americans!
He is just one out of the many average people all over the world who took the time to study online currency trading, understood it and trade it correctly and are making millions of dollars without any hard work.
You too can do the same.
It is simple.
If you can click your mouse once to buy the currency and in a few minutes click your mouse a second time to sell them, you can make money.
It is a no brainer. Even a caveman can do it!
So, foreign currency trading is not difficult to understand or to do like stock or bond or commodity trading.
If you know where to get a good and valid forex trading guide or e-book and be patient to spend 1 hr daily to study it to understand the foreign currency trading market, how to click your mouse to buy and sell the currency; and if you will be patient to do the free demo trial for a few months before you open a paid forex trading account to begin trading, you can get obscenely and insanely rich so fast, it will make your eyes want to pop out, seeing all the piles of cash you generate just by clicking your mouse twice for a few minutes daily!
One powerful secret that will help you as a beginner is to avoid hiring money managers at the beginning to trade currencies for you.
The reason is that 90% of these money managers who advertise with highly impressive websites and brochures and also in TV infomercials and radios and seminars are fraudulent.
When you hire them to trade for you, they will over trade your account (churning) so as to generate a lot of trading fees for themselves because whether they make money for you or not, you must pay them their fees.
So, if you're a beginner, avoid hiring money managers to trade for you at the beginning. Stay away from managed trading.
Instead learn to trade and after you have made at least $500,000, contact us to give you the list of the best and honest money managers in the world (as well as the best forecasting services) who can trade for you and make you richer.
There is another fraud which some money managers perpetrate.
After you open a paid online currency trading account and put in thousands of dollars in there for them to trade for you, they use your money to trade for themselves.
Then they use a computer software to generate a fake forex trading account statement for your forex trading account which will show that you've lost money.
Above all, most beginners in forex currency trading fail to earn money because they spend too much time in doing complicated forex mathematics, reading charts, listening to business news on radio, TV and reading too many forex newsletters and magazine articles, which are conflicting, confusing, time consuming and counter productive.
They spend so much time over stuffing themselves with forex trading news and information that they become constipated with information and overwhelmed and so have little or no time to actually click their mouse to buy and sell the currencies and make money.
Most beginners also are unable to find and use a good currency trading system and software.
Some of them are even conned into buying outrageously expensive trading softwares and system for $4000 from some companies who advertise on TV infomercials late at nights.
They don't know that they can get the same forex trading system and softwares for free online at the websites of some forex trading companies!
These $4000 softwares are not for beginners and when we checked them out, we found they are complicated and not easy to use.
Infact after you manage to master how to use it, they will not help you to make more money!
So, it is not wise squandering your hard earned $4000 to buy them.
If these over priced worthless forex trading softwares work as they are advertised in seminars and infomercial, the companies will not be selling them.
Instead they will keep them secret and use them to make billions of dollars.
If you wake up tomorrow and discover you have a goldmine underneath your house, will you go out and advertise in TV infomercials and radios and seminars to sell your house for $4000???
The truth is that most of these infomercial advertising forex companies don't really trade currencies. They are just sales people. Shysters. Tricksters.
They make their money by peddling worthless forex trading softwares to the naïve beginners for $4000.
So, if you're a beginner who desires to get rich fast from currency trading, you must know these insiders' "SECRETS" of currency trading market and the pitfalls and how to avoid all the fraudulent companies peddling worthless forex trading e-books, books, softwares, systems and complicated trading strategies.
There are millions of them.
Beware because they are smooth operators who are very skilled in salesmanship and who can easily dazzle you with their big refined nonsensical English and so con you.
There are billions of dollars to be made in foreign currency trading and you can get abundantly rich trading these currencies online from home or office starting small.
But you must locate and buy a valid foreign currency trading e-book guide.
You must study it and understand it.
You must try the free demo account trading and do well in it before you can open a paid forex trading account to actually begin making real money.
You must begin by trading only one or two currencies at the beginning.
With time as you acquire more skills, you may trade more currencies.
You must learn how to trade with discipline and learn the BEST DAYS AND HRS to trade to be profitable and the other times when YOU MUST NOT TRADE to avoid losing money.
You must know how to "go long" or "short" on a currency, how to enter "Market Order", "Limit Order", "Stop Order", "OCO order" and "Entry Order".
If you learn how to do Online currency trading hedging, it will help you to maximize your profits.
You must be disciplined and avoid emotional currency trading.
When you make a reasonable amount of money for the day, stop trading because you can't be profitable at all times of the day and if you don't stop and take your profit, you may end up losing all the money you made.
Above all don't open a paid currency day trading account and trade until you have done the free trial demo account trading for a few months and mastered it.
At the beginning, keep your trading strategies simple.
Avoid complications and advanced trading strategies of technical and fundamental analysis because these are the reasons why 90% of beginners lose money.
Use a simple trading strategy to get rich at the beginning.
Afterwards you may then take advanced forex trading courses and do technical, fundamental analysis and use forecasting services to make even more profits and get richer, making millions of dollars effortlessly.
If you're serious in learning all the insiders' "SECRETS" about how to make millions of dollars trading foreign currencies online, without selling your soul to the devil and without losing your shirt, you must get our powerful currency trading e-book which reveals a very simple and yet profitable and powerful trading strategy which is guaranteed to make you $100,000 monthly for life from home or office.
You can learn how to get rich from the jealously guarded foreign currency trading "SECRETS" of the "Money and Power" Elites, the multi-national and multi-billion dollars corporations, largest banks and governments of the world, the "Movers & Shakers" of International Banking & Finance, Business moguls & Tycoons, CEOs of major Corporations, secret societies and the privileged blue bloodlines of the Wealthiest Families of Europe and the Americas.
With the millions of dollars which you make from foreign currency trading, you'll be free like a bird to buy a mansion, with the most lavish and expensive furnishings, jewelry, antiques, electronics, a 50ft yacht, dream luxury cars, pick your choice: Lexus X470, $44,000 Jaguar 2007 S type, Silver Porsche Carrera, $180,000 Ferrari Testarossa, Mercedes 2007 Model S Class, 2007 Rolls Royce Silver Seraph, Bentley Mulsanne S, $220,000 Bentley Arnage Silver Tempest or a flaming red Lamborghini Jalpa!
