Many people out there are constantly searching for a forex trading system which can generate profits everyday for them, are you doing the same thing too? I assume that you might have seen articles on why 95% of the traders lost money in the currency market, so I won’t go into that anymore. What I would want to emphasize below is the 4 warning signs about currency trading which prevent them from being successful.

#1 – Trading systems must be sophiscated

Since technology is so advanced in a world like ours today, traders always think that the more complicated and difficult is a trading system, the better and higher the success will be. This is definitely not true. For the past few years,

I have seen traders maintaining their trading career for more than 10 years by just using some of the simple forex trading strategies. This is because in a brutal ever changing currency market, simple systems work best as they are more robust.

#2 – Working hard like any other businesses

I will always agree that massive hard work that you have put in for other jobs or businesses will reward you in long term, but not for forex trading. Isn’t it amazing to know that you can be a successful trader without having to work hard?

Instead you need to work smart. Follow the rules of your proven forex strategy and the market will reward you eventually, you do not have to keep on looking for trading opportunities every minute or so.

#3 – Keeping ego and afraid of losing

If you are a forex trader who does not have any losses, then probably you are not trading at all. I have to admit that I hate to loose in the past too, but once I know that I can profit consistently from the market even there were some small losses, I accepted the fact. Even the best trader of all time does not have a 100% winning rate, and no one does because the market will never allow that.

#4 – Forex scalping gives fastest profits

I can’t stress this much enough that you should be looking for quality trades rather than quantity. In the past few years, I have experimented all sorts of forex trading techniques and I can only say that scalping is a very difficult strategy for me. I can turn any of my forex day trading signals into nice profits but not from scalping, as it is not my style of trading.

I have a question for you here. Would you rather earn 300 pips with just 3 trades in a month or would you stress yourself out by looking for 10 pips everyday? If you chose the latter, I must let you know that currency trading is all about high probability trades. I can assure that you won’t find quality trades everyday, and since that is the case, you could end up losing much more than what you have scalped from the market.

The above forex tips are something you must learn before you can embark on your trading career with more confidence. My personal advice to you is to first master your trading skills with a proven forex trading system and with some money management and discipline, you are almost ready to be start a home business earning consistent profits from forex trading.

By: Daniel S.

tommyfourth asked:

I was looking at two things, one seems to be a trading system on autopilot, the other a robot. I still don’t know the difference… sorry newbie here

One is

http://warrenforren.org/2009/01/17/forex-ambush/
the other is:
http://warrenforren.org/2009/01/17/3/

I am nervous about a robot doing anything with my money. Thoughts?

Check out some more more FOREX tutorials/strategy videos

Do you keep a diary at home, so that you will be able to remember what you have done in the past when you read it? It goes the same for a forex trading diary. If you have realized, the diary could well be a forex trading tutorial to you, as it allows you to spot mistakes and repeat what you have successfully done.

It is always good to keep a trading diary no matter you are a newbie or experienced trader. For me, I have a blog not only to help me keep track of all my trades, but I can also review the forex trading system that I used for certain trades, and see which systems suits me the most. Then after some time, I found out the forex trading signals that were generated by some of my forex indicators were very useful and I’ll always look out for those trade setups.

All traders will make mistakes in trading, so if you don’t take down the mistakes, you would probably repeat it again. For example, if you are chasing after the price, you can write down: ‘I’m too eager to trade on this date at this time, therefore I chased after the price, and my trade got triggered by the stop loss’. You can take down the forex trading strategies that you have taken to win a trade, so what you have to do is to repeat it. Have a section on forex trading tips, so you can refer to it every time you trade, and this will help you to follow the rules of the trading system. Sounds like a forex trading guide isn’t it?

You can probably take a screenshot of the chart when you opened and closed a position, take notes on your state of mind during that time and write in your trading diary why you had opened and closed your position. This can be very valuable to you in the future. It helps you grow as a trader and make better trades next time. Even if you are using an automated forex trading system, you can write down the mistakes made by the system and you can improve it next time. For me, I’m trading manually, so I will take down some of the forex trading techniques which I can keep on using and repeating it for success.

I have been trading for years and I realized that the best forex trading system is not just having a successful system, but also consists of a trading diary to keep track of my trading success. If you want to know more on how to trade forex successfully, you can find the right education by getting forex tips, forex day trading signals and strategy from my FREE forex ebook.

