Becoming a professional forex trader is the dream of many and for most it remains just that - but if you follow the simple tips enclosed, you could change your financial future forever and be making big consistent gains, in just an hour or so a day.
FACT:
95% of traders lose all their money, yet everything about forex trading can be learned, it’s just the majority of traders don’t get the right forex education, or have the wrong mindset to apply what they have learned.
Anyone one can become a successful forex trader from home however you need to do the opposite of the majority, it’s not hard to do and do your homework.
1. Adopt the Mindset For Success
Most traders are lazy or naive or both.
They read about how easy it is to make money and think someone else can give them success.
Most of the information sold on the net is junk and wont help you win and even if you do find some good education, you cant follow it blindly, you need to understand it.
If you don’t understand how and why your system works, you wont have confidence to apply it with discipline and you will lose.
Keep in mind if you don’t have the confidence and discipline to follow your system you don’t have one!
If you like to blame others and don’t like responsibility don’t trade forex, it’s as simple as that.
2. Work Smart Not Hard
You don’t need to work hard you need to work smart and this means only learning what is relevant.
Many traders think the more knowledge they have the better but you don’t get rewarded for effort in forex trading, you only get rewarded for being right.
In 1983 legendary trader Richard Dennis proved this point in spectacular fashion. He took a group of people who had never traded before and taught them to trade in 14 days – the result?
They made him a $100 million dollars and went on to become some of the most successful traders of all time.
Working smart means working on a forex trading strategy that will get the odds on your side and that’s what we will look at next.
3. A Forex Trading System for Success
I am amazed at how many traders simply base their systems on logic that doesn’t work, for example:
Most novice traders try day trading yet all short term volatility is random so they can’t win, yet they don’t stop to think how dumb day trading is.
Or
They believe in scientific theories that tell them they can predict the market in advance and don’t stop to think that predicting is impossible.
If it were possible, we would all know the price in advance and their would be no market!
The best you can do is trade with the odds on your side.
Of course, you will lose but your profits should be bigger than your losses and you can pile up big gains over time.
You can build your own forex trading system easily, just educate yourself on.
- Support and resistance and breakouts
- Time your trades with momentum oscillators
- Keep it simple trend lines and 2 -3 confirming indicators max
If you build a system based upon the above it will be simple to understand, simple to apply and will be robust.
Don’t try and be too clever and cram too much into your system. If you do, it will have too many elements and break in the real world of trading.
If you do the above, you will have a simple robust system that you can apply in an hour a day or less.
One other point, I constantly read writers tell you to educate yourself all the time, study your profits and losses etc– Rubbish! If you have a system you believe in leave it alone.
You will have winners and losers but if it’s soundly based then you simply should just apply it.
4. Building Long Term Gains
What is a realistic amount to aim for?
If you made 100% per annum you will be up there with the top traders in the world and you don’t need to do many trades – keep your trading focused on high odds trades only.
So there you have it, a simple plan to live the dream of becoming a professional forex trader from home.
It’s a challenge but one anyone can take up and anyone can win – if they want to.
Are you up for the challenge?
If so, welcome to the worlds most exciting and lucrative business.
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On all aspects of becoming a profitable trader including: Free critical trader PDFS, and more FREE Forex Education visit our website at: http://www.learncurrencytradingonline.com/index.html
Thursday, 18 October 2007
Tuesday, 16 October 2007
Forex Trading For Novices - Learn This System In Under an Hour and Target 100%!
Forex trading for novices can seem confusing so here I am going to give you a system you can learn in under an hour and immediately target 100% gains or more – its simple and it’s effective so, let’s reveal it.
The first point to make is, although I write articles, I am a trader and have been for 25 years.
I am not a self proclaimed expert, so here what I say, as I walk the walk, rather than just talk the talk.
I have tried lots of ways of trading and this is the simplest method I use and probably one of the most effective.
I am going to call it Fundo-Tech trading and that’s exactly what it is.