You can make all your dreams in life to come true, without any hard work!
May these insights into foreign currency online investing, foreign currency trading program, investing online, forex trading, day trading, online trading e-book, day trading online, day trading system, day trading course help you make millions of dollars and to achieve your life's ambitions and dreams.
Copyright Info:
This article is copyrighted and you may publish this article at your website, in your e-zine (newsletter, blogs) or send it to a friend as long as you retain the author's resource box, including the website address, and refrain from altering the content or using it in any re-direction manipulation scheme.
Ikey Benney
About the Author
Ikey is the creator of Mscsrrr Millionaire Automated Foreign Currency Trading e-book Guide Discover how to begin generating $100,000 monthly for life from home or office without doing any workcurrency trading program: http://www.mscsrrr.com del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
by Ikey Benney
Foreign currency trading is the most profitable and powerful way to make money today in the world.
It is a 2.5 trillion dollars daily global market and business.
For this reason the knowledge and the secrets of how to do it successfully have been kept away from the public for thousands of years.
This is because it is the jealously guarded "SECRET" of how the "Money and Power" Elites, the multi-national and multi-billion dollars corporations, largest banks and governments of the world, the "Movers & Shakers" of International Banking & Finance, Business moguls & Tycoons, CEOs of major Corporations, secret societies and the privileged blue bloodlines of the Wealthiest Families of Europe and the Americas make their money and get rich.
They create vast fortunes easily trading foreign currencies.
Thereafter, using this great wealth, they create factories to manufacture consumer goods and products and hire you, Joe Bloke to work in those factories, banks and jobs at minimum wages.
So, it is no wonder why they don't want you to know about the REAL TRUTH and "SECRET" on how to generate great wealth through foreign currency trading.
If you know how to trade foreign currency and generate $100,000 monthly for life, will you be idiotic, naïve and crazy to go to work at these DEAD END jobs to earn minimum wages and be paid nickels and dimes?
So, there has been a persistent organized campaign by the powers that be, the Money Elite to KEEP AWAY AND HIDE these "SECRETS" of creating vast wealth from foreign currency trading.
That is why they are always floating false propaganda and negative campaign in the mass media that currency trading is risky and you should not do it because you'll lose all your money. But this is half of the truth.
The other half of the truth is that if you buy and study a good forex currency trading e-book guide or program and understand how it works, avoid the pitfalls and get to know the secrets of risk management and trade with discipline, you can get fabulously rich so fast it will make your head spin round and put the devil to shame.
This is why there is an organized campaign to discredit online currency trading.
If you get rich so fast, then you'll not need to depend on the "Money and Power" Elites and their jobs and welfare system where they allow you nickels and dimes to keep you subjugated.
If you get rich too fast, they will no longer be able to manipulate you into voting and keeping them in power to continue milking your life by making you labor and work yourself to death making them rich.
There are so many reasons why most beginners in foreign currency trading fail to earn money and instead lose all their savings.
When they first hear about how easy and fast it is making money from day trading currency, they search the internet and find a forex trading broker.
Then they open a currency trading account and put in a few thousands of dollars in the online currency trading account and immediately begin to try to earn money from online currency trading.
And they get entangled in all the foreign currency trading sophisticated strategies and systems of technical and fundamental analysis such as reading "Forex charts", "Moving Averages", "Elliot wave", "Stochastics", "Bollinger bands", "Directional movement index", "Trend and Oscillator indicators", "Fibonacci retracements and others.
They spend all day and night listening to business news on radio, reading forex newsletters, forex articles in magazines and watching business news on TV
These beginners don't take their time to buy a valid online currency trading e-book guide to study and understand the forex market and the currency trading "SECRETS" before they begin trading.
They don't open the free demo trial forex trading account to practice for free to develop viable profitable currency trading skills first before they open a paid forex trading account to begin trading and making real money.
They make the fatal and dumb mistake of trying to fly in the world of foreign currency trading market before they learn how to crawl.
So, they get confused, make grievous foreign currencies trading errors and lose their money.
When they lose their money, they will not accept responsibility because that is the difficult part.
The easy thing to do is to blame their mistakes on online currency trading and to declare and gripe that it is risky and a scam designed to con the unsuspecting public.
This gives them the justification to begin filing false complaints and instigating legal action with the lame excuse that they were naïve and didn't know the risk involved and so have been ripped off.
The truth is that there are at least one million people around the world who have foreign currency trading skills and do it well to make millions of dollars monthly!
Yes, sometimes they will lose.
But most of the time they are fabulously profitable.
I once read about a taxi cab driver from New York who started trading foreign currencies about 10 yrs ago.
While driving his taxi cab, occasionally during his lunch break, he will log into his forex trading account and enter a few currency trades.
By the end of his driving day shift, he would check his online currency trading account and was always surprised to find that for a few minutes of trading currencies, he had made more money that day in minutes than he made driving the cab for a whole month.
This encouraged him to stop driving the taxi cab and to begin trading currencies full time.
In 10 years, he made $4 billion dollars ($4,000,000,000) trading foreign currencies online and was listed in Forbes Magazine's 400 richest Americans!
He is just one out of the many average people all over the world who took the time to study online currency trading, understood it and trade it correctly and are making millions of dollars without any hard work.
You too can do the same.
It is simple.
If you can click your mouse once to buy the currency and in a few minutes click your mouse a second time to sell them, you can make money.
It is a no brainer. Even a caveman can do it!
So, foreign currency trading is not difficult to understand or to do like stock or bond or commodity trading.
If you know where to get a good and valid forex trading guide or e-book and be patient to spend 1 hr daily to study it to understand the foreign currency trading market, how to click your mouse to buy and sell the currency; and if you will be patient to do the free demo trial for a few months before you open a paid forex trading account to begin trading, you can get obscenely and insanely rich so fast, it will make your eyes want to pop out, seeing all the piles of cash you generate just by clicking your mouse twice for a few minutes daily!
One powerful secret that will help you as a beginner is to avoid hiring money managers at the beginning to trade currencies for you.
