Forex Broker Review-How Forex Traders Make Money Online?

October 22, 2011 by  
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Forex Broker Review-How Forex Traders Make Money Online?

Forex is the business of making money by trading different currencies against each other. Many people have been earning money through Forex trading ever since the advent of computer and internet technology. With the help of a computer and access to internet, you can trade from anywhere around the world. Forex broker reviews, communication with your forex broker, knowledge of trading, etc are all very essential if you want to master the art of Forex trading.

How to Conduct Forex Trades?

Brokerage companies are the main medium for buying and selling different currencies via internet and software. An online forex broker receives a small amount as commission for his services. Forex trades involves dealing with four main currency pairs; US Dollar and Japanese Yen, British Pound and US Dollar, US Dollar and Swiss Franc and Euro and US Dollar. In each pair, one works as a commodity and the other works as money. For example if you choose to trade Euro and USD, you may buy Euro against USD and sell Euro against USD. Irrespective of which currency you have in your account, your trading software will automatically take care of the transactions and exchanges. However, the key is to know when is the right time to buy and sell. To understand the optimum time for trading, knowledge and understanding of technical and fundamental analysis methods are very important. Forex brokers offer more services beyond buying and selling currencies, their extended services include mobile trading, forex broker reviews, SMS market alerts, access to competitive spreads, etc.

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How Do Brokers Make Money?

The most common ways an online forex broker makes money are

·        Through currency pair spreads
·        Through leveraged spreads
·        Through overnight swap spreads
·        Through trading against the trader
·        Through payment processing fees.

Advantages of Forex Trading:

·        Works as an online home based business.
·        Experience, knowledge and forex trading review can help you take up trading as a full time job.
·        Forex market is 24 hour market and you can choose to trade any time.
·        Helps you make good income even with small investments.
·        For beginners, Forex brokers provide practice accounts that are great start for forex trading.
·        Forex trading competition will always have a positive impact, giving you more opportunities to make more money.
·        Forex brokers provide forex trading review for the benefit of traders who want to achieve trading skills.
·        Gives you the ability to purchase more assets than your cash balance.

A leading website with information on best online forex broker and instant forex broker reviews. forexvote.com aims to provide accurate and useful information with an intesion to maximize traditing margins and to serve as best forex platform for online forex traders.


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Have you ever noted whilst the majority of novice forex traders try and shortcut their way to riches with the most recent automatic trading robot or swanky schamncy trading gizmo, they finish up blowing their trading accounts and giving up due to of frustration? I have … since one of the most widespread mistakes I notice with newbie traders, are their cravings to produce profits so quickly, that they “forget” to remember the plain basics of how to trade! With their minds squarely aimed on “money, money, and more money”, they seem to fail to remember — like ANY real venture — they need to study and understand the many basic ground rules of forex, like learning how to read candle stick charts (don’t be concerned, it’s not like learning another language). But you are unlike the rest of them. You’re passionate regarding forex and the wealth that follows once you tap into a couple of the top forex education resources on the internet. Below, I showcase for you two websites I’ve personally used in my forex trading journey that should give you an immediate boost on your “wealth creating” journey: 1. BabyPips.Com - designed for beginners, by (former) beginners. These “pro’s” have a great online tutorial easy for any newbie to follow the moment you land on this website. So they can easily relate to where your coming from and take you by the hand and guide you to success! After hours of searching, I discovered a “former newbie turned millionaire” who recommended I start here to
Video Rating: 0 / 5

Forex Education - the Biggest Mistake Novice Traders Make Which Sees Them Get Wiped Out Quickly

October 18, 2011 by  
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Forex Education - the Biggest Mistake Novice Traders Make Which Sees Them Get Wiped Out Quickly

It’s a fact 95% of Forex traders lose money trading and while anyone can learn to trade and make great profits, the novice trader makes a fatal mistake which is enclosed and should be part of any novice traders Forex education…

Forex trading is different in terms of the skills you need to make money in Forex to the skills you need in everyday life. Some explanation will make this clearer.

Let’s look at the fatal mistakes novice traders make.

1. Consulting an Expert Will Bring You Success

Most people who claim to be experts are not. You have seen them, the 0 buck robots and sure fire courses, offering you an income with no effort and guess what? They all fail.

In normal life we are taught to consult an expert, to fix your car or a burst pipe and they can give you a guaranteed result. This is not so in Forex, as your not dealing with certainties and mathematical formulas. In Forex you deal with the odds and your best off to get the right Forex education and do it on your own.

