Eric asked:

what time frames do you guys use 1day,1hr, 1week??

the majority of my trades are 2-3 hrs max

i am using a one hour chart and a 5min chart to time my in/out

pointers??

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

ryan asked:

Ok, stupid question but I just started playing around with forex… I don’t get how people can lose their whole account so quick.. Aren’t the odds of winning or losing a trade close to 50/50 if you set your stops far enough? say I have a $10,000 account and trade 10,000 units of eur/usd every trade so thats $1 a pip and set my stops at 50pips and every trade I do the same thing. THen I flip a coin and say heads I buy and tails I sell and do this over and over.. it should still be close to 50/50 right? Now what if instead of a coin I increase the stops to 100 pips and just follow the trend using simple fundamental techniques? This should be a good way to win right? What do you think?????
simion-yes I know, there’s of course reasons why the market moves the way it does but the coin does not know or care. So if the USD suddenly decides to turn around and I sold the EUR because that 50/50 coin toss decided tails then I make money. The chance is still 50/50 because the chance of hitting either stop is close to equal. I don’t see what leveraging has to do with it this. If I use leverage to increase my buying power I don’t go full leverage because that’s the easiest way to kill yourself, that’s obvious I think you’re just increasing your chance of getting margin called especially with 50/50 probability. The only factor swaying the 50/50 is the spread. THank you for your response though I am just trying to figure out and this was just my initial view of the market.. I’m far off from learning fundamental methods of trading, it will take me years to understand it and even then I don’t think that knowledge will pay off if I don’t have the fortitude to make confident trades.
yaguru- iam not competing with the likes of soros just like walmart doesnt compete with the guy selling homemade trinkets at venice beach. I don’t think big fish like them don’t care about the seasponges like me. with $2 trillion in trades a day I’m a drop in the ocean.

Check out some more more FOREX tutorials/strategy videos

There are lots of forex signal services to choose from and the idea is appealing, no real work, just follow the signals generated by the forex trading system software or vendor and get big profits longer term. To choose the right forex trading signal service however you need to consider two key points.

1. Track Records

Ok let’s get the junk ones out the way first and that’s 95% of all services and its easy to do – look for the disclaimer below that proves the system track record has been made up – read it carefully:

“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.

Never trust a vendor if they show you a track record with the above written on it.

The trading signal service hasn’t been traded. Think about it – if the vendor was confident in his product why hasn’t he traded it? If he hasn’t why should you.

OK that gets rid of 95% of the trading signals services but what about the good ones with real track records? Well even if they are good, you need to do one thing that won’t take very long:

2. Understand the Logic and Have confidence in It

A forex trading signal service may make money but you have to apply it.

If you don’t have confidence in it (when it hits a few losses) then your discipline can go out the window. If you don’t have discipline to apply your trading signals, then you are going to lose.

Discipline comes from confidence and understanding of how and why the system there based on works, so take time to learn it.

If the system does not reveal the logic to you pass it by.

Forex trading signals can make you money and lead you to currency trading success – but you must keep the above points in mind when choosing, to get one of the small minority of good services.

The above tips are straightforward and will help you get the forex trading signal service that’s right for you.

By: Kelly Price

What have you put off today? Something important you had to do that you ended up not doing? Well i am sorry to say this but Forex doesn’t like you very much, it won’t actually come out and say this, but it will definatley show you by eating all your money.

Why do lazy people flounder in the forex market?

1. They put off getting a broker too long and then often make a bad choice.

2. They don’t do any research or engage in education and therefore end up gambling.

3. They clutter up informative blogs and forums with their incessant whines about how forex is a scam and can anyone lend them $20 because they are good for it.

4. They are often emotional about trades and will either get too excited after a good trade or try to take revenge on the market after a bad loss.

Does this look like a successful traders mindset to you? Of course it isn’t. Are you guilty of any of these things? If you are get it sorted ASAP, not or my sake, but for your own. It isn’t my money you are gambling away. “But i thought forex is investing not gambling?” Thank you! I don’t gamble in forex, i invest, many other traders i know invest as well. Whats the difference? Education my friend, education. We know what we are doing, and make educated decisions about where we want our money, a forex gambler wakes up in the morning and just decides then and there where he is going to flush away some more money. They don’t research, they don’t even know what a chart looks like, they just go with uneducated gut feelings.

But let’s stop talking about forex gamblers before i have a stroke, what about successful traders?

1. They research brokers and then choose one and stick to it until the broker gives them reason not to.

2. They are always learning. What is a better indicator to use? What have i done wrong in the last week? This is the kind of thing that sharpens their trading sword so sharp it could cut space and time.

3. They don’t post often, they might not ever post on a forum or blog. To them forex is about learning and they would rather listen then speak. Humble eh?

4. They keep their cool. They know that a win can turn into a loss and the other way around within the next 5 minutes. They have the experience and they have already set up their trades to accomodate for a turn in fortune. They are in control. Well mostly.

So the main point of all this text is to realize that if you can’t even bother having a shower when you wake up in the morning, how are you ever going to be successful in something as demanding, but equally as rewarding as forex? You aren’t because forex hates you.



By: Forex King

These tips don’t take long to do and can be implemented in any forex trading strategy and they will cut risk and increase profits so lets look at these 3 simple forex tips in more detail.

Tip 1 Cut Your Trading Frequency

Most traders simply trade too much – they think the more they trade the more chance they will have of making money. Others think if there not in the market they may miss a move and finally, they try trading intra-day which is simply never gong to work.

In forex trading you don’t get rewarded for how often you trade – you earn your money for being RIGHT – That’s the only criteria to judge your trading performance on and most traders forget this

Consider this:

Trading is a game of odds and the really good risk/reward trades simply don’t come around that often and in forex trading you should only concentrate on them.

To give you an example of how powerful cutting your trading can – I know several traders who trade only a few times a year and clear 100 – 200% in profits!

If you cut your trading frequency down, you can then add in the next tip to make huge gains.

Tip 2 Risk More

You will hear a lot of Forex traders tell you that you should risk no more than 2% per trade – RUBBISH!

If you are trading a small account you will never make any money doing this.

Let’s say you are trading $10,000 – 2% is just $200!

Well, if you consider risk goes with reward, you are not likely to make much risking that. Don’t forget the fact you risk 2% on low odds trades, give you less chance of success than if you risk 20% on a good high odds trade.

Many people think their taking low risks – but in reality they are setting themselves up to lose longer term.

Risk is related to the odds not how much you risk.

Keep in mind you are taking a calculated risk at the right time and risking more, is simply the only way you will win big. So how much should you risk of your account size? As rule of thumb do 10 – 20% of your total account.

Tip 3 One At a Time

Diversification is another buzz word that is supposed to restrict risk – but if you spread your trades around, you simply dilute your profit potential. Don’t fall into this trap.

Pick the best trade you have and load it up with as much as you can afford and hit it hard.

BUT

You are probably thinking that the above is not commonly accepted wisdom and that’s correct – but keep in mind the majority make no real money, so being in the minority is no bad thing here!

Today, there are many who will tell you that you can trade forex with low risk – no you can’t. If you restrict risk to much you have no chance of winning. It’s an investment fact:

The bigger the risk the bigger the reward.

If you learn to take calculated risks when the odds are in your favor you can pile up huge gains longer term and that’s what most people want from forex trading.

Finally, the above is very time effective: You are trading only great high odds trades so you are not trading everyday or monitoring levels constantly 15 – 30 minutes are all you need to build huge profits!



By: Monica Hendrix