Forex Trade 24×5

Can you succeed at Forex Trading? Have you got the mental profile required to do the job it in the vicious, sometimes sky high, other times mine-shaft depression low world of FX Trading? OK this may sound like a coaches motivational rant, but having the right psychology WILL influence your profits – So before you lose your savings read this and ask yourself – Is this me? Or should I stay with regular shares?

There are many aspects of Forex trading that are outside the investor’s control.

Forex market players number in the millions – traders from the world’s banks, governments and private people – just like you. Unlike shares, even the biggest traders have a minute effect on exchange rates.

Even when setting interest rates and other actions that influence inflation, the largest governments can have no immediate impact on exchanges. The Forex markets are simply too large – $2 trillion daily – for any one player to dominate the action.

Trading strategies, which are essential, can increase the odds of making profits and help minimize or avoid losses. They give the knowledgeable trader that tiny edge that can make the difference between winning and losing on a given trade, or over time.

But before looking at market influences, and even before developing a set of technical strategies that help guide trading choices, the novice Forex investor has to honestly and objectively examine his or her own attitudes.

Currency trading is very fast, complex and needs a well considered strategy. That game plan has to be executed with nerve and skill. Trading successfully in a demo account for several weeks is essential but can lead to unwarranted confidence. Traders who invest Monopoly money will often take chances, leading to successful trades, that they wouldn’t dream of taking with real money.

Real trading requires answering honestly a number of questions that can be difficult to answer objectively when the subject is the self-same trader asking them. What are your financial trading goals? Looking for a quick buck? Seek elsewhere. You will have losses that wipe them out. Looking for secure, low-risk capital accumulation? Try AAA bonds instead.

Currency trading can be a stimulating mental game and an exhilarating adventure at the same time. The thrill of victory! The despair of (temporary) defeat! The mastery of the intricacies of Fibonacci, Parabolic SAR, Stochastic Oscillators and Doji Stars. All this, and much more, is part of Forex investing.

As a result, you have to be very honest with yourself and decide how (and whether) you are prepared to deal with the fear and pressure. Even professional traders do not have any certain system of ensuring profits and avoiding losses.

The pressure of deciding when to buy and when to sell is many times larger than in stock trading. The fear of loss is greater, in part because of the amplification provided by 100:1 or larger leverage.

Even winning can be problematic. With practice and persistence, provided you don’t quit too soon or run out of money too quickly, you will have periods when it all seems laughingly easy. That can lead to euphoria, which is great. But it can also lead to cockiness, which is fatal. Nothing will wipe out a trader quicker than arrogance. Confidence is essential, vanity is suicidal.

The other side of the coin to be avoided is too much second guessing. Successful trading requires bold moves based on sound judgment and confidence. Every decision is a small leap of faith, since no one can know in advance for certain what the outcome will be. Probability of one degree or another is the best that can be achieved.

All this will be accompanied by the fear of loss of capital, which often leads to panic selling in the face of what would have been a temporary price movement. From such panics are depressions made, both psychological and economic.

Forex is a roller coaster ride. But if you have a good inner ear and a strong stomach, bolstered by the brain of a statistician and the nerves of a pro billiards player, you will be well suited to end the ride with full pockets.

If you want to trade and win and Forex, you can get all the information you need for free to build a Forex trading strategy for success. Let’s look at where to get the best free Forex education… Let’s first of all tell you the places that you shouldn’t even consider!Forex forums are waste of time, only losers hang around them dispensing their so called wisdom, to make them feel better as they can’t trade. Another group are the Forex robot affiliates, telling you the route to success is a $100 trading system! Avoid Forums. Broker research is another source of information you should pass by; if brokers made money, they wouldn’t be brokers. Most of the research is designed to open accounts, so it reflects the majority view and that of course is wrong. Also don’t bother with e-books that ask for email address before giving you anything most of the information is common sense. Now let’s look at the good sources and the first thing you need to do is to learn Forex technical analysis, as it’s the simplest and most time efficient way to trade. Simply type in the phrase and you can learn all about it and you should also learn specifically about, over support and resistance, overbought and oversold and breakout trading, as an understanding of this infomration is the basis of any succesful Forex trading strategy. Next find a good chart service, there are plenty of free ones and look through the indicators offered and learn them. There are numerous ones but any trader should learn these: Bollinger Bands, the Stochastic, the RSI, ADX and moving averages. You will then have the basis of a simple, robust, Forex trading strategy you can enjoy currency trading success with.

