Posts Tagged ‘Discipline’

« Older Entries

 Powered by Max Banner Ads 

Currency Trading Basics – How to Make Huge Profits From Forex Trading in 3 Simple Steps

Sunday, October 10th, 2010

 Powered by Max Banner Ads 


It’s a fact that 95% of all currency traders lose their money very quickly and the reason is not they can’t learn to win they simply either, don’t get the right mindset or get the wrong education. Here we will show you the currency trading basics anyone can learn which can lead them to a triple digit income…

The first point to keep in mind is – forget all the Forex robots and Expert Advisors which promise you an income for the rest of your life, for paying a hundred dollars or so, none of them work. It should be obvious to anyone, that they are so cheap because they don’t make money, not because they do! If they did, who wouldn’t take an income for life for a hundred dollar outlay? These systems give Forex trading a bad name which leads us to the first essential point, you need to learn for Forex trading success:

1. You Need to Accept Responsibility for Your Actions

You need to learn the basics yourself and learn to stand on your own two feet. If you don’t like taking responsibility, then try something else – because you will lose at Forex. Now for some good news which means anyone can enjoy currency trading success and it’s this:

2. The Best Systems are Simple

Forget all you read about technology being able to beat the market it can’t. Simple systems work best and the reason why is – a simple system is more robust and have fewer elements to break than a complex one. You can learn a simple system, in a week or two and then, your all set to trade it and now comes the next point which will turn the potential of your system into real dollar profits.

3. Learn Trading Discipline!

A system doesn’t make money on its own, you have to apply the rules as they are set out to realize it’s potential. now, you might think this is easy but if you do, you probably have never traded Forex markets! Its hard and the reason it is, is simple – your going to hit periods of prolonged losses. This however will not stop you making big gains, providing, you keep your losses small and stay on course. To do this, you must keep your emotions in check and this is hard for most traders.

Let your emotions get involved and you will run losses, over ride signals, or change systems and look for another and if you do any of these common errors you will lose. Trading discipline is based on knowing what your doing and having confidence in your system which comes from a good education and an acceptance, that you will lose but so long as you keep your losses under control, you will hit winners again and make huge gains long term.

If you understand the currency trading basics contained in the 3 points above, there is nothing to stop you making some great Forex profits and enjoying, a lucrative second income in just 30 minutes per day.

By: Samuel Leslie Berkovits

About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf’s, with 50 of pages of essential Forex info and a PROVEN Currency Trading Strategy visit our website at: http://www.learncurrencytradingonline.com.



Share and Enjoy:
  • Digg
  • del.icio.us
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • Google Bookmarks
  • Yahoo! Buzz
  • Twitter
  • Technorati
  • Live
  • LinkedIn
  • MySpace

Tags: , ,
Posted in basics currency trading | No Comments »

Forex Trading Info – Getting the Right Info For Forex Success

Thursday, September 23rd, 2010


The fact is anyone can learn forex trading and get the right forex trading info to success but you need to get the right in of succeed. It’s a fact that 95% of traders fail because they simply fall prey to common myths, or don’t get the right forex education.

The first point to make is there are no secrets to successful trading it’s simply based upon a logical, robust method which you understand can have confidence in and apply with discipline. Forex trading success is very much a personal affair and only you can give yourself success. Many traders make the mistake of trying to follow other traders.

The problem is they don’t understand the logic or method and therefore don’t have confidence in it and as soon as a few losses come, discipline goes out of the window and they lose. If you want to start trading then the simplest and most time efficient way to do it is to use forex charts and technical analysis to time your trading signals.

All the information you need is available on the net and you can get it for free.

A Great Methodology That Works

The hard bit is combining the indicators to generate the signal. The easiest way to do this is to use a breakout methodology. This methodology is simple to understand, timeless and works and you only need to understand the concept of support and resistance. You then need some momentum indicators to help you gauge the strength of the breakout and use them for timing.

The above is a simple robust method which can and will, make you big gains and we have discussed all the above in our other articles.

Should You Pay for Advice?

There is a lot of forex trading info for sale, most is junk and normally tries to sell you a mechanical trading system, with a simulated track record of gains – avoid them. Also avoid any vendor who sells material that stresses the following:

- Day trading is a good way to make money

- You can predict forex prices with scientific accuracy

- They have secrets they will reveal

- You can make regular profits

All the above are myths and are simply designed to appeal to naivety and greed.

If you want to pay for forex trading info look for – sensible advice, the logic of the forex trading system is revealed and you have some sort of money back guarantee.

Information From the Best

If you want some great advice from traders who have walked the walk then go to your online bookstore and you can get some wisdom from some of the greatest traders of all time. Two great books to start with are “Way of the Turtle” by Curtis Faith and Market Wizards by Jack Shwager. These will give you an insight into what makes a great trader.

The Combination for Currency Trading Success

Forex trading is a combination of the right knowledge, confidence in it and the discipline to apply it. This is why you can’t simply follow someone else blindly – you need to have confidence in what you are doing to have the all important trait of discipline.