The reason is that 90% of these money managers who advertise with highly impressive websites and brochures and also in TV infomercials and radios and seminars are fraudulent.
When you hire them to trade for you, they will over trade your account (churning) so as to generate a lot of trading fees for themselves because whether they make money for you or not, you must pay them their fees.
So, if you're a beginner, avoid hiring money managers to trade for you at the beginning. Stay away from managed trading.
Instead learn to trade and after you have made at least $500,000, contact us to give you the list of the best and honest money managers in the world (as well as the best forecasting services) who can trade for you and make you richer.
There is another fraud which some money managers perpetrate.
After you open a paid online currency trading account and put in thousands of dollars in there for them to trade for you, they use your money to trade for themselves.
Then they use a computer software to generate a fake forex trading account statement for your forex trading account which will show that you've lost money.
Above all, most beginners in forex currency trading fail to earn money because they spend too much time in doing complicated forex mathematics, reading charts, listening to business news on radio, TV and reading too many forex newsletters and magazine articles, which are conflicting, confusing, time consuming and counter productive.
They spend so much time over stuffing themselves with forex trading news and information that they become constipated with information and overwhelmed and so have little or no time to actually click their mouse to buy and sell the currencies and make money.
Most beginners also are unable to find and use a good currency trading system and software.
Some of them are even conned into buying outrageously expensive trading softwares and system for $4000 from some companies who advertise on TV infomercials late at nights.
They don't know that they can get the same forex trading system and softwares for free online at the websites of some forex trading companies!
These $4000 softwares are not for beginners and when we checked them out, we found they are complicated and not easy to use.
Infact after you manage to master how to use it, they will not help you to make more money!
So, it is not wise squandering your hard earned $4000 to buy them.
If these over priced worthless forex trading softwares work as they are advertised in seminars and infomercial, the companies will not be selling them.
Instead they will keep them secret and use them to make billions of dollars.
If you wake up tomorrow and discover you have a goldmine underneath your house, will you go out and advertise in TV infomercials and radios and seminars to sell your house for $4000???
The truth is that most of these infomercial advertising forex companies don't really trade currencies. They are just sales people. Shysters. Tricksters.
They make their money by peddling worthless forex trading softwares to the naïve beginners for $4000.
So, if you're a beginner who desires to get rich fast from currency trading, you must know these insiders' "SECRETS" of currency trading market and the pitfalls and how to avoid all the fraudulent companies peddling worthless forex trading e-books, books, softwares, systems and complicated trading strategies.
There are millions of them.
Beware because they are smooth operators who are very skilled in salesmanship and who can easily dazzle you with their big refined nonsensical English and so con you.
There are billions of dollars to be made in foreign currency trading and you can get abundantly rich trading these currencies online from home or office starting small.
But you must locate and buy a valid foreign currency trading e-book guide.
You must study it and understand it.
You must try the free demo account trading and do well in it before you can open a paid forex trading account to actually begin making real money.
You must begin by trading only one or two currencies at the beginning.
With time as you acquire more skills, you may trade more currencies.
You must learn how to trade with discipline and learn the BEST DAYS AND HRS to trade to be profitable and the other times when YOU MUST NOT TRADE to avoid losing money.
You must know how to "go long" or "short" on a currency, how to enter "Market Order", "Limit Order", "Stop Order", "OCO order" and "Entry Order".
If you learn how to do Online currency trading hedging, it will help you to maximize your profits.
You must be disciplined and avoid emotional currency trading.
When you make a reasonable amount of money for the day, stop trading because you can't be profitable at all times of the day and if you don't stop and take your profit, you may end up losing all the money you made.
Above all don't open a paid currency day trading account and trade until you have done the free trial demo account trading for a few months and mastered it.
At the beginning, keep your trading strategies simple.
Avoid complications and advanced trading strategies of technical and fundamental analysis because these are the reasons why 90% of beginners lose money.
Use a simple trading strategy to get rich at the beginning.
Afterwards you may then take advanced forex trading courses and do technical, fundamental analysis and use forecasting services to make even more profits and get richer, making millions of dollars effortlessly.
If you're serious in learning all the insiders' "SECRETS" about how to make millions of dollars trading foreign currencies online, without selling your soul to the devil and without losing your shirt, you must get our powerful currency trading e-book which reveals a very simple and yet profitable and powerful trading strategy which is guaranteed to make you $100,000 monthly for life from home or office.
You can learn how to get rich from the jealously guarded foreign currency trading "SECRETS" of the "Money and Power" Elites, the multi-national and multi-billion dollars corporations, largest banks and governments of the world, the "Movers & Shakers" of International Banking & Finance, Business moguls & Tycoons, CEOs of major Corporations, secret societies and the privileged blue bloodlines of the Wealthiest Families of Europe and the Americas.
With the millions of dollars which you make from foreign currency trading, you'll be free like a bird to buy a mansion, with the most lavish and expensive furnishings, jewelry, antiques, electronics, a 50ft yacht, dream luxury cars, pick your choice: Lexus X470, $44,000 Jaguar 2007 S type, Silver Porsche Carrera, $180,000 Ferrari Testarossa, Mercedes 2007 Model S Class, 2007 Rolls Royce Silver Seraph, Bentley Mulsanne S, $220,000 Bentley Arnage Silver Tempest or a flaming red Lamborghini Jalpa!
You can make all your dreams in life to come true, without any hard work!
May these insights into foreign currency online investing, foreign currency trading program, investing online, forex trading, day trading, online trading e-book, day trading online, day trading system, day trading course help you make millions of dollars and to achieve your life's ambitions and dreams.
Copyright Info:
This article is copyrighted and you may publish this article at your website, in your e-zine (newsletter, blogs) or send it to a friend as long as you retain the author's resource box, including the website address, and refrain from altering the content or using it in any re-direction manipulation scheme.
Ikey Benney
About the Author
Ikey is the creator of Mscsrrr Millionaire Automated Foreign Currency Trading e-book Guide Discover how to begin generating $100,000 monthly for life from home or office without doing any workcurrency trading program: http://www.mscsrrr.com del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
Thursday, May 10, 2007
Why Forex? really? by W.Medina
Why Forex? really?
by W.Medina
Why FOREX?