2. Hard Work will Give you a Reward

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This is actually good news!

You can learn Forex trading in a few weeks and soon be making big profits but for this you work smart not hard. Avoid the myths, and making huge effort and expecting a result that may work in a 9 - 5 job but not Forex. Simply learn the right way and cut your work load. All you need is a simple system and the mindset to succeed which is covered in the next point.

3. Being Clever is an Advantage

A huge myth you would think the best group of traders had a background in mathematics or something else complex but the most successful group are actually ex poker players! Why?

Because they know that a simple plan, playing the odds is the way to win which leads me onto the next point. Simple systems work best and always have and that a fact, make a system to complicated and it will have too many elements to break.

4. Mindset is More important than Method

Yes it is! - Because you have to apply any method with discipline and even the best Forex trading system, will fail unless you do. Most traders cannot trade through periods of losses and keep them small, all systems have them and you must get through them.

You don’t just get discipline though without effort, it’s based on education and confidence in what you have learned. If you want to win, you need to stay on track through losing periods until you hit a home run.

If you can’t trade your system with discipline you don’t have a system! Trading discipline is the big variable between success and failure.

The Real Way to Make Big Gains and You Can Do It!

Forex trading success is open to all but many try and apply the wrong logic as we have seen and you will lose.

If you want to win all you need to do is get the right Forex education and have the discipline to apply what you have learned. It sounds simple and it is - but most traders simply won’t do it. They don’t get the right education and or they are simply lazy and want to follow others.

If you understand the message of this article, you can win and generate a great second or even life changing income.

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


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Forex Trade News - Great News For Forex Traders!

September 28, 2011 by  
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by sereneeducation

Forex Trade News - Great News For Forex Traders!

Forex Trade News

If you have lost money forex trading I have great news! No, really!

If you are looking to easily increase in value your monthly revenue but are not sure how, have been heard curious about trading the FOREX market, or experience a bit of encounters in trading but would like a big grow in confidence… and thriving trades… then you serves to absolutely sttink how you are about to read… Forex Trade News

Since 2007 I have been keenly interested in forex Trading, more so as it is not taxable in the UK - Yippee! (Check the law for where you are!) I knew however, early on I would not learn anything dummy (demo) trading as it did not give you the same feel as a real forex trade. So, I entered my first forex trade and lost a little - it was okay as I also learnt never trade more than you can afford to lose.

However, I lost a lot of money buying into one of the numerous bogus forex courses that purports to teach you a thing or two and help you put a steady income in your pocket - it turned out to be lies or it was too technical or both!

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Since then I vowed to get back my money and more and have been quietly researching forex markets looking for a viable one that takes care of all the technical stuff. Initially it seemed impossible that I would ever find such a way to trade forex or if I did that it wouldn’t cost the earth, I’m glad to finally say I have both. The truth is you will not find it with a Google search as only a select few know about this simple forex resource that guides you all the way to a steady income. Forex Trade News

Alternatively, you can try and Google it and see where that takes you. You’ll find a range of forex courses and packages out there and you can try and fail for yourself or you can make life easy trading the forex market by following the link I have for you. After years of researching different forex opportunities, I have found one which is by far easier to understand and potentially very profitable as well.

I personally, would have loved to be in your position in 2007 reading this articles instead of spending valuable time and money I couldn’t afford trading the forex market with little and no experience.

It’s not about so called experts speaking in jargon that makes trading the forex market difficult and unprofitable as it would cost you a whole lot of money to begin to see a fraction of the profitable trades you could be experiencing here. Forex Trade News

I’d like to know how you get on, come back and tell me about your forex trading success story. Always want to have financial freedom? Check out Forex Trade News Program. It’ll change your Life Forever!

Always dream of being Rich? Never able to make a Consistent Profit through trading?

Get your Forex Trade News ebook and be Successful forever!

Try this Life Changing Program and see the results Yourself!

 


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www.forexstrategysecrets.com, What I did wrong in these Forex trades Using Stop Losses to win bigger!
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What 3 Things Are Common Among Successful Forex Traders

September 25, 2011 by  
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by FxShell

What 3 Things Are Common Among Successful Forex Traders

There are thousands of successful Forex traders in the world. But for every person that learns to be profitable with their Forex trading, there are hundreds of individuals who lose investing in the foreign currency exchange market. Too often people focus on the traders that blow their accounts and end up losing all of their money, instead of studying the success stories.