If you do your homework and get the right forex trading info, avoid the myths and understand success comes from within, you could soon be trading and enjoying currency trading success.

By: Kelly Price

About the Author:

New! 2 x FREE Essential Trader PDF’s

For a wealth of free Forex education and 2 x essential reports with essential Forex Trading info visit our website at: http://www.learncurrencytradingonline.com



Share and Enjoy:
  • Digg
  • del.icio.us
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • Google Bookmarks
  • Yahoo! Buzz
  • Twitter
  • Technorati
  • Live
  • LinkedIn
  • MySpace

Tags: , ,
Posted in forex advice | No Comments »

Make Money Fast In FOREX Trading

Saturday, August 28th, 2010


Here we are going to look at making money fast in currency trading and some tips to do it.

Much of this advice is not conventional but most currency traders dont make money fast!

Here are your tips

We are going to assume you trade already, and you have a method you are confident in, and can apply with discipline.

With simple changes in trades taken and money management we will show you how to increase your capital gains.

The trading tips below will work well for traders who want to catch the big profits from the big currency trends that last months or years and will help you make money fast in forex trading.

1. Accept Volatility and Risk

All good FOREX traders understand that volatility and risk mean big money making potential.

You can’t have a profitable FOREX trading method without taking risk, you need to risk more to gain more. .

Risk though is misunderstood by most currency traders and they try and limit risk so much that they actually have no chance of making any profits.

They always get stopped out.

The perfect example is the day, or intra day trader, trading in one session with a tight stop.

If you are after a big gain give the trade room to breathe and place a stop that takes into account market volatility.

Also dont trail your stop to quickly leave it far enough behind not to get stopped out by volatile reactions within the long term trend.

You cant predict volatility in the day so dont try.

Look longer term take bigger calculated risks and go for bigger profits and trade less.

2. Trade Infrequently

Many traders trade frequently and always like to be in the market, they fear they will miss a move, or that by trading more frequently, they will make money.

There is no correlation between how often you trade and how much money you make, so learn to be patient.

The big moves in FOREX trading, with the best risk to reward, come a few times a year, and you should trade infrequently.

Focus on the trades that make the really big gains and be patient while you wait for them.

3. Dont Diversify

Diversification is a great way to make money slowly not fast you simply are diluting your gains, if you are trading a small forex account.

Focus only on trades that you are confident can make big money in and dont hedge or take other trades.
If you think the trade is going to be big back your judgment.

4. Money Management

We are looking at the BIG opportunities that allow us to make big gains, and this is actually, where money management becomes important.

Where taking calculated risks here not just taking risk for the sake of it.

The tips below are a great way of controlling risk

1. Buying options at in or close to the money, they will give you staying power and stop you getting taken out by volatility.

Be careful not to buy out the money options and make sure that you get plenty of time on your side if using this method.

Many traders lose, not because they were wrong about the trend, they simply got stopped out.

Options overcome this problem and will give you staying power.

2. Many traders start trailing their stops to close as we said earlier to lock in a profit, more often than not they get stopped out.

The trade runs on to make thousands more in profit and there not in it!.

Keep your stop in its original position and let the move develop without the temptation to move your stop up.

Youre looking to make money fast, and youre trading selectively so have the courage of your conviction .

Consider this

The fact is in currency trading or any other venture in life that involves making big gains you have to take a calculated risk at the right time and have the courage to go for it.

I read all the time about risk management in trading and some traders become so obsessed with not losing they will actually never win and lose their equity over time.

Dont make the same mistake.

By: Sacha Tarkovsky

About the Author:
MORE FREE BETTER TRADING INFO

On all aspects of becoming a profitable trader including info free articles, systems and PDF downloads as well as an exclusive Gann Trading Course visit our website at http://www.net-planet.org/index.html



Share and Enjoy:
  • Digg
  • del.icio.us
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • Google Bookmarks
  • Yahoo! Buzz
  • Twitter
  • Technorati
  • Live
  • LinkedIn
  • MySpace

Tags: , ,
Posted in forex advice | No Comments »

Currency Trading Education – 2 Weeks Forex Training and These Traders Made Fortunes How?

Friday, June 18th, 2010


The story of “the turtles” has always fascinated me a group of people with no trading experience were taught to trade in just 14 days and went on to become legends piling up hundreds of millions of dollars. It’s an intriguing story and one you should make part of your currency trading education.

Trading forex looks easy but 95% lose and 5% win and this story will give you a bit of an insight into how to enter the elite minority.

One day trading legend Richard Dennis was having a friendly debate with his business partner who said traders were born not made – Dennis disagreed. He therefore set out to prove the point that with the right attitude and education anyone could win.

He gathered a group of people who only had one thing in common they had never traded.

They included: A couple of professional card players, an actor, a security card a female auditor and a kid just out of high school to name just a few.

He then taught them a simple trading system based on long term trend following principles, combined with rigid money management criteria and set them off to trade and the result is now well known – they went onto make hundreds of millions of dollars and go down in trading history.

Dennis proved his point – so what did this group do right to make them enjoy such spectacular success?