If you thought that Affiliation (gambling / dating / adult) brings you money, we've got news for you ...
Forex. The mainstream business, the biggest market on earth today. It has a daily turnover of more than 2.5 trillion US$ (more than 100 times greater than NASDAQ), and it's still growing.
Affiliating in the FOREX industry is a highly attractive source of income. Your traffic is already there, waiting to be used in the Forex arena.
Millions of traders from all over the world are trading Forex online. The participants are banks, business organizations - large and small, and obviously many private individuals. Everyone on earth today can immediately start trading Forex online, from any computer, anytime, using their credit cards.
The FOREIGN EXCHANGE (FOREX, FX) market is not a "market" in the traditional sense. In fact, it is the nearest to "perfect market" from economics perspective. There is no centralized location for trading as there is in futures or stocks. Trading occurs around the clock over the telephone and on computer terminals at thousands of locations worldwide. Foreign Exchange is also the world's largest and deepest market.
Daily market turnover has skyrocketed from approximately 5 billion USD in 1977, to a staggering 2.5 trillion (and more) US dollars today. This is more than 100 times the daily turnover of the NASDAQ.
Most foreign exchange activity consists of the spot business between the US dollar and the six major currencies (Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar). The FOREX market is so large, and is hosting so many participants, that no single player, governments included, can directly control or make any significant influence over the direction of the market. That makes the FOREX market the most exciting market in the world. Central banks, commercial banks, international corporations, money managers, speculators, and private individuals - all involve in FOREX trading.
Foreign exchange (FOREX) is the trading of contracts of currency pair exchange rate. It is a NON-DELIVERY trade, which means that there is no physical transaction of currencies, but it is rather an agreement, or "contract" (FOREX DEAL), to trade specific volume of a pair of currencies at an agreed exchange rate. The magnitude of such FOREX trade is that, in order to make the deal, only a proportional amount is needed (the COLLATERAL, or the MARGIN). Thus, if the currency pair exchange rate has changed by some percentage, the value of the MARGIN invested would accordingly change, however - in a much higher proportion. In fact, the actual change onto the Forex trader's investment (the MARGIN they deposited), will be the nominal change occurred to the exchange rate, multiplied by the MARGIN ratio (the leverage).
For example: a FOREX DAY-TRADING deal has been made, for buying EUR100,000 against USD, on an exchange rate of 1.2500. The MARGIN required for this deal (offered by the FOREX Trading Platform) is of a ratio of around 1:100. Accordingly, the trader invests only USD100. After a few hours, the exchange rate went up to 1.2620. This is an increase of 0.96%, quite normal for the global Forex market. However, thanks to the MARGIN ratio, the trader's investment went up by 96% (since a leverage of 1:100 has been used)!! Remember: that happened in less than a day!
Same could happen in the opposite direction, however - the traders cannot lose more than their original MARGIN deposited. When the rate goes against the trader's favor, the deal closes automatically ("Stop-Loss") when the margin does not cover anymore the contract's decrease in value.
Note that the Forex trader may choose any direction for his deal (for example: either to BUY-EUR or to SELL-EUR in a EUR-USD deal), and still do that with his account base currency (the currency with which he operates his trading account). Hence, he may still profit (in case he was right...) even when the EUR goes down.
The Forex market offers today FOREX trading not only in MAJORS (the leading world currencies) but also in many other currency pairs (including exotic, gold and silver, etc.).
As for Forex affiliates, Easy-Forex™ Trading Platform, for example, paid more than 1 million US dollars commissions during 2005. And it is rapidly growing ...
Forex-Affiliate.com, in business partnership with Easy-Forex™, operates the world's number one Forex affiliation system, the fastest growing on the net. It offers the great advantages of a world leader Forex platform, and more.
Registration as an Affiliate with us is simple, quick, and without any obligation. Our service team, both in technical and marketing issues, is ready to assist you in person and to provide you with great advertising materials, aimed to support your efforts in the most efficient way.
The Forex business is growing and running forward, Join in and get your share!
About the Author
Online Money Adsensewww.omadsense.com del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
by W.Medina
Why FOREX?
If you thought that Affiliation (gambling / dating / adult) brings you money, we've got news for you ...
Forex. The mainstream business, the biggest market on earth today. It has a daily turnover of more than 2.5 trillion US$ (more than 100 times greater than NASDAQ), and it's still growing.
Affiliating in the FOREX industry is a highly attractive source of income. Your traffic is already there, waiting to be used in the Forex arena.
Millions of traders from all over the world are trading Forex online. The participants are banks, business organizations - large and small, and obviously many private individuals. Everyone on earth today can immediately start trading Forex online, from any computer, anytime, using their credit cards.
The FOREIGN EXCHANGE (FOREX, FX) market is not a "market" in the traditional sense. In fact, it is the nearest to "perfect market" from economics perspective. There is no centralized location for trading as there is in futures or stocks. Trading occurs around the clock over the telephone and on computer terminals at thousands of locations worldwide. Foreign Exchange is also the world's largest and deepest market.
Daily market turnover has skyrocketed from approximately 5 billion USD in 1977, to a staggering 2.5 trillion (and more) US dollars today. This is more than 100 times the daily turnover of the NASDAQ.
Most foreign exchange activity consists of the spot business between the US dollar and the six major currencies (Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar). The FOREX market is so large, and is hosting so many participants, that no single player, governments included, can directly control or make any significant influence over the direction of the market. That makes the FOREX market the most exciting market in the world. Central banks, commercial banks, international corporations, money managers, speculators, and private individuals - all involve in FOREX trading.
Foreign exchange (FOREX) is the trading of contracts of currency pair exchange rate. It is a NON-DELIVERY trade, which means that there is no physical transaction of currencies, but it is rather an agreement, or "contract" (FOREX DEAL), to trade specific volume of a pair of currencies at an agreed exchange rate. The magnitude of such FOREX trade is that, in order to make the deal, only a proportional amount is needed (the COLLATERAL, or the MARGIN). Thus, if the currency pair exchange rate has changed by some percentage, the value of the MARGIN invested would accordingly change, however - in a much higher proportion. In fact, the actual change onto the Forex trader's investment (the MARGIN they deposited), will be the nominal change occurred to the exchange rate, multiplied by the MARGIN ratio (the leverage).
