Learn Forex Blog

Lex S asked:


Looking for a unique (even experimental) system for forex and currency fx trading that works seamlessly with Metatrader 4. Interested in your own recommendations and tools that work at the beginner / intermediate level.

TORELLI

niveky2002 asked:


I would appreciate if you could share your own personal experiences with me.I am thinking of setting a forum for Forex traders to discuss and share their trading experiences with each other.If you are interested, please let me know so that i can include you in the forum.

GENNA

papadeisabella asked:


Forex Traders promise high monthly returns and stop-loss provisions which suggest that you would never lose all of your money. On the other hand they talk about leverage which suggest that they will always have more to invest than they actually have and therefore all losses will be recovered. I have never heard of high returns and no risk, but this is what the so-called Forex traders are advocating. Is this some kind of scam?

RIGGLES

Monica Hendrix asked:


This article is all about getting the right forex education to win. It’s a fact 95% of traders learn forex trading the wrong way and lose but learn these tips and you will have a head start on the road to currency trading success.

1. Forex Trading is NOT Easy

You wouldn’t expect it to be either with the rewards on offer - which can be life changing. On the other hand it’s not hard either, you simply have to learn the right knowledge and get a forex trading strategy to win.

Today, traders try and take the easy route in all aspects of life and they think they can buy success. All for $100 they can get a trading system which will make them $10,000 a month - The advice to these people is get in the real world.

The good news is:

If you accept that forex trading is not easy but can be hugely rewarding for the effort you put in then you will make the required effort to succeed.

2. Don’t Work Hard Work Smart

Many people think the more knowledge they acquire the better when learning currency exchange - but the fact is:

You don’t get paid for effort; you get paid for being right with your market timing and trading signal and that it.

It doesn’t matter if you spend 20 minutes on it or 20 hours, it’s the outcome of the execution of your trade that determines how much money you make.

You need to work smart and learn the right knowledge and this should only take you a few weeks or less (see our other articles for full breakdown) you’re then ready to trade forex and win.

After your initial forex training it should take you 20 minutes or less per day to trade and that’s it.

3. Keep It Simple

Many people that not only is it good to put in a lot of effort, it’s a great idea to be clever and build complicated forex trading systems, as they are likely to have more chance of success - Wrong!

Just like in the application of time to currency trading, you need to learn not to over complicate it - keep it simple.

It’s a fact that simple trading systems work best, as they are more robust in the brutal world of real trading and have fewer elements to break, than complicated ones.

4. Find Your Own Road

No one else is going to make you rich - its all on your shoulders, your alone and that’s the best place to be, remember the 95% of losing traders cant accept responsibility for their actions trust a mentor, guru or broker and lose so being away from the losing herd and trade in isolation. You will even if you take advice know exactly how your forex trading strategy is going to work.

The above is essential because from understanding comes from confidence and from this combination comes discipline. Discipline is vital to your forex trading success because if you can’t apply a forex trading method with discipline - you don’t have one!

5. Your Trading Edge

This is what will separate you from the losing majority of forex traders and allow you to enter the elite 5% of winners that make the big profits.

The edge can be anything you like but it must give the confidence to beat the majority and win. If you don’t know what it is - then continue your forex education until you do.

Learning currency exchange is easy but learning the discipline to apply your method is hard and will only come from understanding exactly what you are doing and trading on your own.

If you understand all the above about getting the right forex education then congratulations you have taken your first step on the road to currency trading success.



HUNTE

xorsyst asked:


I am new to the Forex market, and I have many good resources such as:

What is Forex?
http://www.squidoo.com/what-is-forex

However, for experienced Forex traders, how did you learn the market? The best answers are always from someone familiar with the market. Thank you.

GUILLORY

Kelly Price asked:


If you want to learn forex trading correctly and make money, you need to avoid basic errors made by the majority of traders, if you want to win so make sure you read and understand this list…

1. Automated Forex Trading Systems

Great idea and very appealing simply plug it and make money while you sleep the reality though is you are likely to lose. Most forex robots simply don’t work. Why? The track records are always made up in hindsight with knowledge of what happened. That’s easy, if we all knew tomorrows price today we would be rich but we don’t. You don’t make a big regular income for the price of a meal out and that’s a fact.

2. Day Trading and Scalping Systems

Most you see sold are simulated like the robots and it’s a fact that all volatility in short time frames is random, so this form of trading is a real mugs game. It looks low risk but is actually high risk, as the odds are against you.

3. Leverage

Sure it’s an advantage - but most new forex traders leverage up to much and lose. Just because a broker gives you 200:1 leverage, doesn’t mean you have to use it! 10 - 20:1 is enough for most new traders.

4. Failure to Accept Big Gains

Most new traders don’t have a problem setting a stop and taking a loss but they have a problem accepting a big gain. Why? All traders want big gains but running a trend is hard, especially when open equity is dropping. Most traders jack the stop up to close, get stooped out and then see the trend make thousands of dollars and their not in! You have to have the discipline to keep your stop back and accept draw down in the short term to bank a big gain.

5. Listening to experts and trading the news

Those analysts on CNN and CNBC maybe wise and they maybe clever - but there not traders. You can’t trade the news, as it’s immediately discounted and to prove the fact, most markets collapse when there most bullish and rally when there most bearish. The market price is made buy traders, therefore the news is unimportant; it’s what traders think of it that counts.

6. Trying to be to clever and working to hard

Most forex traders are lazy and think they can make no effort and win and of course they get taught a lesson however, those traders who think be clever and working hard counts also fail.

You don’t get rewarded for working hard or being clever you get rewarded for being right with your trading signal and that’s it. The key is to work smart, get the right forex education and you can win with less effort.

7. Trying to Use Science to win

Doesn’t work, as markets are not scientific. Think of all the advances we have had in the last 30 years - in forecasting methods, news and analysis, yet still 95% of traders lose. This means it doesn’t help! Markets are and always will be an odds game and if you try clever, scientific theories, you’re barking up the wrong tree.

8. No Discipline

Most traders are not disciplined and **** trading through losing periods - but you must do this to win. You get discipline from a sound forex education and confidence - that’s why you can’t follow others to success.

9. Trying to Buy Low and Sell High

Traders are obsessed with this and want to buy market tops and bottoms but this is not possible. Try predicting them and you will lose. You need to trade the reality of price change only and really you should be trading breakouts to new highs or lows as most major trends start from them.

10. Not Knowing Your Trading Edge

Why should you win when 95% of all traders lose? To win you need a trading edge and if you don’t know what yours is which will allow you into the elite 5% of winners, sorry you’re going to lose, as you don’t have one.

If you understand the above you will see forex trading is simple and you can win - but you need a disciplined mindset, a simple forex trading system that trades the odds and a trading edge.

If you want to you can enjoy currency trading success you can, as everything about it can be learned and forex trading can give you a lucrative second income or even a life changing one if approached in the right way.



DREES