By: Daniel S.

bisnis546 asked:

I made many errors in my forex trading,losing thousands dollar and almost frustated.But i will not give up,except you suggest otherwise

4 separate forex robots at 1 price

watch the Trend- 3 Rules to Make serious profit

Most beginner traders don’t bother trying to trend following forex longer term – instead they try forex scalping or day dealing. These methods focus the trader on small moves and they hope to catch small gains however as most short term moves are random, this leads to equity eliminate.

The other picks are swing dealing and long-term term forex trend following and this article is all about the latter method. If you look at any forex chart, you will see long-term term trends that last for months or years. These moves can and do yield serious profit – present we will outline a simple method to catch them.

Looking for Breakouts

By far the greatest way of catching the serious moves is to use a forex trading strategy based around breakouts. A breakout is simply a move on a forex chart where a new high or low is made and resistance or support is ruined.

New High and Lows

While it might appear that you are not buying or selling at the greatest level, you are in terms of the odds of the trend continuing. Most forex traders make the mistake of waiting for the breakout to come back and get in at a better price but these traders never get on board. The grounds for this is if a breakout occurs, then you have a new strong trend and a pullback is not very likely to occur.

Most traders don’t buy or sell breakouts and that’s exactly why it’s such a important method.

The only point to keep in mind is a support or resistance which is ruined, should be valid and that means at least 3 points in at least 2 different times frames. The more tests and the wider the spacing between the tests the more valid the level is.

Confirmation- Make sure you confirm before the trade

Of course not all breakout keeps and some reverse, these are false and can cause losses. You therefore need to confirm each move. All you need to do to achieve this is to put a few momentum indicators in your forex trading system to confirm your dealing signal.

These indicators give you an estimation of the strength and velocity of price and there are many to choose from. We don’t have time to discuss them present (simply look up our other articles) but two of the greatest are – the stochastic and Relative Strength Index RSI

STOPS AND  YOUR TARGETS

Stop levels are easy with breakouts – Simply behind the breakout point.

If you have a huge trend then you need to be careful you can milk it, so don’t move your stop to soon and keep it outside of normal volatility. If it is a huge move, trailing stops should be held a long-term way back and the 40 day moving average is a good level to use.

You have to keep in mind that when the trend does eventually turn you are going to give some profit back. You don’t know when the trend is going to end, so don’t predict.

The above is a simple way to trend observe forex and catch the high odds moves that yield the serious profit. If you are learning forex trading and want a simple method that is robust and will help you catch every superior move, then you should base your dealing on the above method.

Now that you all the money skills to start trading you need to find the right Forex Broker. Recently the CFD FX REPORT

 has researched this area an have come up with who they believe to be the Best Forex Broker so if you would like to know who you should be using feel free to visit our website or email us at support@cfdfxreport.com

By: singapore trader

Are you searching for a Forex trading company, yet you are also new to trading Forex and aren’t sure which trading company is best for you to use? Let’s discuss some unique Forex trading companies and the various advantages as well as disadvantages of each one. A first step to take is getting a little background on Forex in general.

What Exactly Is Forex?

The word Forex is actually a slang term for “foreign exchange” trading. What Forex traders do is to leverage the exchange rate differences of money that is used throughout the world to make a profit through trading foreign currency. What Forex trading companies do is hire brokers who end up making trades for investors.

Forex  For Beginners

If you are a new person to the arena of Forex trading, search for several elements in a company that does trading that will assist you in acquiring Forex trading experience while not end up losing too much money in the process.

Training Account For Free

For those that are beginners in Forex, you should attempt to locate a Forex trading company that allows you to do trading of foreign currency without cost. This is accomplished in many places as a ‘game account’. They let you play with ‘virtual money’ for a trial period of training.

Numerous Forex trading companies are hoping to aquire your Forex trading business, so they make available free virtual $10,000 account that you can experiment with in a simulated Forex trading scenerio. Ten thousand dollars in virtual money is typically enough money to get your feet wet, so to speak, in this type of trading prior to you taking the plunge with your own real actual money.

Forex Education For Free

It is a good idea to take advantage of the Forex education available for free that many companies offer. Numerous trading companies make available seminars that are online to present to new investors ways in navigating the Forex trading system.

If you are a do-it-yourself type of person and prefer to educate yourself, you can try an online tutorial; you would be surprised at the amount of information you can learn when watching a short tutorial. If you would rather have an in person experience compared to the isolation of cyberspace, you can also attend a free in person seminar.

Course For a Fee

An additional option for learning the Forex trading environment is to spend a fee for these courses. The benefit of these types of courses is that you take away an individualized strategy for your Forex trading account.