Granted, this happens quite often; in fact, it happens way too often. But very rarely does the Forex itself cause failure. It is just that successful Forex traders know and practice positive trading habits that other traders do not.

I once knew an extremely successful trader who went from knowing nothing about the currency markets to making thousands of dollars a month in about 6 months. Literally, within one year, this guy quit his house construction business (this was before the real estate bust) because he was making too much money in the Forex not to.

So I asked this guy what made him so different. Why was he able to become a profitable trader so quickly? This is what he told me.

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He said that he had an advantage over struggling traders because when he started to trade, he quickly found a trading method that he liked and stuck to it. So many traders accumulate so much “junk” in their heads that it would take years just to eliminate their bad trading habits.

This guy didn’t develop bad trading habits because he didn’t jump around. He found what he liked, and he stuck with it through good and bad. Sure, he had some losing trades that made him doubt himself and his trading method, but he never gave in to the temptation of trying something new. He didn’t “dabble” from one Forex trading strategy to the next like most people do. He did some research, found a Forex trading system that had a proven track record and was best suited for his personality and involvement, and then stuck with it.

Secondly, this guy had a support group. He found a free trading community and built relationships there. He didn’t start with a know-it-all attitude; instead he joined the community humbly and with a willingness to learn. And as he learned things from more experienced, successful Forex traders, he eagerly shared what he learned with others in the community. Before long, he had built a network of trustworthy friends that he could share trading ideas with, and this helped him to trade even more consistently.

Finally, this guy was completely dedicated to learning how to trade profitably. As I said earlier, he had a full-time job when he started, and yet he stayed awake until early in the morning to watch the markets. He spent just about every evening and many nights learning how to trade. In other words, trading successfully did not come easily to him - he sacrificed for it.

And that is why he is where he is today. He stuck with a system, he had a good support group, and he worked hard to get where he wanted to be. And this, my friend, is the story of most successful Forex traders.

Want to learn about the key qualities of successful forex traders and how you can become one?

Visit my site right now at ForxDayTrader.com to grab 5 FREE videos that will teach you the basics of profitable forex trading.


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www.forexstrategysecrets.com It’s essential to have good forex trading tools 1. Use a good trading system. 2. Be a disciplined trader. This series teaches how to succeed in forex trading regardless the trading system you adhere to.
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Uncovering the 3 Most Common Traits of Successful Forex Traders

September 18, 2011 by  
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Uncovering the 3 Most Common Traits of Successful Forex Traders

You may have met or at least heard of the successful Forex traders who earn a whopping six or seven figure income working on currency trading full-time or part-time. You may have also wondered what could the secrets behind their seemingly impossible success and what contributes to their consistent winning trades they have made during the years of active involvement in the Forex world. It is good to realize that there is no one magic formula which can turn someone into an overnight success.

Forex trading just like any other industry requires skill, careful planning and calculated execution in order to raise the probability of profitable trades. Even though there is no one magic pill or formula that can turn you into an instant success, there are certain habits and actions that these successful Forex traders take which differentiates the results they get from those that the average Forex trader experiences. There is always a big risk in making these investments and it is important to ensure that you take the necessary steps to minimize the risk and maximize the chances of making money trading foreign currencies.

It is a sad fact and definitely a scary one to realize that most investors lose a large sum of their money while participating in active Forex trading. In fact, statistics shows that 95% of all traders will lose money instead of making some when partaking in these high risk trading. But there is a very small amount of investors that really “get it” and are able to make constant profitable trades over again in the same market. So what could be the secret behind their success?

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It is a good idea to learn what creates those differences that distinguish them from the thousands of failures in the same marketplace and the copy them.

It becomes interesting to learn that successful Forex traders possess similar mindsets and habits. Perhaps these are the traits that separate them from the rest of the pack.

1. Passion

Successful Forex traders are highly passionate about their work and what they do. They love every single step of the detailed process from trading to the sheer anticipation of waiting for the results. They love the environment of the Forex trading and the ability to tap into this buzzing marketplace to make tons of money for themselves. It all starts with a labor of love.

2. Emotional Mastery

It is easy to get swayed by the heat of things and make wrong investment decision when things get tough. This is where most investors fail. Whenever the value drops, most investors may be compelled to sell everything in a panic when prices are dipping low and this causes them to lose money in the process. A more skilled investor would manage their emotional response better and understand that things will change and thus wait for the prices to go up and sell them at the right time to make a handsome profit.

