Learn Forex Blog

Kelly Price asked:


Many novice forex traders want to learn forex day trading online and scalp small regular profits to build into big consistent profits over the long term this is article is all about forex scalping and day trading success…

If you are considering learning forex day trading online then think again it will lose you money! Why?

Because you cannot judge where prices will go in the short term and will lose all your money over time.

The Myth of Forex Scalping and Day Trading Profits

Of course there are plenty of forex mentors and gurus who try and sell you forex systems all with great track records and they all have a problem - they all carry this warning, read it:

“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”.

If you have read the above you will see why these forex day trading strategies are unlikely to work for you.

- They haven’t been traded and are just made up!

- Anyone can make money knowing the closing prices but that’s not the real world

- You could ask yourself the question - why if the systems are so good why the sellers don’t trade them, shut up, keep quite and not bother you for a few hundred bucks!

Well you know the answer these systems are designed to be sold and rely on traders not reading the warning to closely and falling for clever marketing copy.

Try and find one without the above disclaimer and your in for a long hard search I have never seen one with a proper real time track record supported by account statements and neither will you and if you do let me know!

Forex day trading looks good in theory - but is doomed in practice ask yourself this question:

You have a huge number of traders who all contribute to the price and who have different motivations, skills and methods of trading and you have to decide what this unpredictable mass is going top do in a few hours.

Its impossible to do so don’t bother trying!

95% of forex day traders lose (100% in respect of day traders) and it’s hard to make money but it’s possible if you put the odds on your side and this means looking at longer term data where you can get the odds on your side.

If you want to win you must use valid data that can help you predict the odds - if you can’t play the odds you can’t win, it really is that simple.

Learn Forex Day Trading Online is a loser’s game so don’t even try it unless of course you want to lose all your money!



SCHILLINGER

Kelly Price asked:


Anyone can learn to trade forex and anyone can get the right education but the fact is most people fail at forex trading and 95% wipe themselves out. This is mainly due to believing myths and not having the right mindset. Here we will give you some tips on getting the right forex education to win.

First things first!

If you don’t like risk, don’t trade forex. You will here a lot about how you can cut risk and you can but it still remains highly speculative.

You also need to take responsibility for your actions - no one else is going to make you rich, success comes from within.

So ignore all the vendors who tell you they have secrets and can make you rich. Reputable ones can help you by teaching you the right tools but you need to apply them - the rest is then up to you.

The fact remains that most traders fail because they lack discipline, to apply their methods. The only way you will acquire discipline is - to have confidence in what you are doing and this comes from forex education and knowing how and why your system works.

Also, don’t believe any of the myths below, there all guaranteed to make you lose and nearly every forex trader that loses, believes one or more of them.

- Day trading works

- Markets move to scientific theories

- You can predict in advance what will happen

- Complicated systems are best

- The more you trade the more you will make

- You can trade the news and win

- The more effort you put in the more profits you will make

All the above are dead wrong and will see you lose.

We don’t have time to go through every point in detail here - but there all covered in our other articles - so banish the above thoughts from your forex education now!

The way to make money in forex trading is to work smart NOT Hard.

You don’t get paid for effort and you don’t get paid for how often you trade you get paid for being right.

Use a simple forex trading system. It will be easy to understand and apply and you will get confidence and discipline.

Make sure you don’t predict prices - prediction is another word for hoping and guessing and that’s not the way to make money in any venture and certainly not forex trading.

Act on confirmation of price momentum - if you know nothing about it learn it now.

To keep disciplined the best method is a simple method based upon forex charts.

Don’t pay to much attention to news stories.

Sure, they sound convincing but their stories and the majority lose and news reflects the majority!

Working Smart To Win

If you want the perfect example of working smart and not hard then you should read the story of the turtles.

In 1983, trading legend Richard Dennis taught a group of people to trade - to prove that anyone could win at forex trading, with the right forex education.

None of the group he picked had ever traded before and they were from diverse backgrounds, of all ages and of both sexes.

In 14 days he taught them and then set them off to trade - the result?

They made him $100 million and many went on to become trading legends.

This shows you what the right forex education can do and while you may not become as rich as the turtles, it’s a fact anyone has the potential to trade successfully.

Success Comes From Within

Trading is a deeply personal experience and you not only need the right skills you have to have the right mindset to apply them - if you don’t, you have no method in the first place.

This is why most traders fail - they can’t accept responsibility and they don’t gain inner confidence. If you can , the potential from currency markets is mind boggling and the rewards can be life changing.

The real question is do you have the desire to succeed and will you learn forex trading the right way?

If you do then - welcome to the world of forex trading, the worlds most exciting and lucrative business opportunity!



STAIGER

BOBBY asked:


How can I get free reliable information about CFD or Forex fluctuation daily, I like to learn about forex and CFD, a few links I could find, but not a real tutorial. Is there any online tutorial for learning how to do business with CFD?

