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.

Most of the successful traders in Forex will develop a strategy and perfect it over a specific period of time. Some people will focus on one particular study or calculation, while some others use broad spectrum analysis as a means of picking their trades. Most experts would probably suggest that you try using a combination of both fundamental and technical analysis, with which you can make long-term projections and also determine entry and exit points. Of course, in the end, it is the individual trader who has to decide what works best for him/her.

When you are ready to get started in the FOREX market, you should open a demo account and paper trade so that you can practice trading until you can make a consistent profit.  Many people who fail do so because they have a tendency to jump into the FOREX market and quickly lose a lot of money because they just don’t have the experience. It is important to take your time and learn to trade properly before you start committing any of your capital.

You also need to be ale to trade without feeling. You can’t keep track of all stop-loss points if you don’t have the ability to execute them at the right time. You must always set your stop-loss and take-profit points to execute automatically, and don’t change them unless you absolutely have to. You have to make your decisions and stick to them.  If you don’t you will drive yourself and your brokers crazy.

You should also realize that you need to follow the trends.  If you go against the trend, you are just messing around with your money because the FOREX market tends to trend more often than anything else and you will have a higher chance of success in trading with the trend. The FOREX market is the largest market in the world, and every day people are getting to be increasingly interested in it. But before you begin trading, make sure that your broker meets certain criteria, and take the time to find a trading strategy that works for you.

When it is time to choose your broker, you will have to take your time as stated before and choose a broker that sticks to one particular formula. It just makes it easier for you to learn and begin your forex ventures.

There are a lot of forex trading software online available which can make you a lot money. Take just the right one.

By: Mirko van Anken

In FOREX trading, it’s a fact that many traders simply can’t let their profits run – they enter trades correctly, but only ever, bank marginal profits.

“Let your profits run” is accepted market wisdom – but how do you do it in practice? How do you maximize your profits?

Many FOREX traders get in on a good opportunity, and take a marginal profit, or are stopped out – they then watch in frustration as the trade piles up $20,000, $50,000, or more – and they’re not in the market! This happens all the time, so lets look at how you can let your FOREX trading profits run.

Statistical Significance

When FOREX Trading, letting your profits run, is the only way you can cover the cost of your losses – and most traders don’t understand its significance.

What constitutes a large winner in FOREX trading? – You need to make ten times or more than your average losing trade. If you lose $500, you need to make $5000 – but how do you do this?

The only way to make money in FOREX trading is by letting your profits run – and this isn’t as easy as it sounds. You need to let your profits run with a NO profit objective. Of course, this is hard to do – and most traders don’t do it (and that’s why they lose).

There are two reasons why traders lose money in the FOREX market – one’s mental, and the other’s physical:

A Mental Dilemma

Why is it so hard to hold on to winning trades?

The emotion of fear comes into play here – the bigger the profit becomes, the more a trader wants to take it – before they lose it.

Watching a trade you are making money in, dip back is hard. Most traders simply say, any profit is better than no profit – so they take a small profit and feel happy. However, the profit isn’t big enough – and their losing trades wipe them out sooner or later.

Traders want to snatch ANY profit – in case it gets away – but this is totally wrong.

Physical Reality

The large trends simply do not come around that often.

By using an open profit objective, and a lagging exit, most of your FOREX trades will lose you money.

Trying to avoid losses by snatching profits, or running stops to close, will see you lose money in the long run, when you trade the FOREX markets.

The huge trends don’t come that often – so you need to catch them.

If you want to catch the big winners, then you need to see the majority of the trades that you enter, that are in profit, reverse – and stop you out at a loss

Because FOREX Trading offers traders fantastic long-term trends – that go on for months, or years – if you can get in on them, and hold them – you’re all set for huge profits.

Use Lagging Exits

A lagging exit is where you wait for confirmation of a trend change – before banking your profit.

Many traders try to anticipate a trend change – only to take profits early, and miss the major move – don’t fall into this trap!

Here are two exit strategies that will keep you in the trend for as long possible:

1. To exit a trade, use the 40-day moving average. If positioned long in an up trend – wait for a close below this level – and exit the position. In a downtrend, exit a short on a close above this level.

2. If long from a new 20 day high – hold position until prices make a new 10-day price low. If short from a 4 week low – hold short until prices make a new 10-day high.

These two lagging exit strategies will ensure that you are in the big trending moves, for as long as possible. In FOREX Trading, if you want to run the big winners, then you must use a lagging exit. If you do this, then you will stay with the big moves – and pile up huge gains – rather that get stopped out early.



By: Sacha Tarkovsky

klrpnda@sbcglobal.net asked:


Having a real tough time being able to make money trading the forex market. Anyone make consistent profits and care to share some tips?

Forex earnings: $10K to $34K in 91 days