3. Discipline

When things get hard and you are losing money, it is very easy to over-react and make mistakes. When emotions are high and people are in a selling frenzy, you could be the one to cash in by buying low and then wait for the right moment to sell high. But it takes discipline to keep your emotions at bay and stick by your plans and systems.

These three traits are what separate successful Forex traders from those that lose money. Make it a point to find these traders and learn as much as you can from them. Copying Forex traders that make money makes it more likely for you to make money too.

Want to learn more about the importance of finding and studying successful forex traders?

Visit my site right now at ForxDayTrader.com to grab 5 FREE videos that will teach you the basics of profitable forex trading.


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Traits of Successful Forex Traders That You Should Copy in Order to Find Your Own Forex Success

September 14, 2011 by  
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by FxShell

Traits of Successful Forex Traders That You Should Copy in Order to Find Your Own Forex Success

When dealing with Forex trading or other investments, you can never leave things to chance. It is vitally important to ensure you get your footing right and even more important than that, get your back covered. You need to have the right skills and the proper mindset to create success in this industry. This is the most important thing to realize if you desire to share the windfalls of successful Forex traders.

It takes time and hard work to make profits in Forex trading, and success would only belong to those who are willing to pay the price. Learning from the best in this field literally saves you years of hard work and the pain of going through the steep learning curve that all beginners face. Studying and mimicking successful Forex traders would help you prevent those costly mistakes that other new investors would have to go through normally.

Here are five of the most imports traits that successful Forex traders have which would help them make profitable trades and avoid the costly downfall of losing their investment in this volatile marketplace.

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Mindset

The most successful Forex traders possess a very strong conviction and a proper mindset to ensure higher chances of making trading decisions that ultimately lead to profits. It is important not lose your ground when things get rough and never make a decision when you are emotionally upset.

Perfection

Some Forex traders make the mistake of waiting for the “perfect” trade before they take action. This is a very risky move and over the long run it can cause some major losses if you fail to pull the trigger on a trade that would have made them money. There are no guarantees in the Forex market. All you can do is analyze the current trends against the past trends, decide intelligently how which way the currency should go, and then place your trade.

Follow the Rules

There are certain rules to profitable Forex trading that every savvy investor knows and follows. You should discover what these tested rules are and follow them diligently. The best way to discover these “secrets” is to find successful Forex traders and study them in depth. Do not be tempted to deviate from the known untested course if you are not looking to lose your money into this high risk venture.

Stay in Control

Never ever make the mistake of letting your broker deal with all of your investment decisions for you. You must take charge and ensure you make the right choices.

Beware of the Cycles

It is good to realize that Forex trading occurs in cycles and it is good to acknowledge these different trends. If you have had a particularly bad day, please do not turn it into a horrible experience or a painful memory that haunts you down the road. It is important to get a good grasp of yourself during times when you guess wrong on the direction of a certain currency trend. Re-evaluate your data and learn from your mistakes to ensure not to repeat the mistake in the future.

The biggest challenge is finding successful Forex traders. Once you have found one or two, most are happy to share their Forex knowledge and experience with you.

Want to learn more about the importance of finding and studying successful forex traders?

Visit my site right now at ForxDayTrader.com to grab 5 FREE videos that will teach you the basics of profitable forex trading.


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Currency Trading Lesson - Tips From a Group of Millionaire Forex Traders for Bigger Profits

September 11, 2011 by  
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by FxShell

Currency Trading Lesson - Tips From a Group of Millionaire Forex Traders for Bigger Profits

In this article, we will look at a currency trading lesson which involves a group of super traders, who managed to learn Forex trading in just two weeks and went on to make millions in profit. These people were not nerds or geeks, they were ordinary people who learned quickly how to trade FX markets for huge gains and there is much you can learn from them which can help you enjoy currency trading success.

Richard Dennis was a trading legend, who believed that anyone had the potential to learn to trade and he set out to prove his point. He gathered a number of people from diverse backgrounds which included - an actor, a security guard and a female accounts clerk, to name just a few of the group and set about teaching them to trade. The training took just two weeks then, Dennis gave them live accounts and they ended up making hundreds of millions of dollars.

You might be wondering, how this group managed to do so well so quickly, when the majority of Forex traders lose money, so let’s look at what they did right and the majority of traders don’t do.

