How To Read Forex Economic Calendar – 8 Most Important Steps to Successful Forex Trading

March 1, 2012 by  
Filed under Forex Trading

How To Read Forex Economic Calendar

After months of practice and learning, every struggling novice trader begins to wonder whether the decision to enter forex trading was actually a big mistake. Why do other traders make money and I don’t? Do these successful individuals possess any special qualities? Can I improve myself in order to finally start making money?

How To Read Forex Economic Calendar

In order to become profitable in forex, you need to not only learn and practice, but work hard in improving yourself. Below are the major characteristics needed in order to become successful. If you already possess the essential traits – good for you! Just keep practicing and soon you will see the cash flow. If you don’t have the necessary traits yet – don’t give up. Start working on yourself. It is possible to craft yourself into a trader.
So, here goes:
1. Don’t Copy

Copying others is absolutely useless in forex. Every trader is unique and his/her strategies fit their personality and goals. You cannot rely on anyone else but yourself.
2. Be Disciplined

Stick to the plan, even when your self-esteem is over the top. Use your experience and knowledge of the market to make the right decisions, instead of irrational i-can-make-a-million-right-now conclusions, without skipping any important steps in your trading plan.

3. Accept Losses with Grace

Losses are not necessary a bad thing – write down the unfortunate experience in your trading journal, analyze why this happened and voila! You have received one of the valuable lessons by learning from your own mistakes. Practice makes perfect – so don’t freak out over the losses. Instead, learn from it and move on. The main difference between a successful trader and a novice beginner is in accepting the loss. The sooner you learn to lose, the faster you earn money!

4. Be Patient and Reasonable

Know exactly why and when to enter a trade. And here is a great tip – say all those reasons out loud. It is a great way to give a last glance before you make a final click.
Don’t expect the profitable opportunities to pop up all day long. Sometimes, it is wise to give it a break and start again the next day with a clear head. Don’t worry about missing out either, because forex market is always on the move. Not catching the big wave doesn’t mean you will be left out without any profits for ages! How To Read Forex Economic Calendar

5. Control Your Money

Forex is not just about making more and more money, but also keeping what you have already made! You need to have very strict money management rules in order to keep your losses at minimum:
· Never trade what you cannot lose
· Determine your target gains and losses before opening a position
· Use stop/loss orders to minimize the risks

6. Keep It Simple

You don’t need to use all available forex indicators and create a one of a kind Michelangelo-like-masterpiece trading strategy. Keep trading ideas to the minimum – know when to get in and out of the trades and stay away from sentences such as “Let’s stay a bit longer and see what happens”!
· Try trading daily during the same hours in order to get full grasp of currency behavior, liquidity and volatility changes.
· Don’t trade on Sundays, holidays and opening/closing of the specific market.
· Stay informed – read the news, follow the economic calendar, keep your eyes on unemployment rates, decisions on interest rates, gross domestic products, industrial production price, index consumptions, retail sales etc.
· Follow the trend – don’t try to find something that there isn’t, just follow the rend and identify the point of inversion.

7. Develop Strategies

Use free demo accounts to develop your own strategy and a good trading plan. List out several possibilities (plan a, plan b, plan c) – and always have a clear instructions from getting out of troubles. The key to success in forex is to know how to behave in different situations, instead of trying hard to predict what market will bring us today.

8. Control Yourself!

Here is the tough part – the psychological issues related to trading. It is important to stay as cold-blooded as possible by controlling your emotions.
Most importantly, don’t blame the market – blame only yourself! Are your losses still greater than profits? Stop trading right now and start analyzing your strategy. There is a flow somewhere and it is up to you to fix it. How To Read Forex Economic Calendar

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What A Forex Currency Trading Beginner Should Do?