If you read much of the information on the net, you will hear lots of stories how you can predict currency prices with scientific accuracy, all for a few hundred bucks! Well, call me a sceptic (or a realist) but they don’t work and never will and if they did, people wouldn’t sell them to you; they would be to busy making money.
So what is Fundo-Tech trading?
Exactly what it sounds like, a blend of fundamentals and technical inputs. The first for defining strong currencies, the second for timing entry.
Currencies move to the long term fundamentals, we all know that but their hard to trade, as humans see the facts, they’re there for all to see but you, me and millions of others, draw our own conclusions from what we see.
In simple terms we have this equation:
Fundamentals + Human Perception = Price direction.
That’s not too difficult to understand is it?
Now let’s take economies with strong currencies – this is the fundamental bit.
Currencies that rise tend to have good interest rate earnings, strong economies, and budget surpluses and export more than they import.
Let’s take the US dollar first – The American economy is swimming in debt (and so is the population) and the budget deficit is huge and finally, it has to import raw materials that are rising in price.
Now let’s take a strong currency - the Canadian dollar.
Canada has huge amounts of commodities including oil it sells, has a huge budget surplus and has good interest rate earnings.
The Canadian dollar therefore should rise against the US Dollar and it has.
In fact if you check out my other articles I stated this months ago and I made some great gains.
Now you may be saying - that sounds simple!
Well yes and no.
Picking the direction is easy, entering the trade with good risk reward is a different matter however this is not to complicated either, lets look at how to enter correctly and another great currency trading opportunity.
Resistance forms and simply means supply and demand are in equilibrium below the resistance and when prices break to a new high supply and demand are out of synch.
Notice here, we are looking to buy new highs NOT lows – this is called breakout trading and it’s a fact that most of the biggest moves come from new highs not lows, so forget all the buy low sell high is a great way to trade - its not. If you always want to buy low and sell high you will miss the biggest and best trends waiting for pullbacks that never come - when prices break they accelerate away from the breakout point quickly.
A few weeks ago when we saw the Canadian dollar break important resistance - we bought it and enjoyed the ride!
Now let’s look at another opportunity shaping up right now and it involves buying the dollar and our victim is the Japanese Yen.
Why?
Because the yen has interest rates at just 0.5%, a sluggish economy and is a bigger importer of commodities than America.
Last week we saw the dollar consolidate above significant resistance at 117.00 and were targeting 119.00 and maybe as high as 130.00.
We will now just sit back and wait as we did with the Canadian dollar.
We have lined up the technical with the long term fundamentals and timed our entry as the dollar has broken up outside of a trading range. If were wrong, our stop is tight under the recently broken resistance which is now support.
Does this method sound simple?
Yes it is, but that doesnt mean it doesnt make money - it worked in the Canadian dollar and you follow the yen for yourself.
Currency trading is simpler than many people believe.
Currencies do reflect the fundamentals, you just have to careful of your timing but that’s easy enough -use support, resistance and a few momentum indicators to time your entry and you’re all set.
You don’t need to trade often either, these trades tend to last for weeks or months, we did well in the Canadian Dollar now lets see how this one goes.
BECOME A PROFESSIONAL FOREX TRADER FROM HOME
GRAB: 2 X CRITICAL PDFS AND MORE
For free 2 x trading Pdf's with 90 of pages of essential info and an exclusive Forex Trading Course visit our website at: http://www.learncurrencytradingonline.com/index.html
The first point to make is, although I write articles, I am a trader and have been for 25 years.
I am not a self proclaimed expert, so here what I say, as I walk the walk, rather than just talk the talk.
I have tried lots of ways of trading and this is the simplest method I use and probably one of the most effective.
I am going to call it Fundo-Tech trading and that’s exactly what it is.
If you read much of the information on the net, you will hear lots of stories how you can predict currency prices with scientific accuracy, all for a few hundred bucks! Well, call me a sceptic (or a realist) but they don’t work and never will and if they did, people wouldn’t sell them to you; they would be to busy making money.
