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Thread: Forex Trading Guide

  1. #1
    Piplet
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    Default Forex Trading Guide

    Like many people I am sure you are interested to know more about Forex trading. To put it bluntly Forex trading can be either one the best ways to make or lose LOTS of money. Only those who take the Forex market seriously will be able to make money with it in the long term.

    The Forex trading market is beyond a doubt the world's largest market where all exchanges happen instantaneously. Thus, trades are a key challenge for even the most knowledgeable Forex bankers and traders. They have to learn and consider many factors before performing even a single trade.

    At first when currencies began to be traded openly, only large banks were allowed to perform trades. These days, due to the advent of internet trading and margin accounts almost anybody can begin Forex trading. This in turn, has added to the liquidity of the Forex market, and has resulted in a huge increase in the number of individuals who are now active in the market.

    So, does this mean it is easy to earn money through Forex trading? To answer this we must consider a few things.

    Some data by Forex brokers seems to suggest that 90 percent of traders end up of losing their capital, 5 percent of traders have been able to break even and only 5 percent of them attain steady beneficial results. Thus, it seems that trading successfully is no simple task.

    However, if you can learn to be among the 5 percent who make consistent money you can do extremely well by using Forex trading. To help you in this end I have listed five key ways to improve your odds dramatically of making money in the Forex market.

    1. Education

    Successful traders are knowledgeable about the Forex market. They have chosen to educate themselves about every single vital detail of Forex trading. The best traders know that every trade that they perform is an opportunity to learn something new.

    2. Forex Trading System

    All of the profitable traders have a Forex trading system or strategy. Furthermore, they have the will power to stick strictly to that system, because the best traders know that by sticking with their system they stand a far greater chance of earning money.

    3. Price Behavior

    Knowledgeable and successful traders also include price behavior in their systems. They have learned that prices can change quickly and suddenly but are prepared to deal with those situations when they arrive.

    4. Trading Psychology

    First-rate traders are aware of psychological issues that affect the choices of other traders make when Forex trading. They know that people do not always act rationally, and as a result this can alter the expected outcome of a trade. This can help them both when deciding to enter into a trade or when to exit.

    5. Money Management

    This is far and away the most important factor that will determine whether or not you become a successful trader. Averting the hazard of financial ruin is the main concern of all top traders. This means both adequately funding your trading account (only with money you can afford to live without of course) and never entering into trades that can potentially wipe out all of your assets. Better to start trading small and always use stop-loss orders to guarantee that your first trades are not also your last.

    This is by no means an exhaustive list of everything you need to know but it outlines some of the areas you need to consider before making even that first trade. Now you know that it is not easy to earn money in the Forex market, however it is achievable.

    However, success does not happen overnight and anyone promising you that it can is trying to sell you snake oil. It is an ongoing processes not something you pick up in a weekend. Trading success depends on the trader, and how hard you are willing to work to achieve your Forex trading goals.

    Also, remember to try to have some fun. The clearest sign that Forex trading is not for you is if you find the prospect of learning about how the Forex market works boring or dull. If this is the case you won't stick with it long enough to make money and you will be among the 90 percent who fail. Just remember these three important things: be disciplined in your trading habits, manager your money wisely and enjoy the experience of Forex trading.
    by Ian Wright :articlealley.com

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    best guide thankx

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    this things have been needed by every trader
    everyone must have this printed out and put in front of pc while trading!

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    Trading Psychology and Money Management
    these are all the things u would need always
    and we make mistakes in this 2 things often

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    "Education They have chosen to educate themselves about every single vital detail of Forex trading" . what would we need to learn if we want to be a Successful trader? could you pls tell it in detail?

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    making good strategy is a vital things.many traders close their profitable position very early and run their losses waiting for recovery that gives them
    great losses.

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    hehe there are thousands of forex books in the I-net, and you can`t include all issues in one thread, but still it`s a good for beginnig

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    lots of practice and studying is the way to go.

  9. #9
    ayoub088
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    making good strategy is a vital things.many traders close their profitable position very early and run their losses waiting for recovery that gives them great losses.

  10. #10
    danny06
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    Default

    Great post...As Forex trading occurs round the clock, more precisely for twenty four hours a day, investors and traders and other businessmen are delighted with it. Moreover, it has superior liquidity than any other market so buying and selling is never a problem. Traders are always available. So they do not lose out on cash, and there is profit at all times, even when the condition of the market is dismal.

  11. #11
    Robert2009
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    Hi,

    I feel However, before you invest any serious money in any of them, you need to thoroughly check if the purported trading system actually works! The Best Forex Trading Guide is one that gets you ready to make money and Keeps you Profitable

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    When you are considering a Forex trading opportunity you will want to become a member of a reputable program that has a proven track record. One of the best ways to get started in Forex trading is to have a mentor. A mentor will be able to assist you in all aspects of the business and can answer questions that arise.

