Learn Forex Blog

Pramod Aryan asked:


Hi guys i wanna ask ur advices.I wanna choose trading(Options,Forex,Stocks) as my full time profession and ofcourse am doing lots of research on trading and learing the tricks but i haven’t started trading coz am learning the basics still.

I will start with less amount till i understand the Markets and trading technique’s and i want to go on further by saving some amount and trading the other amount? I am ready to take down the risks also coz there is nothing in the world which is gained with out pain,am i rite?

Actually i wanna be entrepreneur in future and am not born wealthy,to become wealthy and get money to establish my dreams i think i am decided the right path.

Please feel free to judge what ever the way u think…Thanq So much for ur time and advice.

BONE

Kelly Price asked:


Here we are going to look at forex training and a famous experiment when a group of traders with no experience were taught to trade in 14 days and then went onto make $100 million in profits. Let’s see how they did it and what you can learn…

The Experiment

Legendary trader Richard Dennis set out to prove that anyone could win at trading with the right training. He got a group of people together who had never traded before which ranged from a security guard to an actor and the group was of all ages and both sexes. He then taught them to trade in just 14 days, gave them accounts and they rewarded him by making over $100 million dollars in just 4 years.

You maybe thinking that worked so how come 95% of traders lose money if anyone can learn to trade?

Of course, some traders get the wrong forex training or education - but most fail due to psychological issues. Let’s explore these further and other points, the experiment proved.

What You can Learn From It

We know forex is a learned skill but what always struck me about the story was - how quick they learned which proves, forex training is all about working smart, not working hard.

It also proved that simple systems work best. The system taught was really just a long term, breakout, trend following system, with strict money management rules.

Never believe anyone who tells you forex trading needs to be complicated it doesn’t.

Simple trading systems work best and always will, as they have fewer elements to break, in the face of volatile ever changing market conditions.

You would probably expect all the traders to have the same results, as they all had the same training, system and money management tools to use. You would be wrong though; there were big differences in performance within the group.

Dennis let them apply the tools themselves within his guidelines and the part the traders found the hardest was not learning the system - but applying the money management rules and keeping disciplined.

If you think discipline is simple its not, it’s very hard, to keep your emotions out when the market hands you losses and makes you look an idiot.

Most forex traders believe the nonsense they read, about not facing periods of losses but this is rubbish - all traders face them and losing periods can last for weeks or longer, that’s why discipline is so hard.

To ensure the traders were as disciplined as possible, Dennis ensured they understood how and why the system worked, to give them confidence. He didn’t just tell them to follow him without knowing why, they took responsibility for executing the trading signals.

Could You Become Rich Trading Currencies?

You may not become as rich as the above group but the opportunity is there, as anyone can learn to trade.

Today, most traders believe they can follow others to success instead; they fall for forex experts, who tell them trading is easy and most never even think about losing and discipline!

If you want succeed at forex trading, get the right forex education you need to consider all the above points and get yourself the right forex training.

If you want to win you can and remember this:

It’s not the market that beats the trader; it’s the trader who beats himself.

Understand that success comes from your mindset as much as your method and you could make a lot of money trading forex.



HOFSTETTER

fion asked:


Really interested in trading. want to learn and work in it but don’t know how to start?

HIETALA

Kelly Price asked:


One of the most important points in your forex education should be that if you try and predict forex prices you are 100% guaranteed to lose. The reason is obvious yet more novice traders make this mistake than any other - yet you don’t have to predict to win let me explain why …

Predicting is simply another word for hoping or guessing and that will not make you money in any venture in life and certainly not currency trading.

Let’s first dispel the myth of prediction and then explain what you really have to do to win.

Why Predicting Forex is as Accurate as Your Horoscope

There is a huge industry in guru’s who tell you they can predict market tops and bottoms and that markets move to a scientific repetitive pattern and pedal ridiculous theories based upon Gann, Elliot wave or Fibonacci numbers.

They all lose and its again common sense why markets don’t move to a scientific law.

Why Dont they?

Because if they did, we would all know the price in advance and there would be no market - a market by its very nature moves on uncertainty.

Also if their was a scientific theory that applied to forex trading whoever had it, would not need to sell it to you, as they would be making to much money!

How to Win

The way to enjoy currency trading success is not to attempt to predict - but to act on the reality of the price change.

Let me give you an example that will make this clearer.

Let’s say you see a currency coming into test major support and you think it’s going to hold.

You do not simply execute a trading signal into the level of support - you wait.

You wait for support to hold and prices to turn away from the level - supported by price momentum.

Using Momentum

If you don’t know anything about momentum indicators, then make them an essential part of your forex education.

These momentum oscillators will help you confirm changes in price momentum and allow you to see visually when price is strengthening away from support. You may say I will miss the turn and sure you will - but you don’t know its going to turn in advance!

There is an old saying:

“A bottom picker becomes a cotton picker”

And its right, try and predict market lows or highs and you will end up losing your trading account equity.

Great momentum indicators to use are:

The Stochastic, RSI, ADX etc - we don’t have time to cover them here, just look them up in our other articles.

They are excellent indicators and will get the odds in your favour.

This is what forex trading is a game of odds - not certainties.

Don’t let that worry you though if you can trade the odds you can make a lot of money.

If You Want To Win

Trading is not about trying to be clever and catching the exact turn, know one can do that - so don’t try.

Trading has one aim making money and don’t worry if you could catch just 60% of all the major trends you would be very rich.

If you learn forex trading the right way and get the right forex education you will now know you need to to act on the reality of price change, use momentum indicators to get the odds in your favour and if you do, your currency trading profits will soar.



BILLINGS

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BRUNETTE

Gyromite asked:


Whats a decent number of pips to earn on a trade? I’ve generally been pulling the plug at 15 which is around 10% of my $250 mini account.

What’s a respectable pip haul for a single trade? I have the self control to not get greedy, but I don’t know where the line is. I also realize I could do a trailing stop, but I feel more comfortable locking in my profit when I have it.

LUCUS