So what is Fundo-Tech trading?
Exactly what it sounds like, a blend of fundamentals and technical inputs. The first for defining strong currencies, the second for timing entry.
Currencies move to the long term fundamentals, we all know that but their hard to trade, as humans see the facts, they’re there for all to see but you, me and millions of others, draw our own conclusions from what we see.
In simple terms we have this equation:
Fundamentals + Human Perception = Price direction.
That’s not too difficult to understand is it?
Now let’s take economies with strong currencies – this is the fundamental bit.
Currencies that rise tend to have good interest rate earnings, strong economies, and budget surpluses and export more than they import.
Let’s take the US dollar first – The American economy is swimming in debt (and so is the population) and the budget deficit is huge and finally, it has to import raw materials that are rising in price.
Now let’s take a strong currency - the Canadian dollar.
Canada has huge amounts of commodities including oil it sells, has a huge budget surplus and has good interest rate earnings.
The Canadian dollar therefore should rise against the US Dollar and it has.
In fact if you check out my other articles I stated this months ago and I made some great gains.
Now you may be saying - that sounds simple!
Well yes and no.
Picking the direction is easy, entering the trade with good risk reward is a different matter however this is not to complicated either, lets look at how to enter correctly and another great currency trading opportunity.
Resistance forms and simply means supply and demand are in equilibrium below the resistance and when prices break to a new high supply and demand are out of synch.
Notice here, we are looking to buy new highs NOT lows – this is called breakout trading and it’s a fact that most of the biggest moves come from new highs not lows, so forget all the buy low sell high is a great way to trade - its not. If you always want to buy low and sell high you will miss the biggest and best trends waiting for pullbacks that never come - when prices break they accelerate away from the breakout point quickly.
A few weeks ago when we saw the Canadian dollar break important resistance - we bought it and enjoyed the ride!
Now let’s look at another opportunity shaping up right now and it involves buying the dollar and our victim is the Japanese Yen.
Why?
Because the yen has interest rates at just 0.5%, a sluggish economy and is a bigger importer of commodities than America.
Last week we saw the dollar consolidate above significant resistance at 117.00 and were targeting 119.00 and maybe as high as 130.00.
We will now just sit back and wait as we did with the Canadian dollar.
We have lined up the technical with the long term fundamentals and timed our entry as the dollar has broken up outside of a trading range. If were wrong, our stop is tight under the recently broken resistance which is now support.
Does this method sound simple?
Yes it is, but that doesnt mean it doesnt make money - it worked in the Canadian dollar and you follow the yen for yourself.
Currency trading is simpler than many people believe.
Currencies do reflect the fundamentals, you just have to careful of your timing but that’s easy enough -use support, resistance and a few momentum indicators to time your entry and you’re all set.
You don’t need to trade often either, these trades tend to last for weeks or months, we did well in the Canadian Dollar now lets see how this one goes.
BECOME A PROFESSIONAL FOREX TRADER FROM HOME
GRAB: 2 X CRITICAL PDFS AND MORE
For free 2 x trading Pdf's with 90 of pages of essential info and an exclusive Forex Trading Course visit our website at: http://www.learncurrencytradingonline.com/index.html
Thursday, 11 October 2007
The 1 Pip Forex Trading System
With so many people on the look out for a good forex trading system I decided to write a simple forex system I have used in the past with good results.
The system is called the 1 pip forex trading system. You will need a 15 minute candlestick chart of your favourite currency pair. Green candles for bullish candles and red candles for bearish candles.
This trading system requires monitoring the screen while you are trading but it rewards you greatly once you get the hang of this simple method.
Here are the simple rules to follow for the system.
Look for a candle to close with the open and close of the candle to be within 1 pip of each other. These candles happen more often than you may think on a 15 minute chart and are usually a strong sign of indecision in the market. Usually after a swing move up or down hitting a support/resistance level.
If the 1 pip candle closes green and the previous candle is at least 4 pips from open to close then you buy at the close of the 1 pip candle.