Forex Discussion Board And Chat Forums

One of the methods that many up and coming forex investors use is that of going through discussion boards and chat rooms. These boards have plenty of information in regards to ways to begin in Forex trading and some recommendations on which Forex trading companies are available.

Recommendations

Based on some criteria such as free training accounts as well as free educational Forex offerings, you might want to do your research and due diligence into some of these; Signals-Forex, CMC Markets, Forex Systems, GFT Forex, FXSolutions, and Pro-Forex. You assume full responsibility in your choice of course.

By: Korbin Newlyn

anav asked:

Hi everyone!

I am relatively new to forex and have only just found out about all these automated forex robots and such that are supposed to really take a lot of the risk out of forex trading. There are so many though! Can anyone suggest like a good one, based on personal experience?

Thank you!

Learn to trade Forex in 25 mins

u can implement any of your Forex trading strategies, you must select an appropriate broker. However, keep in mind that not all brokers are created equal. Below are several factors to take into consideration.

Industry Experience – It’s always a good idea to see how long your broker has been in business. Investigating the background of any particular firm will give you a good sense of their professionalism and that your money is not at risk unnecessarily. You should always choose a firm that is established and has a strong reputation in the industry.

Demo Account – Especially if you’re a beginner, you need to familiarize yourself with the mechanics of how the broker operates. You should always use a broker that offers a free demo account so that you can test out your Forex trading system. These accounts usually come with all the research tools that are important for your Forex education. It’s always an intelligent idea to test our your system, their trading platform, and your comfort level before you start Forex trading in earnest.

Forex Trading Spread – When choosing a broker, it is important to take in to consideration the spread. In Forex trading, the spread is the difference a currency is being offered to be purchased and the price it is offered to be sold. Brokers make their money on this difference. The smaller the spread, the better it is for you. It’s always best to choose a brokerage that offers the smallest spread in order to maximize your currency trading strategies.

Leverage in Forex Trading- Almost all brokers allow you to trade at a level much higher than the amount of funds in your account, often hundreds of times this amount. If you are confident in your Forex trading techniques, the higher the leverage a broker offers you, the greater your profits will be.

Forex Trading Tools – Most brokerage will allow you access to a variety of research tools. However, keep in mind that the quantity and quality can vary greatly. Regardless of the broker you choose for your Forex trading, you need real-time quotes, various charting possibilities, professional research reports, and live news capabilities. If you are a novice and unfamiliar with computers, then you might want to choose a brokerage with easy-to-use software.

Whoever you choose for your currency trading purposes, you should always be well prepared before you start. Educate yourself, practice, and test out all your strategies beforehand. No one ever succeeds in Forex trading without being well-prepared first.

By: Andrew Daigle

If you surf the internet, you will come across plenty of sales page selling various forex products, with lots of hype. I know there are many forex trading systems out there in the market and every product seems to claim that they can make big money in a short period of time, without too much capital, it is very easy to use and anyone can do it without any knowledge in trading.

But after people bought the products, then they realize it’s all marketing gimmicks and then the search for better forex trading systems begins again. So to help you guys, I have some forex tips that can help you avoid scams in your search for the best forex system.

1. Look Out For The Forex Trading Track Records

Although this seems common sense, but there will still be forex traders buying a forex trading system without looking for the track records first. If that is so, then there is no wonder why they lose. Please don’t be attracted by the claims like: ‘near 100% success rate’, ‘earn your first million in 2 years trading forex’, ‘forex training that can give you financial freedom ever’ and many more.

Look for the real time proof of the forex trading system because vendors will try to cheat by using a track record on a hindsight (they already know the closing prices), so look for a trading statement that they are trading daily.

2. Look Out For The Largest Drawdowns

Any forex strategy will have a drawdown and it’s a matter of whether it is small or huge. This means that your trading account will experience a drop in value or margin which is in floating losses but yet the trade is still opened. Although the losses are not realized, but we should be looking for a forex trading system that gives you as little drawdowns as possible, a guide will be around 5% – 8%.

Depending on the system’s trading strategy, the drawdowns may be days, weeks or even months, so you will have to make sure that you are comfortable with those down swings.

3. Are You Comfortable With The Trading Timeframe?

This is a very important factor to look out for in a trading system. If you are working all day with very little time to trade the forex market and you purchased a trading system which requires you to monitor several times a day, then you are simply wasting you money.

What’s the point of having a good system but yet you have no time to trade and make profits? So if that’s the case, you might want to look for some systems that will allow you to trade but only have to monitor maybe once per day…and this type are mostly swing trading strategies. So be anxious to find out timeframe is the forex trading system operating on first.



By: Daniel S.