Best regards

Bobby

COUNSELMAN

Harve asked:


I am just learning about trading FOREX and would like to know from those who are both novices and pros at it, what to look out for, what to know and wish you knew from the beginning and if it is something a person can do well at?

DISS

ahefner_33 asked:


Hello. I have been studying for about 6 months the market of currency trading. Trying to tackle the learning curve and different analysis in this specific market. But I start to wonder when I read most articles and forum posts stating that only a few people profit yearly from this trading. If you do not profit, then why do you trade? It does not really make sense to me why someone would play/work such a volatile market not to make profit? Please someone enlighten me with their view on this. Thanks.

SAMPLES

DuyguSUZ asked:


hi
i am trying to become a new member of forex trading
but till the time i learn how to trade using my skills i want to use an autopilot software
so can you please tell me how much you earned and which one you used if you tried an autopilot software
thank you all..

SHADLER

jay2k6ie asked:


Im very interested in learning how to trade currency but there are so many websites out there that offer premium courses that I would have no idea which to choose. Does anybody know any good informational/tutorial websites for trading? Preferably free.

Many Thanks

ONKST

Kelly Price asked:


If you want to learn forex trading online you can get all the information you want for free. What you need to do though is get the right education. Here are your tips for getting the best education.

There is a lot of forex education online but most of it wont help you win, it will simply ensure you lose, as its promoted by vendors who are selling junk products that will never work.

They will tell you they have found easy ways for you to make money but the reality is:

Forex Trading is not easy!

This really should be common sense, as 95% of forex traders lose but these vendors simply sell myths and products that take advantage of naive or lazy investors, for example:

Don’t fall for Myths

There are huge amounts of vendors that tell you day trading works – it doesn’t, or that markets are predictable – there not. The list is a long one and we have covered them in more detail in our other articles.

Many traders work hard but have no chance of winning if they did their homework the correct way they could actually win in many instances with less effort.

Get the Right Education and Win

Now we know it’s not easy (it’s not hard either though if you get the right forex education) let’s set about learning currency trading online the correct way, doing our homework, getting the right education and winning.

The best way to start learning currency trading online is to look up forex technical analysis and forex charts and learning the formations and indicators

All this is free and is the simplest and most time consuming way to trade, so do some searches and get familiar with it.

Next, look up some trading methodologies and search breakouts, down theory and trend following.

Building your forex trading system

If you have read the above, you’re all set to build a system and before we do this lets make one point clear:

If you build your own forex trading system, you will have confidence in it and this will lead to discipline to apply it – you can buy one, but everything you need is free and here are tips on assembling it.

1. Use support and resistance and breakouts as the formations to watch for.

2. Use momentum indicators to decide if these levels will hold or break i.e. confirm your trading signal.

Keep your system simple - just trend lines and a few confirming indicators and that’s it.

It’s a fact that simple systems work best as they are more robust than complicated ones, with less elements to break in the brutal world of trading and the above will work well.

You may be saying - this learning currency trading online is easy! - and yes the basics are, you just need to do a bit of homework – the hard part is:

Applying your system. The following equation applies and you need to understand its significance:

Logical robust method + applied with discipline = forex success

Most traders can’t apply their forex trading strategy with discipline and that’s why they lose.

If you have developed your own you will have confidence in the logic and from confidence flow discipline.

This will help you achieve success.

The problem with most traders when learning currency trading online is they don’t do the basics and don’t have confidence in what they are doing and you must – trading success comes from within.

Only you can make yourself a winner and that comes from a total understanding of what you are doing and why.

The fact is all the basics you need to build a trading strategy of your own are free and online. If you do this you will have a system that can win.

In part 2 of this article we will look at applying your system and money management, so you have a complete tool box to seek big profits in online currency trading.



LOVEALL

davethewave asked:


I’d like to learn Forex trading, I need to know what skills are required, technical jargon, how a positive or negative occurrence in the economy will affect any certain currency pair and I’d really prefer to learn this free since I do not have a whole lot to start with. Thanks!

VILLATA

newforextraining asked:

http://www.MakeMoneyFromScratch.net

In forex trading, you aim for consistent profits, so the more consistent you are on what you do, the more consistent are your results. Consistency is one of the greatest benefits of having a Forex currency trading system, but you must take it one step further to really get the most out of it.The keywords to traders in the foreign exchange market are to ‘buy low and sell high’. This is the way to get the profits coming in. This will be the main vision of a trader to succeed. Electronic currency trading requires forex strategies that have been tested to make sure that a decision will be profitable. Multiply your money by learning to trade forex. Follow proven strategies. Get into the forex trading training in Singapore. Click on http://www.MakeMoneyFromScratch.net.

SCHON