For example: a FOREX DAY-TRADING deal has been made, for buying EUR100,000 against USD, on an exchange rate of 1.2500. The MARGIN required for this deal (offered by the FOREX Trading Platform) is of a ratio of around 1:100. Accordingly, the trader invests only USD100. After a few hours, the exchange rate went up to 1.2620. This is an increase of 0.96%, quite normal for the global Forex market. However, thanks to the MARGIN ratio, the trader's investment went up by 96% (since a leverage of 1:100 has been used)!! Remember: that happened in less than a day!
Same could happen in the opposite direction, however - the traders cannot lose more than their original MARGIN deposited. When the rate goes against the trader's favor, the deal closes automatically ("Stop-Loss") when the margin does not cover anymore the contract's decrease in value.
Note that the Forex trader may choose any direction for his deal (for example: either to BUY-EUR or to SELL-EUR in a EUR-USD deal), and still do that with his account base currency (the currency with which he operates his trading account). Hence, he may still profit (in case he was right...) even when the EUR goes down.
The Forex market offers today FOREX trading not only in MAJORS (the leading world currencies) but also in many other currency pairs (including exotic, gold and silver, etc.).
As for Forex affiliates, Easy-Forex™ Trading Platform, for example, paid more than 1 million US dollars commissions during 2005. And it is rapidly growing ...
Forex-Affiliate.com, in business partnership with Easy-Forex™, operates the world's number one Forex affiliation system, the fastest growing on the net. It offers the great advantages of a world leader Forex platform, and more.
Registration as an Affiliate with us is simple, quick, and without any obligation. Our service team, both in technical and marketing issues, is ready to assist you in person and to provide you with great advertising materials, aimed to support your efforts in the most efficient way.
The Forex business is growing and running forward, Join in and get your share!
About the Author
Online Money Adsensewww.omadsense.com del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
Forex Tester - professional training software for Forex traders by Marat Sabirov
Forex Tester - professional training software for Forex traders.
by Marat Sabirov
The currency market Forex has already ceased to seem exotic, as well as the profession of Forex-trader elite business. The opportunity of participation in the largest market of the planet seems tempting and temptation to make fast money and to grow rich, in fact, was promised by advertising leaflets of all dealing centers and it was impossible to resist. In game there were involved representatives of different layers of the society. However, the statistics eloquently testified: up to 90 % of traders of the Forex market have been losing the money. What is the reason of such results? The basic one is lack of traders' training.
There was the need for the instrument which would allow the trader to be trained not losing his funds (working on an actual account) and not wasting time (training on a demo account). Often to test their trading system traders spend months, pay solid money for round-the-clock access to the Internet and after the lapse of time they found out that this system is unprofitable. The trader changes parameters of the system and all begins again. As the result after a year of such work at the best disappointment of the Forex market arises and in the worst the person loses the savings and creates debts.
Considering the aforesaid, Forex Tester (www.forextester.com) is a professional simulator of the Forex market which eliminates the listed lacks was developed allowing the trader to get necessary skills of work in Forex in reasonable terms and without loss of money. The software emulates the terminal of the trader and does not demand connection to the Internet. Now the trader can test the trading systems calculated for years within hours. The software is intended both for training to trade manually and for testing the automated trading strategies. The user can expose manually comprehensible speed of receipt of quotations, do stops for the analysis of the market situation and in case of acceptance of wrong decisions allows to make recoil back and again to comprehend the situation and to make the true decision. A big set of market indicators and also a set of instruments for graphic analysis are incorporated in the software.
We asked the author of the software, Michael Koshelev, to share with us the sight of the mentioned problems: "The profession of the trader, as well as other professions, demands the appropriate training. At the first sight trading in Forex looks very simple; it is enough to press a couple of keys in the terminal of the trader to give the order on fulfillment of the transaction. Often the beginners are lucky initially and they make some profitable transactions, they feel unjustified confidence of their forces and people hasten to invest serious money. But profitable trading during a long time interval is science, art and craft. The market is a certain environment with the internal rules. Therefore it is necessary for the participant of the market to correspond to the market process: to modify his own behavior, to adjust his/her own preferences to the market laws. Psychology is an exclusively important component of the successful trade. The trader should break the stereotypes borrowed from other spheres of life as trading in many respects is unique - there is no competition as such, no direct dependency between activity and productivity - at times, on the contrary, who does less movements, yields the greatest profit. The trader should understand that he trades not against the depersonalized market, the trader trades with himself - with his expectations.
To help the trader to improve the trading skills and to develop the profitable strategy of work, Forex Tester, which is a simulator of Forex market, has been developed by us. The software is developed in view of the wishes of traders. It is pleasant that it was found useful not only by the beginners, but also by the skilled traders who are trading profitable during several years.
In the software three basic functional blocks are combined: trainings, testing and analysis. At present the training block was already implemented which allows to make transactions on historical quotations with adjustable speed of their submission and the adjustable size of ticks (packages of quotations), once submitted in the schedule. All the perfect transactions find reflection in the list of transactions, there is the automatic calculation of statistics and schedules of the equity, balance, involved margins and drawdown are being displayed. All that allows to trace productivity of the made trading decisions. The trader receives fast feedback between the factors which have induced him to open the position and result of the perfect operation. At training on the demos-accounts offered by Forex-brokers, there are many distracting moments which disseminate attention. These are reading of news and independent analytical articles. Expectation of the outcome of the transaction pushes to infringement of ones own rules discounting the potential of the systematic work. Also the beginning trader replaces his priorities during training in conditions of real time: instead of profitable trading on the first place the desire to appear right in forecasting the market behavior is deduced to prove himself the opportunity to guess the direction of movement of exchange rates. And the process of "guessing" at greater extent is connected with self-deception: the transaction was already closed as unprofitable, only then the rate was displayed and went in the "right" direction, and the trader speaks: «Nevertheless I was right! Next time it will work out". Such an approach prevents to look objectively at things and to estimate ones own abilities.