Here is what you can learn for your own currency trading education.

You only need a simple system and the above was very simple but what you do need is the ability to have confidence in what you are doing, to execute the trading system with discipline and protect your equity.

Here is the difference between successful traders and the losers.

The problem most traders face is, they get the wrong forex education and lose or they cannot obtain discipline.

Most traders cannot accept responsibility and follow others and of course because they don’t have confidence in what their doing, they throw in the towel when they take a few losses. Dennis didn’t teach his group to follow him or his system blindly – he instilled confidence in them, giving them the discipline to execute their trading strategy, while taking loss after loss in the short term and focusing on the long term.

He gave them the confidence to maintain discipline and money management and stay on course.

This came from inner confidence in what they were doing – they knew their trading edge would come good.

Most traders could win – but they just don’t understand the mental discipline that’s involved in currency trading and never acquire it.

Today there is a huge industry in telling you forex trading is easy and you can follow a guru, or even more ridiculous use a forex robot with a simulated track record – its all fairy stories and these traders are just simply not prepared for the brutal reality of trading for real.

I think the major point you can take from this piece of currency trading education is:

You have the ability to win at forex trading (anyone does) but you must understand that method is only one part of the equation – confidence, discipline and courage are needed as well and this is down to mindset.

If you like the idea of a challenge and the thought of making a lot of money, study this story in greater depth, it’s motivational, very inspiring and of course the experiment worked.

Could you make as much as this group?

Probably not, I have been trying for 25 years but I have made a lot of money and achieved a level of success I never thought possible. The turtle story inspired me to have a go and gave me pleasure and an income I never thought I could achieve and I hope it does the same for you.

By: Kelly Price

About the Author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf’s, with 50 of pages of essential info and more on Currency Trading Education visit our website at: http://www.learncurrencytradingonline.com.



Share and Enjoy:
  • Digg
  • del.icio.us
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • Google Bookmarks
  • Yahoo! Buzz
  • Twitter
  • Technorati
  • Live
  • LinkedIn
  • MySpace

Tags: , ,
Posted in Finance | No Comments »

Forex Trading – What Makes Forex Traders Successful?

Friday, April 16th, 2010


Forex trading can be a good fit, but it’s not for everyone. You have to take many things into account, and of course, you always risk losing money. If this isn’t for you, don’t worry. A lot of people aren’t cut out for it. However, if you are considering jumping into forex trading, read on. Following are some traits that successful traders share. If this is you, you just might be a success. If not, perhaps forex trading is not for you.

You have to have discipline. Successful forex traders work on establishing their own trading system and then keep with it. They do not try to “trade on the fly” or do hit or miss trading.

You have to be able to accept risk. Although many will tell you that forex trading is not particularly risky, this is not really true. Just like any type of trading, you can lose money. You have to be willing to accept that this might happen to you.

Be willing to fail. Even the best forex traders lose money sometimes on some of their trades. This happens to everyone and is simply the nature of forex trading itself. However, unlike the average forex trader, successful forex traders don’t focus on failing. They accept what has happened, learn from it what they can, and then move on to the next trade.

Have confidence. To be a successful forex trader, you have to be competent in your knowledge and in your ability to make trades that succeed. Don’t doubt or second-guess your trades.

Be willing to be wrong. Remember that no one is perfect and you’re going to make mistakes. There will be times when your analysis just doesn’t hit the mark. However, don’t stay in trades that have gone bad just because you don’t want to be wrong. Cut your losses, get out and then look for the next opportunity to succeed again.

Have patience. If you’re smart, you’ll follow your system and wait for a good opportunity to present itself. You don’t have to have your positions open at all time. You can go a day or two without any trades being made at all. Don’t trade just because you think you need to. If you think this way, you’re likely to make many more mistakes than you have to and many more bad trades than you need to.

Know when you should get out. As with any successful trading, you don’t just need to know when to get in, but you need to know when to get out as well. Many traders have gotten greedy and wanted to stay in a trade too long; when they do this, their profits can be wiped out by a sudden trend downward. When you’ve got your trading system established, listen to it. It will tell you when to get out.

Know what your financial limitations are. Don’t over-leverage yourself. Don’t trade with money you can’t afford to lose. If you trade with the mortgage money for next month, you’re in trouble. You risk losing everything you have and ending up on the street. Make sure you only trade with money that you can afford to lose. It’s okay to start small, with just a few hundred dollars if you need to. Don’t risk losing more than you can afford to.



By: Amar Mahallati

About the Author:

Visit 123OnlineTrading.com – Commodities, Stocks, Forex to find books, tips and advice about online forex trading. Besides a large selection of free educational articles you can also find powerful books about online trading in general.

Other Resources:
123OnlineCurrencyTrading.com – Forex Trading Links



Share and Enjoy:
  • Digg
  • del.icio.us
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • Google Bookmarks
  • Yahoo! Buzz
  • Twitter
  • Technorati
  • Live
  • LinkedIn
  • MySpace

Tags: , ,
Posted in leverage forex | No Comments »


 Powered by Max Banner Ads 
« Older Entries