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1. Get a Simple Method You Understand
To make money at trading you need a method you understand and can have confidence in because if you do you will have the discipline to follow it.
Many traders blindly follow others and lose because they haven't the confidence when they hit a period of losses to stay with the system. If you don't have the discipline to follow your forex trading strategy, you don't have one! Many traders are lazy or greedy and don't understand that confidence comes from understanding and learning currency trading for themselves.
2. Be Patient
Many new traders want to trade all the time - they think the more they trade the greater their chances of currency trading success - their wrong. You don't get paid for effort, you get paid for being RIGHT and that's it.
I know traders who trade all the time and lose and others who trade a few times a year and several hundred percent!
3. Look For Breakouts
It's a fact that most big trends develop from new highs or lows. Most traders however can't buy these as they want to wait for a pullback to get in at a better price and miss the trade. You can make money simply by buying high odds breakouts and we have covered this in numerous other articles - check them out.
4. Have The Courage To Accept Big Gains
A paradox of forex traders is that most traders want big gains but can't accept them. Why?
Because they can't deal with volatility, they hit a big potential trend and get a profit, the bigger it gets the more excited they get but the problem is daily swings eat into their open equity and they snatch the profit.
If you are trading long term trends you can see on a forex chart that they last for months or even years and can yield huge profits - but they dip back every so often - if you don't accept this, you wont maximize your profits. You have to accept big short term swings against you, to pile up profits longer term.
5. Don't Diversify
If you are trading a small account and looking for high odds trades don't diversify.
Diversification just means you will dilute your profit potential. Instead risk as much as you can on a high odds trade and have the courage of your conviction. Forex trading success is all about taking calculated risks, with as much as you can afford at the right time.
If you like the buzz of trading or you are not prepared to learn the basics your going to lose but if you incorporate the above trading tips in your forex trading strategy you can make a lot of money and build serious wealth.
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There is a exchange called the forex market or it is also called foreign exchange market which is the largest market in the world. It is one of the most liquid markets that trade close to a couple trillion dollars a day. It is approximately 30 times the size of the New York stock exchange and the Nasdaq stock exchange combined. The major players in this market are banks, foreign currency dealers and forex investors. Currency is traded directly between these groups. These groups may be hedging currency risk, diversifying or to to speculate.
There is no centralize location for this market. It is traded between parties by means of computer terminals, telephones and exchanges all over the world. The forex market is considered "over the counter" (OTC). Trades are executed through online trading platforms and with brokerages. The currency market has not been made available to the small investor until recently. The size of the transactions were to large for most small investors. The major currency dealers and large banks as well as the occasional forex investor were the only one's with the ability to handle the financial requirements. Today the ability to leverage large positions with a small amount of capital makes this market more liquid and more available to the small investor.
How this market works is this. There are 5 major currencies traded. The US dollar,the British pound, the Swiss franc,the Japanese yen and the European dollar. These currencies are always traded in pairs. An example may be purchasing EUR/USD, these crosses or pairs in the forex spot market means you are buying the european dollar and selling the american dollar hoping the european dollar goes up against the american dollar Likewise the seller of the EUR/USD would be selling the european dollar against the american dollar. This spot market is settled with in two business days. The percentage of US dollar trades is over 80%.
What determines moves in exchange rates? That is supply and demand. Other things that determine rates could be economic news, world disasters, unexpected news releases. All of these things can be factored in to determine movement in the market.
As international trade and foreign investment increases, many shrewd investors will take advantage of such increases to profit.
Many opportunities have arisen with major world event. It is wise to keep up with whats happening in the world so you also will profit in the foreign exchange market. Below are some resources you may find helpful.
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It has long been argued whether traders were made or born to be - so is it an innate gift or is a skill anyone can learn?
Well consider this:
A baby does come out the womb saying buy "euro sell yen" he has a long way to go in life, he has to learn to walk talk and many choices to make and has it all to learn.
The world is truly his oyster.
Some argue that intelligence is genetic - but you don't need more than a basic education to trade and one person set out to prove this, in his famous turtle experiment. The trader was a legend by the name of Richard Dennis.
He gathered a group of people with no knowledge of trading of all ages, different sexes and varying levels of educational ability together and taught them to trade in just 14 days - the result? They made him in excess of $100 million dollars in just 4 years and went into trading history.
So Dennis proved that anyone could learn to trade, with the right forex education and a simple robust forex trading system but there is a paradox:
If anyone can learn to trade, why do 95% of speculators burn their money and lose? The answer is they simply get the wrong education. The core of the turtle experiment was to teach an inner understanding of strengths and weaknesses of the pupils - it's not the market who beats the trader - the trader beats himself.
Dennis based his teaching on 3 core points
1. A simple trading system that the traders could understand and have confidence in. He taught them the trading basics they then had to make them work, his tuition stopped after 14 days. 2. He taught them that if they wanted to win long term, they would have to keep executing their trading signals through long periods of losses and this is why understanding of the system and themselves was so important to achieve long term currency trading success.
3. Finally, he taught them to play great defense and take lots of small losses and run their few profits. They had far more losers than winners but still came out on top.
Most traders don't ever get an understanding of what they do and they never acquire confidence and discipline, because they blindly follow someone else. Most traders also let their losses get out of control. You can perhaps see from the above that the trader who under estimates the mental side of trading (the turtle method was very simple) are destined to lose.
The conclusion is:
If you have desire, chances are you will learn and digest the above realize success is within your grasp. If you learn the right knowledge and unlock the key to mental discipline at the same time, you have the combination of method and mindset to pursue your goal.
Can you become a successful forex trader? The answer is yes.
You may not become as rich as the turtles did - but there is nothing stopping you from making serious money in the world's most exciting business of global forex trading.
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