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- The traders were taught a simple method which traded price action via breakouts and focused on, trading and holding long term trends. Most traders, like to try and predict lows and highs and not trade the confirmation of price action and lose. Furthermore, most traders like to scalp and day trade which simply means they trade the noise of the market, take low odds trades and lose.

- Simple methods also work best and the method was so simple anyone could learn it yet, there are a vast amount of traders who think the market can be beaten with a complex system and they make very clever systems which lose. The reason simple systems work best is - they have fewer elements to break, than complex ones.

- What will surprise many traders about the above system is - it lost far more trades than it won (it lost over 70% of the time) but the system still made triple digit gains because, it kept its losses so small and ran its winning trades. In Forex trading it’s a fact that most traders simply cannot keep their losses small and don’t understand losing the majority of trades is simply what happens in Forex trading.

- All the traders in interviews, commented learning the system was easy but trying to follow it was hard because they had to take so many small losses and wait for the big trends. Of course they were taught to do this and followed the system with discipline and made huge gains. The majority of traders can’t trade with discipline and lose but if you can’t trade a system with discipline, you simply don’t have a system!

So can you enjoy currency trading success? Yes you can, in fact anyone can with the right education and a disciplined mindset. If you learn the above currency trading lesson, you will soon be making a great second income, in the world’s most exciting investment - trading global Forex markets for profit.

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 the BEST Currency Trading Strategies for success, visit our website at: http://www.learncurrencytradingonline.com.


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Difference between the Sponsor Forex, Forex traders and Currency traders

September 10, 2011 by  
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by FxShell

Difference between the Sponsor Forex, Forex traders and Currency traders

Forex trading is a profession with feet where you jumped your 24 hours daily life day new forex alert around the globe five and one half days per week. The merchant market forex / currency begins from the start is where Tokyo trading Monday around 9am their time is 7 PM on Sunday in New York and ends around 16 pm (est) Friday in New York.

In the past I was an expert forex traders in terms of four major currencies operating in a small shop currency trading company in San Francisco. I still remember the working hours was almost 16 hours per week where you only got few hours of sleep each day. We specialized in private investors’ funds and managing those funds were in high pressure and stress are the reasons that the private investors will call you anytime to check their forex trading forex positions and account balances. The payout was high but the working hour was dreadful.

After few years of trading and managing clients’ funds, I was promoted to head the marketing department of the company and my function is to draw in new customers’ funds for the company. Training and motivating the forex brokers and traders was one part of the job description, the challenging part is to maintain them. Since the job required the individual to be high in stress tolerance, and to be able to commit long working hours, the forex brokers turn over is extremely high even though the payout is good.

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Let me clarify the difference between individual forex brokers, forex traders and currency traders. All of these three professions have the same job descriptions except forex brokers spend more time in communicating and dealing with investors whereas forex traders and currency traders spend most of their time monitoring the global foreign exchange market. To be more specify, all of them are individuals who manage clients’ funds in the currency market using their expertise and knowledge. A forex broker can share with a client where the forex trader the broker brings in the funds and the trader manages the funds.

As for qualifications, a candidate needs to have a tertiary education preferably majoring in business finance or marketing. Once hire, forex trader has to go through long hours of training where the trainee will be assigned to a senior trader to assist him in daily trading activities. It will take the trainee at least six months to have a good feel of the market and small funds will be allocated to the trainee to manage. Off course there will be a base salary and bonus which is depending on individual performance. Most companies, banks and financial institutions have their own pay compensation scheme. The negative aspect of forex trader’s profession is that he could face penalty deduction in such as bonuses or even get sack if they do not meet the performance standard requirement for the company, which inevitable to keep the treasury department in good performance.

With the current global financial meltdown, this profession may be sluggish as banks and financial institutions are cutting back in hiring. Looking back, it has been more than 17 years since I was once a forex trader and I have no regret to be one as it is my passion to deal with investors as well as the gigantic forex market. Even though I went through sleepness tiring days and nights, the unforgettable experience was wonderful and electrifying just to add in some spices to my journey of my career life.

For Best Automated Trading Robot use only www.fapturbo.com

I am a Forex Trader.I love currency trading.