If the 1 pip candle closes red and the previous candle is at least 4 pips from open to close then you sell at the close of the 1 pip candle.
Stops are always placed just above/below the previous swing high/low plus a couple of pips. Try and keep you targets small, don't get too greedy with this system.
This system is great to grab 10-15 pips at a time without too mush trouble.
Do You Want To Make Consistent Money Trading Forex? Dean Saunders has created the *Ultimate* FREE forex trading system that has helped 100's of Forex Traders become profitable. Click Here and grab your FREE copy of Dean's amazing trading system!
The system is called the 1 pip forex trading system. You will need a 15 minute candlestick chart of your favourite currency pair. Green candles for bullish candles and red candles for bearish candles.
This trading system requires monitoring the screen while you are trading but it rewards you greatly once you get the hang of this simple method.
Here are the simple rules to follow for the system.
Look for a candle to close with the open and close of the candle to be within 1 pip of each other. These candles happen more often than you may think on a 15 minute chart and are usually a strong sign of indecision in the market. Usually after a swing move up or down hitting a support/resistance level.
If the 1 pip candle closes green and the previous candle is at least 4 pips from open to close then you buy at the close of the 1 pip candle.
If the 1 pip candle closes red and the previous candle is at least 4 pips from open to close then you sell at the close of the 1 pip candle.
Stops are always placed just above/below the previous swing high/low plus a couple of pips. Try and keep you targets small, don't get too greedy with this system.
This system is great to grab 10-15 pips at a time without too mush trouble.
Do You Want To Make Consistent Money Trading Forex? Dean Saunders has created the *Ultimate* FREE forex trading system that has helped 100's of Forex Traders become profitable. Click Here and grab your FREE copy of Dean's amazing trading system!
Tuesday, 9 October 2007
Learn The No BS Method To Successfully Trading Forex - Part 2
In Part 1 of 'Learn The No B.S Method To Successfully Trading Forex' we discussed money management and how small daily targets will inevitably make you very wealthy.
Just to recap on this I am talking about 3-5 pips a day, I personally go for 3 pips and I'm done. Now you may laugh but I have little risk in the market and a $10,000 account would grow to $571,474 in 24 month with only 3 pips a day!
Getting consistent with extracting 3 pips a day take some practice, by consistent I mean you should not have a loss more than once a month. Trust me this is possible when your targets are so small.
I recommend trading the London open and it is crucial that you have a broker that allows scalping (any legitimate broker does) and has spreads of 1 pip or less, I pay 0.9 on the EURUSD at the moment.
Wait for the London open to get under way with a small trend forming on the 5 minute charts. Always keep an eye on the 1 hour charts for strong support/resistance areas. We do not want to be buying into resistance.
Once you have an high volume candle that has closed with the trend initiate the trade in that direction with a 20 pip stop. Keep a close eye on your profit/loss and never let the trade go against you by more than 6-8 pips. The 20 pip stop is a safety net only in case of emergency and you could not close the trade manually.
This is not the only way to trade the forex market and capture 3 pips a day, you may have your own strategy to achieve this however what is important to understand is you do not need a huge amount of pips to become wealthy, its all about consistency.
Do You Want To Make Consistent Money Trading Forex?
Dean Saunders has created the *Ultimate* FREE forex trading
system that has helped 100's of Forex Traders become profitable.
Click Here and grab your FREE copy of Dean's amazing trading system!
Just to recap on this I am talking about 3-5 pips a day, I personally go for 3 pips and I'm done. Now you may laugh but I have little risk in the market and a $10,000 account would grow to $571,474 in 24 month with only 3 pips a day!
Getting consistent with extracting 3 pips a day take some practice, by consistent I mean you should not have a loss more than once a month. Trust me this is possible when your targets are so small.
I recommend trading the London open and it is crucial that you have a broker that allows scalping (any legitimate broker does) and has spreads of 1 pip or less, I pay 0.9 on the EURUSD at the moment.