The accent should be put not on the single result but on the process of trading. This or that approach should provide the statistical advantage. Having made thousand training transactions in our software the trader will start perceiving the trading in another way. The correct attitude to the market will be created. Nothing supernatural is expected from him. The understanding of the inherent restrictions connected with trading in the market comes; more precise reference points on expected potential profitableness are formed, risks are evaluated; and in this connection expectations and behavior are corrected - the purposes are targeted which are possible to aspire and which are really achievable.
The software is supplied with the convenient intuitive interface. Forex Tester allows saving time at training of skills and testing of the approaches not formalized completely with subjective multiplier. First of all the strategies related to recognition of patterns, levels of support/resistance, trend lines, generally speaking - the classical technical analysis.
The software makes the trader to think of the market as about the game and about the rules of this game. The accent on achievement of certain productivity is displaced instead of the abstract reflections about the destiny of the world economy, current market news, forecasts of fundamental analysts. When you think of game, you think - how to win? However, the most important, - there should be no passion - this is a direct way to defeat. Think about Forex as about chess and do not hurry up as in the racing, get yourself prepared for marathon... "
Familiarize with Forex Tester you can on the website - www.forextester.com
About the Author
by Marat Sabirov del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
by Marat Sabirov
The currency market Forex has already ceased to seem exotic, as well as the profession of Forex-trader elite business. The opportunity of participation in the largest market of the planet seems tempting and temptation to make fast money and to grow rich, in fact, was promised by advertising leaflets of all dealing centers and it was impossible to resist. In game there were involved representatives of different layers of the society. However, the statistics eloquently testified: up to 90 % of traders of the Forex market have been losing the money. What is the reason of such results? The basic one is lack of traders' training.
There was the need for the instrument which would allow the trader to be trained not losing his funds (working on an actual account) and not wasting time (training on a demo account). Often to test their trading system traders spend months, pay solid money for round-the-clock access to the Internet and after the lapse of time they found out that this system is unprofitable. The trader changes parameters of the system and all begins again. As the result after a year of such work at the best disappointment of the Forex market arises and in the worst the person loses the savings and creates debts.
Considering the aforesaid, Forex Tester (www.forextester.com) is a professional simulator of the Forex market which eliminates the listed lacks was developed allowing the trader to get necessary skills of work in Forex in reasonable terms and without loss of money. The software emulates the terminal of the trader and does not demand connection to the Internet. Now the trader can test the trading systems calculated for years within hours. The software is intended both for training to trade manually and for testing the automated trading strategies. The user can expose manually comprehensible speed of receipt of quotations, do stops for the analysis of the market situation and in case of acceptance of wrong decisions allows to make recoil back and again to comprehend the situation and to make the true decision. A big set of market indicators and also a set of instruments for graphic analysis are incorporated in the software.
We asked the author of the software, Michael Koshelev, to share with us the sight of the mentioned problems: "The profession of the trader, as well as other professions, demands the appropriate training. At the first sight trading in Forex looks very simple; it is enough to press a couple of keys in the terminal of the trader to give the order on fulfillment of the transaction. Often the beginners are lucky initially and they make some profitable transactions, they feel unjustified confidence of their forces and people hasten to invest serious money. But profitable trading during a long time interval is science, art and craft. The market is a certain environment with the internal rules. Therefore it is necessary for the participant of the market to correspond to the market process: to modify his own behavior, to adjust his/her own preferences to the market laws. Psychology is an exclusively important component of the successful trade. The trader should break the stereotypes borrowed from other spheres of life as trading in many respects is unique - there is no competition as such, no direct dependency between activity and productivity - at times, on the contrary, who does less movements, yields the greatest profit. The trader should understand that he trades not against the depersonalized market, the trader trades with himself - with his expectations.
To help the trader to improve the trading skills and to develop the profitable strategy of work, Forex Tester, which is a simulator of Forex market, has been developed by us. The software is developed in view of the wishes of traders. It is pleasant that it was found useful not only by the beginners, but also by the skilled traders who are trading profitable during several years.
In the software three basic functional blocks are combined: trainings, testing and analysis. At present the training block was already implemented which allows to make transactions on historical quotations with adjustable speed of their submission and the adjustable size of ticks (packages of quotations), once submitted in the schedule. All the perfect transactions find reflection in the list of transactions, there is the automatic calculation of statistics and schedules of the equity, balance, involved margins and drawdown are being displayed. All that allows to trace productivity of the made trading decisions. The trader receives fast feedback between the factors which have induced him to open the position and result of the perfect operation. At training on the demos-accounts offered by Forex-brokers, there are many distracting moments which disseminate attention. These are reading of news and independent analytical articles. Expectation of the outcome of the transaction pushes to infringement of ones own rules discounting the potential of the systematic work. Also the beginning trader replaces his priorities during training in conditions of real time: instead of profitable trading on the first place the desire to appear right in forecasting the market behavior is deduced to prove himself the opportunity to guess the direction of movement of exchange rates. And the process of "guessing" at greater extent is connected with self-deception: the transaction was already closed as unprofitable, only then the rate was displayed and went in the "right" direction, and the trader speaks: «Nevertheless I was right! Next time it will work out". Such an approach prevents to look objectively at things and to estimate ones own abilities.
The accent should be put not on the single result but on the process of trading. This or that approach should provide the statistical advantage. Having made thousand training transactions in our software the trader will start perceiving the trading in another way. The correct attitude to the market will be created. Nothing supernatural is expected from him. The understanding of the inherent restrictions connected with trading in the market comes; more precise reference points on expected potential profitableness are formed, risks are evaluated; and in this connection expectations and behavior are corrected - the purposes are targeted which are possible to aspire and which are really achievable.
The software is supplied with the convenient intuitive interface. Forex Tester allows saving time at training of skills and testing of the approaches not formalized completely with subjective multiplier. First of all the strategies related to recognition of patterns, levels of support/resistance, trend lines, generally speaking - the classical technical analysis.