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    is it possible for me to get a mentor online.i need to know.
    OSAWE EMMANUEL OSAWARU

  14. #14
    musheer
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    Default Best Trading Platform

    Hi every body
    That is very goog begining, Kindly tell me the best broker and easy to use trading platform.



    Quote Originally Posted by fxman789 View Post
    Like many people I am sure you are interested to know more about Forex trading. To put it bluntly Forex trading can be either one the best ways to make or lose LOTS of money. Only those who take the Forex market seriously will be able to make money with it in the long term.

    The Forex trading market is beyond a doubt the world's largest market where all exchanges happen instantaneously. Thus, trades are a key challenge for even the most knowledgeable Forex bankers and traders. They have to learn and consider many factors before performing even a single trade.

    At first when currencies began to be traded openly, only large banks were allowed to perform trades. These days, due to the advent of internet trading and margin accounts almost anybody can begin Forex trading. This in turn, has added to the liquidity of the Forex market, and has resulted in a huge increase in the number of individuals who are now active in the market.

    So, does this mean it is easy to earn money through Forex trading? To answer this we must consider a few things.

    Some data by Forex brokers seems to suggest that 90 percent of traders end up of losing their capital, 5 percent of traders have been able to break even and only 5 percent of them attain steady beneficial results. Thus, it seems that trading successfully is no simple task.

    However, if you can learn to be among the 5 percent who make consistent money you can do extremely well by using Forex trading. To help you in this end I have listed five key ways to improve your odds dramatically of making money in the Forex market.

    1. Education

    Successful traders are knowledgeable about the Forex market. They have chosen to educate themselves about every single vital detail of Forex trading. The best traders know that every trade that they perform is an opportunity to learn something new.

    2. Forex Trading System

    All of the profitable traders have a Forex trading system or strategy. Furthermore, they have the will power to stick strictly to that system, because the best traders know that by sticking with their system they stand a far greater chance of earning money.

    3. Price Behavior

    Knowledgeable and successful traders also include price behavior in their systems. They have learned that prices can change quickly and suddenly but are prepared to deal with those situations when they arrive.

    4. Trading Psychology

    First-rate traders are aware of psychological issues that affect the choices of other traders make when Forex trading. They know that people do not always act rationally, and as a result this can alter the expected outcome of a trade. This can help them both when deciding to enter into a trade or when to exit.

    5. Money Management

    This is far and away the most important factor that will determine whether or not you become a successful trader. Averting the hazard of financial ruin is the main concern of all top traders. This means both adequately funding your trading account (only with money you can afford to live without of course) and never entering into trades that can potentially wipe out all of your assets. Better to start trading small and always use stop-loss orders to guarantee that your first trades are not also your last.

    This is by no means an exhaustive list of everything you need to know but it outlines some of the areas you need to consider before making even that first trade. Now you know that it is not easy to earn money in the Forex market, however it is achievable.

    However, success does not happen overnight and anyone promising you that it can is trying to sell you snake oil. It is an ongoing processes not something you pick up in a weekend. Trading success depends on the trader, and how hard you are willing to work to achieve your Forex trading goals.

    Also, remember to try to have some fun. The clearest sign that Forex trading is not for you is if you find the prospect of learning about how the Forex market works boring or dull. If this is the case you won't stick with it long enough to make money and you will be among the 90 percent who fail. Just remember these three important things: be disciplined in your trading habits, manager your money wisely and enjoy the experience of Forex trading.
    by Ian Wright :articlealley.com

  15. #15
    trendme82
    Guest

    Default RULES are rules, so live by the RULE

    FOLLOW ANY SET OF RULES AND YOU WILL BE PROFITABLE



    this is kind of the truth..

    IF you keep jumping from one system to another, you will never find out if that last system worked.

    If you have a set of rules, with each strategy, then repeat the process 10 times, if you
    lose 10/10 then ditch the system.. if you make 3/10 trades then you may have something.

    you dont need a 90 % profitable system to make money.. i know a guy on Currensee.com that makes about 3/10 trades and he still makes bank.

    How... well Risk Reward...

    I on the other hand make 75% of my trades. how ever I am getting an average loss of 20 pips and average gain is 10 pips,,, the good thing is..... my Max Gain is while over 20 pips and my STOPLOSS is always 20 pips.
    With a martin gale system I could be rich in a year, But I see too many people ffail that way, so I just keep it consistent... scalp a pip, cuz a pip pays my lunch in USA

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