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5 Secret Characteristics of Successful Forex Traders

September 9, 2011 by  
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by FxShell

5 Secret Characteristics of Successful Forex Traders

Ever wonder what makes a successful forex trader tick? What separates the winning traders from the average trader? Research shows that every successful trader possesses these 5 specific characteristics:

1) Be disciplined
2) Persevere
3) Treat trading as a business, not a hobby
4) Be Unemotional
5) Set Goals

Read, understand, and emulate them to help you become a more profitable trader.

1) Be Disciplined

Anybody can get lucky and make money in the forex market; however, only the disciplined can make money consistently over time. Being disciplined is by far the most important factor that determines your success.

Every professional trader knows that the trading method or strategy does not determine your success. It’s how you follow through on the strategy that matters.

Your trading strategy is your compass and will tell you where to go and how to get there. Do not get lost. Don’t make trades because you “like” a specific currency, or because you “think” that there will be strong run-up in a specific currency. When you start making arbitrary decisions like these, you will get lost and start losing money.

Following your system is always your best option. You must have the discipline to follow your strategy even through a string of losses.

2) Persevere

Everybody fails. But not everybody knows how to come back from a failure. Many successful forex traders today began their trading careers by losing their entire bankroll.

Millions of people are lured to forex by the promises of easy money, and unfortunately most of us that attempt it lose a great deal of money. So is losing money a pre-requisite for forex success? Of course not.

The majority of people that lose money will never become successful. They become depressed, discouraged, and give up trading immediately. On the other extreme, some people who lose their first 10,000 dollars will borrow another 10,000 dollars and lose it in the exact same way.

Beginners will lose money; that is a fact. But failing to learn from your failures will be your greatest mistake.

Take the opportunity to learn from your mistakes. Did you trade based on emotion? Were you trading based on a tip? Does your strategy fit the current market trends? Did you risk too much money on one trade? Did you misread the charts? Were you impatient? These are the questions you must ask yourself when you fail. But the most important question is this:

Why did I fail?

If you can answer this and learn from it, you will no doubt be on your way to becoming a successful forex trader.

3) Treat trading as a business, not a hobby

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Let’s face it, we can’t all quit our day jobs and start trading currency full time. Not yet anyways. Professional forex traders are better traders than most people for the simple reason that they spend at least 40 hours a week either trading forex or researching the forex market.

Trading forex is a business for the pros. If they lose money trading, they will lose their jobs. That’s pretty good motivation to be good at what you do.

The same attitude should be adopted even if trading is not your full time job. Treat it as a business and not just a hobby. A hobby is something you do for fun in your spare time. A business is a venture to make money.

I trade forex to make money, not have fun. I have lots of other activities that I can do for fun. I enjoy running, traveling, and watching TV, none of which will make me any money. In fact, most hobbies will cost you money. Trading should not cost you any money, it should make you money.

If you approach you trading as a business, your outlook changes completely. Losing money is not acceptable in a business because if you do it long enough, you will be out of a business. You will take every possible step to stop losing money.

A business will not grow by itself. You must devote time to learn how to become a profitable business. Use your spare time to do some research into the market, read some good books, and attend training seminars. Stop wasting your time on things that cost you money, and start investing your time to learn how to trade properly, which will lead you down the road of financial freedom.

“I’ve always believed that if you put in the work, the results will come. I don’t do things half-heartedly. Because I know if I do, then I can expect half-hearted results.”
-Michael Jordan

4) Be Unemotional

If you have ever played poker, you will know the high of going “all in”. Your heart is racing like there’s no tomorrow, and you are hoping and praying that the cards will go your way. It’s the thrill of knowing you can double your money in a few moments and also knowing it can all disappear if things don’t go your way.

This type of excitement should not exist in any form in your trading. If you are a thrill seeker, go skydiving. If you are a gambler, go to a casino. If you are afraid to lose money, open a savings account.

Successful forex traders do not let their emotions interfere with their trading. Too often, we let fear, greed, or pride get in the way.

Fear

Fear will prevent you from making the right trades and make you lose out on immense opportunities. Fear stems from lack of knowledge and proper education. You are afraid because you can’t see that a trade is the right trade since you don’t know what the right trade looks like. Once you acquire the knowledge and training, you can begin to trust your decisions because they are based on facts and not emotion.