The software makes the trader to think of the market as about the game and about the rules of this game. The accent on achievement of certain productivity is displaced instead of the abstract reflections about the destiny of the world economy, current market news, forecasts of fundamental analysts. When you think of game, you think - how to win? However, the most important, - there should be no passion - this is a direct way to defeat. Think about Forex as about chess and do not hurry up as in the racing, get yourself prepared for marathon... "
Familiarize with Forex Tester you can on the website - www.forextester.com
About the Author
by Marat Sabirov del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
Online Forex Trading - Why Most Traders Cannot Adopt a Mindset To Win by Sacha Tarkovsky
Online Forex Trading - Why Most Traders Cannot Adopt a Mindset To Win
by Sacha Tarkovsky
FOREX trading looks easy yet few succeed.
If you are thinking of trading FOREX then you need to consider the fact 95% of traders lose their equity quickly.
FOREX trading is difficult as it means you have think and act in a totally different way and adopt a different mindset to win.
Here we will outline some of the mistakes novice traders make in adopting the right mindset.
1. Hard work does not guarantee success
In most professions the more you put in the more you get out.
In FOREX trading however this is simply not true, you don't go paid for effort, you get your reward for making winning trades.
Many people say "knowledge is power"
In FOREX trading the right knowledge is power and this does not mean working hard.
2. Systems have to be complicated
Nothing could be further from the truth.
In today's world of technological advances that astound us each day, it is tempting to think that we can conquer the markets with science, but trading remains simple.
Simple systems can and do work best, as they are more robust in the face of ever changing brutal market conditions.
Don't make the mistake of complicating your system.
3. Leave your ego behind
Most people have an ego and none of us want to look stupid, but if you trade you need to accept the market will make you look stupid on numerous occasions.
Be prepared to look and feel stupid, as the market does this to everyone.
4. Taking loses
Related to the above, people hate taking a small loss, after all if they leave it will turn around and they don't want to look stupid.
In a leveraged market this ends in disaster.
A small lose becomes a big loss, then reaches a stage where a trader faces wipe out and has to take it.
5. You need to have the courage to make big profits.
Surely we all want big gains?
We all do, but:
Most novice traders lack the courage to make big profits..
As soon as they get a profit they get excited and want to take it before it gets away, the bigger it gets the more tempted they get to bank their profit.
Add in the fact, that there are retracements into open equity that play havoc with emtotions when open equity is eaten into and the result is a trader will bank a profit of a couple of thousand and be happy.
If they had the courage of their conviction, in many instances they could make £10, 20,000 or more, by staying with the trade.
Currencies trend for months or years and if you have the courage to trade the major trends you can make huge profits, but you need to follow them.
6. Someone else can give me success
This is the biggest mistake in FOREX Trading and is rooted firmly in human nature.
We feel safe in groups and we are used to consulting an expert on a whole manner of things in life.
In FOREX Trading this is a bad move.
You need to know what you are doing and have total confidence in your own ability, without outside inputs.
Buying an e-book for $100 or so, is not going to make you a winner, neither is agreeing with the majority of so called experts in the media.
Firstly, no one can give you success it has to come from within and you will only be successful if you are confident in something you know will work for you.
Furthermore, the majority are wrong, so why follow them?
Trade in isolation, its not a normal human trait but one that is critical for success in online FOREX trading.
Trading can be lonely, make you look stupid and play havoc with your emotions, but if you can adopt the right mindset, you can and will succeed and the best part is:
If you do the above the rewards are huge.
About the Author
FREE ESSENTIAL TRADER PDF'S AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html
del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
by Sacha Tarkovsky
FOREX trading looks easy yet few succeed.
If you are thinking of trading FOREX then you need to consider the fact 95% of traders lose their equity quickly.
FOREX trading is difficult as it means you have think and act in a totally different way and adopt a different mindset to win.
Here we will outline some of the mistakes novice traders make in adopting the right mindset.
1. Hard work does not guarantee success
In most professions the more you put in the more you get out.
In FOREX trading however this is simply not true, you don't go paid for effort, you get your reward for making winning trades.
Many people say "knowledge is power"
In FOREX trading the right knowledge is power and this does not mean working hard.
2. Systems have to be complicated
Nothing could be further from the truth.
In today's world of technological advances that astound us each day, it is tempting to think that we can conquer the markets with science, but trading remains simple.
Simple systems can and do work best, as they are more robust in the face of ever changing brutal market conditions.
Don't make the mistake of complicating your system.
3. Leave your ego behind
Most people have an ego and none of us want to look stupid, but if you trade you need to accept the market will make you look stupid on numerous occasions.
Be prepared to look and feel stupid, as the market does this to everyone.
4. Taking loses
Related to the above, people hate taking a small loss, after all if they leave it will turn around and they don't want to look stupid.
In a leveraged market this ends in disaster.
A small lose becomes a big loss, then reaches a stage where a trader faces wipe out and has to take it.
5. You need to have the courage to make big profits.
Surely we all want big gains?
We all do, but:
Most novice traders lack the courage to make big profits..
As soon as they get a profit they get excited and want to take it before it gets away, the bigger it gets the more tempted they get to bank their profit.
Add in the fact, that there are retracements into open equity that play havoc with emtotions when open equity is eaten into and the result is a trader will bank a profit of a couple of thousand and be happy.
If they had the courage of their conviction, in many instances they could make £10, 20,000 or more, by staying with the trade.
Currencies trend for months or years and if you have the courage to trade the major trends you can make huge profits, but you need to follow them.
6. Someone else can give me success
This is the biggest mistake in FOREX Trading and is rooted firmly in human nature.
We feel safe in groups and we are used to consulting an expert on a whole manner of things in life.
In FOREX Trading this is a bad move.
You need to know what you are doing and have total confidence in your own ability, without outside inputs.
Buying an e-book for $100 or so, is not going to make you a winner, neither is agreeing with the majority of so called experts in the media.
Firstly, no one can give you success it has to come from within and you will only be successful if you are confident in something you know will work for you.
Furthermore, the majority are wrong, so why follow them?
Trade in isolation, its not a normal human trait but one that is critical for success in online FOREX trading.
Trading can be lonely, make you look stupid and play havoc with your emotions, but if you can adopt the right mindset, you can and will succeed and the best part is:
If you do the above the rewards are huge.