August 16, 2010 by  
Filed under Currency

There is a lot of information out there for a FOREX currency trading beginner. There are thousands of Forex Currency Trading Beginners out searching the market for the best possible way to make themselves successful with the Forex Market.   Most forex currency trading beginner  will start looking for a trading strategy and someone or a course who will teach them how to trade the strategy. The first thing that any forex currency trading beginner should secure is a demo trading account. What a forex currency trading beginner should do is to educate him or herself  through Forex classes or seminars and many books teach forex currency trading beginner how to get started in the market and the best method for profiting in the forex. As a FOREX currency trading beginner, the best way to make sure that you have a rewarding and fulfilling experience with currency trading is to prepare yourself before diving into actual trading. Where the forex currency  trading beginner made a big mistake was to skip learning the most important trading skills and instead put too much energy into finding the right strategy. Do your self a favor and study some good forex currency trading beginner lessons and do some paper trading before you ever invest any of your own money. Learn the terminology, trade tactics, study online courses and maybe even become an apprentice to a seasoned trader. Just make sure you know how to read charts and analyze them by studying carefully with extreme focus. Almost any Forex Currency Trading Beginner can make several bucks in Forex trading right from the beginning. A good forex currency trading beginner strategy would be to learn how to protect your money. As a Forex currency trading beginner you can cast aside those old memories because you will be learning about the largest global financial instrument in the world and how it can literally make you wealthy. In order for forex currency trading beginner  to have success with any trading strategy forex currency trading beginner  will first need to become a disciplined trader. This usually takes some inner work and facing your own emotions. The money is definitely there for the taking and forex currency trading beginner lessons are readily available for anyone who wants to partake in this coveted global marketplace. So as a forex currency trading beginner you should put most of your focus on developing yourself and your trading habits.

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The Most Common Forex Currency Trading Beginner Mistake That Will Rob You of Success

July 25, 2010 by  
Filed under Currency

Forex is one of the biggest opportunities that has ever been for anyone to be able to make life pleasant, or even a fortune from the comfort of your own computer. Unfortunately most traders never get to experience the success they dream of achieving currency. The main reason for this is a mistake most beginners Forex currency trading usually do. I’ll tell you what that error is and how to prevent it. Forex is one of the simplest business to be run. You can buy and sell their products at once with the click of your mouse and the profit potential is unlimited. Many merchants involved, because they can see the real potential is there. The merchant will soon realize that to tap this potential will have to find a strategy for trade that will give them an advantage over the market. This is where the problems begin. Most of the new operators begin to seek a negotiating strategy and someone or a course that will teach you how to trade the strategy. After learning a strategy of negotiation and trade deal will realize the strategy does not work, so go get a new one. After a while this becomes the story of the launch of Forex currency trading. Jumping from one system to another trying to find the one that eventually will make them a profit. When trading beginner made a big mistake was to omit the learning of important business skills and instead put too much energy on finding the right strategy. As a beginner Forex foreign exchange you should put most of its focus on developing themselves and their business habits. For you to have success with any trading strategy for the first time will have to be a disciplined trader. This usually takes an inside job and to their own emotions. For most people this is uncomfortable at first to find it easier to just go out and find the perfect trading strategy that allows them to avoid the time and work necessary to develop and refine their personal habits. As a new operator is probably anxious to start making money. That’s only natural, but until you develop the skills that only trade on a demo account. Forget about making money and not worry about whether your demo makes money or not. Search any strategy that is comfortable and only trade practice consistently. Forget about the results of the negotiation just concentrate on being consistent and keep your emotions out of trading decisions. Be prepared to practice for a period of months or whatever it takes to develop the habits of constant negotiation. After that you can then start to focus on strategies and make money. If you want to earn money immediately as a beginner in Forex currency trading is where a robot automated forex trading can help. A forex robot is a software that will trade a proven strategy for you. Teams already have consistency and discipline naturally integrated. They have no emotions to overcome. Some robots have mixed results, but the one I use fairly consistently pull profits. You can learn a lot to see and they can make a lot of money in the process. If you are a beginner forex currency trading be sure to focus on their own personal habits of operation before being caught in the endless search for the perfect strategy. Until then use a robot to make their money and use it to teach you about trading discipline to see that trade. Look at the robot I use automated forex currency trading live.

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