Greed

Greed is another emotion we must overcome to be successful. Many beginners experience “beginners luck”, and come out on top on their first few trades. Then they start believing that they should have traded with more money so their profits will be larger. So on the next trade, they trade with a large sum of money and they lose it all. Logic will dictate that they should trade with a smaller amount the next time around since they have less capital now. Unfortunately, humans are not logical creatures. Our greed takes over, and we start believing that if we put in more money, we will make up for the lost amount, and come out on top. Sadly, this cycle can only continue until you are completely out of money. The worst thing that can happen to a beginner trader is to have a successful first trade.

Pride

Pride will take you nowhere fast in forex trading. Pride will prevent you from learning. When you feel like you have nothing left to learn, that is when you will start losing money. Pride is the toughest stumbling block to overcome for some because it is an ingrained part of their personality. However, we can all learn from the hugely successful forex traders who still need to research and read to maintain their success.

You can still be happy when trades go your way, and sad when they don’t. However these emotions should not play any part when making your decision for the next trade. Your decisions must be based on logic and facts, not emotions.

5) Set Goals

Every trader needs goals to keep them on track. It doesn’t really matter what your goals are, but it’s important to write them down. If you don’t write down your goals, you will never know if you have achieved them or not.

Everybody has a different goal when they begin to trade forex. Some people just want to make a few extra bucks on the side trading; some people want to make enough so they can quit their day job. Some people are tired of the 10% average return from the stock market and want to put their money to work for them in forex.

Write these goals down and look at them often so you will know if you are on track to meet your goals or not.

Summary

The best way to be successful at trading is to emulate patterns of successful forex traders. Read, re-read and understand these 5 characteristics and apply them to your forex trading career. You will find that you will become more successful when you possess these 5 characteristics.  Visit www.forex-savvy.com for more articles to help you become a successful forex trader.

www.forex-savvy.com is the ultimate resource for unbiased, helpful and friendly advice for the beginner forex trader. Learn trading strategies and practical methods to start profiting in the foreign exchange market.


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3 Things At Home Forex Traders Can Learn From The Pros

September 9, 2011 by  
Filed under Latest News

3 Things At Home Forex Traders Can Learn From The Pros

At home Forex traders are always looking for an edge to help them become more profitable. Usually, this “edge” comes in the form of a Forex robot or mechanical system where all they have to do is follow some simple rules. But if you really want the edge, look to Forex professionals who have already tested their methods and succeeded in the big Forex arena. Approach Forex Trading Like A Business A lot of at home Forex traders are looking to make some extra money in the Forex market, or have dreams of “striking it rich” trading currency. But the “hobby” or “get rich overnight” mindset is not the way to real and consistent profits trading currency in the Forex Market. You need to look at Forex Trading as a serious business! Even if Forex trading is not your main source of income… treat it as if it is. Use a trading strategy designed to reduce risk and maintain your investment balance, while simultaneously looking to place winning trades for steady growth. Use a set of trading rules like the pros use… and abide by the trading rules to the letter and don’t EVER deviate from them. Money Management Is More Important That The Trading System The trading system you use should be designed to gain pips, while reducing the risk of losing pips. The trades you make should not be about MONEY… but pips. The true goal of your trading should be to make more pips than you lose, because there is no system that can guarantee 100% winners. Money Management determines how much money you make from the positive pips you earn. Two traders making the same trade and increasing the same amount of pips will make different amounts of money determined by their investment size, their lot size and how much of their balance they use for each trade. Money management is where the money is! Professional traders use money management to protect their balances, while giving them the opportunity to continue trading and increasing their profits. This is the type of money management system you should adopt as well. Proper use of your investment and managing your risk is the only true way to profit in the Forex market over the long haul. Sometimes NOT Placing The Trade Is The Best Option Novice traders get hooked on trading. After all, if you are not making trades, you can’t make any money, right? But this desire to make trades leads to trying to force trades. Since they want to trade, they interpret the indicators in order to trade. As a professional trader looking for long term profits, sometimes it is necessary to decide not to make a trade at all. If you are an at home Forex trader, the best thing you can do is start to think and act like a professional trader. The mindset, trading systems and money management they use has been proven to work in the toughest of environments… ans should be incorporated into your trading plan to reduce risk and make your trading as profitable as possible.

Forex Confidant, written by Thomas Strigano, reveals the mindset, money management and trading strategy a real pro uses to survive and prosper for Forex trading. To learn more read my full Forex Confidant Review


Article from articlesbase.com

My 95% drawdown. Why it shouldn’t affect you. And serious trader talk. — www.alamedan.com New primary trading account capital, leverage, position size objectives — www.alamedan.com

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