About the Author
FREE ESSENTIAL TRADER PDF'S AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html
del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
Wednesday, May 9, 2007
Online FOREX Trading - Become a Successful Forex Trader in Two Weeks! by Sacha tarkovsky
Online FOREX Trading - Become a Successful Forex Trader in Two Weeks!
by sacha tarkovsky
One of the most inspiring stories I ever read, was how legendary trader Richard Dennis taught 14 people who had never traded before, to trade successfully in just two weeks.
The result?
They traded and went on to make millions and become some of the most famous traders of all time.
So how was it done and can you do the same? Let's find out.
Richard Dennis taught them three major points:
1. A simple method they could have confidence in.
2. Money management. 3. Applying the method with discipline.
His advice was very specific with no filler.
So, let's look at what you need to learn.
1. Method
You need a method you have confidence in and it needs to be simple.
There is no correlation between how complicated a method is and how much money it makes.
In fact, the reverse is true.
A complicated method has more components to break and is less robust in the face of brutal market conditions.
Look up "technical analysis" on the net and learn specifically how and why it works and also the theory of "trading breakouts"
You should be using a long term trend following methodology looking for the big trends that produce the big profits and breakout trading is ideal for this.
If you want to win at online forex trading, you need to know about breakouts.
Base your methodology on it - It's simple and it works.
Now you need to time entries.
Look at some indicators that are based on momentum and look up "stochastics" this is simply the best momentum indicator you can use.
2. Money Management
If you start with a "breakout method" and base your trading method on it, then stop placement is obvious.
If you only trade significant breaks your odds of success will be high.
3. Discipline
Is perhaps the hardest part of trading online forex.
You need to apply your method with rigid discipline otherwise you have no method at all.
Discipline is all about experience and even seasoned traders find it hard to keep executing a method when a string of losses occur.
However, you are part of the way there to having discipline, if you have devised your own method.
You know its logic and should be able to stay with it as you will have confidence in it to work.
All the material you need to get up and running is free and on the internet, but it's worth reading a few books.
These are my favorites and will they inspire you.
1. Market Wizards and The New Market Wizards ( edit )
By Jack Shwager.
These are interviews with some of the top traders of all time including:
Richard Dennis and the turtles and many more - Packed with insight and very inspiring.
2. Trader Vic
By Victor Sperandeo.
A true trading legend, who shares with us his thoughts on trading, money management and trading psychology, a fantastic all round book.
By all means read a few more, but these three are my favorites from over 500 I have read.
Trading is Simple, yet people try and complicate it.
They think the more effort they put in the more they will get out - This is totally false.
Work smart not hard!
If you want to make money you need to work smart not hard and if you want a perfect example of this look at the turtles!
In just two weeks they all became great traders.
Maybe, you wont make as much money as them, but if you learn and do the above, you will have the basic platform to make big profits in online forex trading.
Finally, you will have done it all on your own and will have given yourself success, how satisfying is that?
About the Author
One of the most inspiring stories I ever read, was how legendary trader Richard Dennis taught 14 people who had never traded before, to trade successfully in just two weeks.
The result?
The traded and went on to make millions and become some of the most famous traders of all time.
del.icio.us Furl Technorati Blinklist Reddit Spurl Everywhere Else
-->
by sacha tarkovsky
One of the most inspiring stories I ever read, was how legendary trader Richard Dennis taught 14 people who had never traded before, to trade successfully in just two weeks.
The result?
They traded and went on to make millions and become some of the most famous traders of all time.
So how was it done and can you do the same? Let's find out.
Richard Dennis taught them three major points:
1. A simple method they could have confidence in.
2. Money management. 3. Applying the method with discipline.
His advice was very specific with no filler.
So, let's look at what you need to learn.
1. Method
You need a method you have confidence in and it needs to be simple.
There is no correlation between how complicated a method is and how much money it makes.
In fact, the reverse is true.
A complicated method has more components to break and is less robust in the face of brutal market conditions.
Look up "technical analysis" on the net and learn specifically how and why it works and also the theory of "trading breakouts"
You should be using a long term trend following methodology looking for the big trends that produce the big profits and breakout trading is ideal for this.
If you want to win at online forex trading, you need to know about breakouts.
Base your methodology on it - It's simple and it works.
Now you need to time entries.
Look at some indicators that are based on momentum and look up "stochastics" this is simply the best momentum indicator you can use.
2. Money Management
If you start with a "breakout method" and base your trading method on it, then stop placement is obvious.
If you only trade significant breaks your odds of success will be high.
3. Discipline
Is perhaps the hardest part of trading online forex.
You need to apply your method with rigid discipline otherwise you have no method at all.
Discipline is all about experience and even seasoned traders find it hard to keep executing a method when a string of losses occur.
However, you are part of the way there to having discipline, if you have devised your own method.
You know its logic and should be able to stay with it as you will have confidence in it to work.
All the material you need to get up and running is free and on the internet, but it's worth reading a few books.
These are my favorites and will they inspire you.
1. Market Wizards and The New Market Wizards ( edit )
By Jack Shwager.
These are interviews with some of the top traders of all time including:
Richard Dennis and the turtles and many more - Packed with insight and very inspiring.
2. Trader Vic
By Victor Sperandeo.
A true trading legend, who shares with us his thoughts on trading, money management and trading psychology, a fantastic all round book.
By all means read a few more, but these three are my favorites from over 500 I have read.
Trading is Simple, yet people try and complicate it.
They think the more effort they put in the more they will get out - This is totally false.
Work smart not hard!
If you want to make money you need to work smart not hard and if you want a perfect example of this look at the turtles!
In just two weeks they all became great traders.
Maybe, you wont make as much money as them, but if you learn and do the above, you will have the basic platform to make big profits in online forex trading.
Finally, you will have done it all on your own and will have given yourself success, how satisfying is that?
About the Author
One of the most inspiring stories I ever read, was how legendary trader Richard Dennis taught 14 people who had never traded before, to trade successfully in just two weeks.
The result?
The traded and went on to make millions and become some of the most famous traders of all time.
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