Wait for the London open to get under way with a small trend forming on the 5 minute charts. Always keep an eye on the 1 hour charts for strong support/resistance areas. We do not want to be buying into resistance.
Once you have an high volume candle that has closed with the trend initiate the trade in that direction with a 20 pip stop. Keep a close eye on your profit/loss and never let the trade go against you by more than 6-8 pips. The 20 pip stop is a safety net only in case of emergency and you could not close the trade manually.
This is not the only way to trade the forex market and capture 3 pips a day, you may have your own strategy to achieve this however what is important to understand is you do not need a huge amount of pips to become wealthy, its all about consistency.
Do You Want To Make Consistent Money Trading Forex?
Dean Saunders has created the *Ultimate* FREE forex trading
system that has helped 100's of Forex Traders become profitable.
Click Here and grab your FREE copy of Dean's amazing trading system!
Thursday, 4 October 2007
Learn The No B.S Method To Successfully Trading Forex Part 1
There is no secret to trading forex, well I say no secret, whatever you don't know is a secret. All you really need to succeed in forex is some hard work and everything contained in each part of this article.
Lets start by creating a business plan. Forex is like any other business It requires a lot of planning and preparation. You must know your daily/weekly/monthly and yearly goals.
Your business plan can be altered to fit your situation however I know many people using the one I am about to explain.
My goal in forex is to make a comfortable living (not a fortune) I do this by setting small goal that are easily reached daily with minimal risk in the market.
My daily goal is 5 pips, now I know for a fact that there will be many people reading this who have been focusing on 100's of pips a week but you simply do not need to be in the market for so long in order to make a lot of money.
This business plan starts with an account of $5000. The risk per trade is never more than 5% and the stop is always 20 pips. I would like to quickly point out that the stop is for emergencies only it should never get hit as I manually close trades before they ever get into double digit pips.
What you need to understand is compounding is very powerful and you best friend when it comes to making money in the forex market.
Using my small target of 5 pips a day risking 5% on a 20 pip stop a $5000 account would grow into almost $100,000 in 12 months!
This is the easiest way to make money in the forex market, minimal exposure and the pips are normally bagged before breakfast.
In Part 2 of "Learn The No B.S Method To Successfully Trading Forex" we will be looking at trading systems to grab your 5 pips a day.
Do You Want To Make Consistent Money Trading Forex? Dean Saunders has created the *Ultimate* FREE forex trading system that has helped 100's of Forex Traders become profitable. Click Here and grab your FREE copy of Dean's amazing trading system!
Lets start by creating a business plan. Forex is like any other business It requires a lot of planning and preparation. You must know your daily/weekly/monthly and yearly goals.
Your business plan can be altered to fit your situation however I know many people using the one I am about to explain.
My goal in forex is to make a comfortable living (not a fortune) I do this by setting small goal that are easily reached daily with minimal risk in the market.
My daily goal is 5 pips, now I know for a fact that there will be many people reading this who have been focusing on 100's of pips a week but you simply do not need to be in the market for so long in order to make a lot of money.
This business plan starts with an account of $5000. The risk per trade is never more than 5% and the stop is always 20 pips. I would like to quickly point out that the stop is for emergencies only it should never get hit as I manually close trades before they ever get into double digit pips.
What you need to understand is compounding is very powerful and you best friend when it comes to making money in the forex market.
Using my small target of 5 pips a day risking 5% on a 20 pip stop a $5000 account would grow into almost $100,000 in 12 months!
This is the easiest way to make money in the forex market, minimal exposure and the pips are normally bagged before breakfast.
In Part 2 of "Learn The No B.S Method To Successfully Trading Forex" we will be looking at trading systems to grab your 5 pips a day.
Do You Want To Make Consistent Money Trading Forex? Dean Saunders has created the *Ultimate* FREE forex trading system that has helped 100's of Forex Traders become profitable. Click Here and grab your FREE copy of Dean's amazing trading system!
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