Guide To Forex Trading

April 17, 2011 by  
Filed under Forex Trading

Forex Trading Can Be a great way to earn great money on a part time basis. It is arguably one of the MOST fun Ways to earn a second Income Provided one starts small with experts and partners. This article you examine the basics of FX or Forex and How You Can get started in currency trading. Forex trading is short for foreign exchange trading as the name Suggests Which is Nothing But Exchanging or selling one currency Against the Other in the hope of a profit. It is a Completely Decentralized market place Meaning Transactions That Happen all over the world independent of Each Other basis That Day’s ‘exchange rate’. Some Currencies Are Traded more on account of Their demand – Them Something That has earned the nickname – ‘major’s. These include the three dollars – American, Canadian and Australian and the yen, the sterling and the Swiss franc. Combined, These Currencies Contribute to as much as 80-85% of the FX trade and THEREFORE Are Considered more ‘liquid’ That Others. Happens Forex trading 24 hours a day and is done on the basis of an investor’s opinion on how Currencies will move vis a vis Each Other. Either this Requires Knowing Knowledge or support of an agency with Knowledge. Large Profits and Losses Can Be Made in a single night Depending On Which currency Have you bet on. While it is best to begin small to minimize Risk, tambi

The Turtle Traders – Why Studying Their Trading Can Lead You to Currency Trading Success

August 13, 2010 by  
Filed under Currency

The Turtles were the nickname for a group of people, who with no trading experience learned to trade in just a couple of weeks and went on to make hundreds millions of dollars. Let’s see what we can learn from them. The Turtle experiment was devised by trading legend Richard Dennis, to prove that anyone could learn to trade, if they learned Forex the right way and had the right attitude. He took a group of people from all walks of life, all ages and both male and female. The only thing they had in common was they knew nothing about trading, so he then set about teaching them to trade. The rest is of course history, as these traders went on to make millions and become trading legends. The question you might be asking yourself is – if they did it so quickly and made so much money, why do 95% of traders fail? The answer is that most traders misunderstand what it takes to win at Forex trading, so let’s take a look at the right way to win. 1. A Simple Trading System The method they used was relatively simple, so simple in fact that anyone could learn it. The system consisted of a few rules which were designed to catch breakouts and long term trends, it was nice and simple and your system should be too, make it to complicated and it will have top many elements to break. 2. Trend Following for big profits If you look at any Forex chart you will see trends in currencies and these can last for many weeks or months. The system you use should be focused on the long term big odds trades, as these obviously give you the best profit potential. Most traders however like to trade short term and trade low odds trades and lose. 3. Money Management and Discipline Now so far it seems simple enough to make money – but don’t be deceived we are now coming to the hard part of Forex trading. It’s the part that most traders cannot cope with and it’s trading with trading with discipline. The fact is in Forex Trading, no matter how good your system is you are going to have a double digit drawdown and lose for a few weeks, at some point in your trading career; it happened to the Turtles and it will happen to you. When it does happen, you need to take your losses, keep them small and keep executing your trading system and keep in mind, if you don’t have the discipline to execute your system with discipline you don’t have one! The one thing you can learn from the Turtle traders is that anyone has the potential to be a winning trader and ok, you might not make as much money as them but the opportunity exists and is open to all. Always remember this: Success is not just about just learning a system, it’s as much about having the confidence and discipline to execute it and it is this combination, that can lead you to currency trading success.

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