Learn Forex Blog

tyobda53 asked:

http://www.fxclubdemo.com

DUSSEAULT

sshahraz asked:


I actually want to start a business with Forex but have no idea if it deserves my time put into learning stuff and also the safety of my investment. Please give me some tips on this

MARA

Kelly Price asked:


In this series of articles I am going to share my 25 years of experience with you – I am not an article writer I am a trader, so my views are based upon experience, not just talk. Forex trading success is not easy, but it’s not hard either, it simply requires application in the right areas to succeed.

Let’s get started and look at what you need to do to become a successful forex trader.

If you want to do it you need to do it on your own and not trust the gurus and mentors who tell you they can give you success – the only person who can do that is you.

The first point that is vital to grasp is that forex trading is essentially simple, yet few traders succeed (less than 5%) but anyone can learn to trade.

The reason is that forex trading is a combination of method and mental control and the latter is very hard to achieve.

The first bit, learning your method is easy - all you need to keep in mind is to:

Work smart and not hard

Working smart means focusing only on the information you need to win and nothing else.

To learn forex trading doesn’t take long and you can get a method together in around 2 weeks by studying the right information and the good news is its all available free online.

1. You should use a technical analysis system,

2. Base you’re trading on long term trend following (forget day trading it doesn’t and will never work)

3. Base it on support and resistance and a breakout methodology and use momentum indicators to confirm your trading look them all up in our other articles and get familiar with them.

Finally keep it simple!

Many traders think the harder they work at forex trading the more they will make, but you only get rewarded for being right in forex trading NOT for the effort you put in.

Don’t make your system complicated keep it very simple – it’s a proven fact that simple systems work best and beat complicated ones as they have fewer elements to break in the brutal world of real trading.

25 years ago when I started trading we didn’t have access to all the tools that traders do today, but the ratio of winners to losers is no greater today than it was then which leads to an obvious conclusion:

That the trading world is constant and technology and information overload won’t help you win – in fact it will help you lose which will be the subject of another article

Now you know the basics of devising a currency trading system the next step will be to construct one that works – this will be the subject in part 2 & 3 of this article.



MORRILL

Masani asked:


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Is there is any stock or forex training center present where i can learn forex or sharebuilder very well with experience ? I mean if anyone already learnt and made money with them ?

GILLIN

chillinginchicago asked:


Obviously I have a lot to learn before I decide to open an account on Forex and start investing but how much money would I need to start with to be able to make any money and to make it even worth the time and effort investing and researchign? I’m a college student so if it’s more than a couple hundred bucks I’ll probably have to wait.

KOZYRA

Ducati 996R asked:


I’ve been trading stocks for a year or so and want to expand into different types of trading like opening a ForEx account. How long did it take you to get a hang of it and any good books or authors on the subject?

PACITTI

jools4fools asked:


I’m just learning about the ForEx and I’d like to hear about personal experiences and lessons learned.

SNELL

tutux2 asked:

http://www.forexzeno.com Download the free first chapter of this forex book that shows how to trade with zero risk to your capital. Forex trade method simple and safe. Learn forex ebook trading.

CHILCOTE

Kelly Price asked:


As a trader for over 25 years I have tried lots of ways to make money and learned forex trading the hard way. Here I am going to look at the basics of building a currency system in simple steps and show you how to get one that not only works but suits your trading temperament and lead you to currency trading success.

The first point you need to consider before devising a currency trading system is what type of trader are you – Do you have lots of patience or do you like a bit more action?

You essentially have two choices, swing trading or long term trend following.

A common error made by most new forex traders is they are tempted by forex day trading but it doesn’t work. The biggest myth of forex trading is that day trading makes money, yet of all the systems sold on the net you will never find one with a real time track record of profits.

The fact is all short term volatility is random and you can never get the odds on your side, so it’s doomed to failure.

Let’s look at the benefits of swing trading:

You are trading moves of about 3 to 5 days, you get plenty of action, get profits and losses quickly and don’t have to have the patience of a long term trend follower.

Long term trend following is hard mentally however it’s potentially the most rewarding in terms of cash, but you have the mental turmoil of seeing open equity dip – if you can overcome the mental hurdle you can make excellent gains.

The two basics of any currency trading system are:

You need to be able to spot support and resistance and then you need to enter trading signals in line with market momentum.

Many traders simply hope levels of resistance and support hold or break, however if you want to learn forex trading, you must learn to confirm each and every trading signal before entering.

We will look at the best indicators to use in the next article but what we want to concentrate on now is the most essential part of forex education that traders fail to learn – money management.

This is much more than learning to place a stop – that’s easy. The hard bit ( particularly when trend following) is moving the stop and how to maximize your gains.

If you are trading using support and resistance the stop obviously goes behind the level the opposite way to the way you’re trading. The problem is:

How to follow trends and get out with large profits?

Most traders simply cannot accept a large profit.

They get so excited when they get a profit they move their stop to quickly to protect what they have and then get stopped out by normal volatility. They then get frustrated when they see the trade pile up $10,000 or more in profits and their not in!

If you want to long term trend follow your stop needs to lag a long way behind and you need to have confidence your target will be met. Either exit on a target or accept you will give back a lot of the gain – this doesn’t mean to say you wont make money you will but you will of course miss some.

It’s frustrating but that’s forex trading

With swing trading you should never use a trailing stop always use a target and bank just before the next level of resistance or support.

In the next part of the article we will look at the best indicators to use and how to apply them for profit.



DUFFIE

JTanzo asked:


How to use FOREX? is it easy to learn and is it reliable source of income??? what are the requirements for this?

THRAILKILL