An essential part of Forex education for a new trader is knowing the key elements that a successful Forex trading strategy must contain to succeed. Here we will look at all the salient points. Most traders lose, so make sure you have all these key elements in place before you start to trade.Let’s take a look at the key points 1. Trade Valid Time Frames Not Market Noise Most Forex traders try scalping or day trading but this is doomed to failure; all short term volatility is random so you can’t win. The majority of Forex robots also trade short term and I saw one that generates 20 trades a week! I know traders who make triple digit gains and trade less than that in a year. Trading frequency is not linked to profitability, so trade valid time frames and that means either long term trend following or swing trading. Leave day trading alone unless you want to lose quickly… 2. Simple Methodology and Not Curve fitted Ideally your system should be simple just a few rules and that’s it. Complicated systems lose because they have too many elements to break and in Forex keeping it simple is the way to make profits so, forget about being clever. Also your system must not be a curve fitted system in hindsight. Curve fitting is where you keep bending the rules, until they make a profit on historical data but of course, the data never repeats exactly again and the system losses. If you want to see a good example of curve fitting, look at any Forex robot, great gains in hindsight and losses in real time trading. 3. Trade the Reality of Price Change Forget the people who tell you prices move to some higher theory and there is order in price movement there isn’t. You are trading an odds based market and dealing in probabilities not certainties. When dealing with an odds based market you need to trade the reality of price change and not predict. Prediction is hoping or guessing and doomed to failure, so leave it to the far out investment crowd. Trade the reality of price change, not where you think prices may go and you will have the odds on your side and that’s what Forex trading success is built on. 4. Money Management and VolatilityMost traders think that money management takes care of itself but it doesn’t and when working out stops, you need to take into account the standard deviation of price of the market you are trading- don’t know what it is? Make it part of your essential Forex education! You need to place stops to protect yourself but make sure they are outside of random volatility. If you want to win at Forex, you need to learn how to do this; it’s the very basis of Forex trading success. Summing Up Your aim is to make money and that means working smart not hard. Forget about trading a lot, being clever or trying to predict. Keep you Forex trading strategy simple and robust and pay attention to the volatility of the market traded. If you follow the points in this article, understand them and build your strategy around them, they will lead you to currency trading success.

I have been giving some live trades to show how a simple system can make big profits. We have done 2 live trades and made two great profits.

We did the same last year we did 5 trades live and won on all of them!

Now that does not make me a genius, but I want to share something with you that I have learned over 25 years as a trader.

The Best Methods are SIMPLE

I have tried just about every way of trading from using artificial intelligence to neural networks and some methods overloaded with indicators and I can tell you the best methods are simple.

The method I use is simply this:

1. Look for significant levels of support and resistance

2. Use a breakout methodology

3. Use stochastics to time entry

4. Use Bollinger Bands for targets and RSI as contrary trading indicator

That’s it.

People think the harder they try or work on a method the better it will work but this is not true.

You get nothing extra for effort in the FOREX markets.

There are many smart traders out there who build incredibly complex systems and are dismayed when they collapse in the brutal world of trading.

The problem with complex systems is there are to many elements to break.

My system above works on any market not just currencies and its logic is sound.

It works makes money and only takes 30 minutes or so a day to execute and there is also no intra day monitoring as it works off daily closes..

It Does However Need:

The trader to spot and filter the set ups. This means YOU pull the trigger not a computer.

Many traders don’t like doing this but the fact is:

We can think computers cant and I personally like the responsibility of making the trade. If you want to delegate totally to a computer then this system may not be for you but I am always more comfortable pulling the trigger myself.

So there you have it a simple system that makes money and I have given you the logic and components for free.

I hope you like it and its of as much use to you as it is to me – after 25 Years I am still using it and it is still making money which is what forex trading is all about.

What’s your edge?

If you want to win at FOREX trading you must have an edge remember this fact:

Around 95% of traders lose – so if you don’t know what your edge is you will join them.

Let’s look at the basis of having an edge and what you need to win.

FOREX Trading is HARD – and anyone who says it’s easy, is lying.

You need an edge that allows you to win while the vast bulk of traders lose, it really is that simple.

The basis of what you need to do to achieve an edge is outlined below:

1. You can’t buy success

If you think you can consult a guru or get anyone else to give you success you need to wake up and need to “smell the coffee”!

If guru’s made money in the vast majority of cases they wouldn’t need clients.

Some are good and genuine, but that’s probably less than 1%.

If you want to follow one, you need to understand what they are doing, have total confidence in their method and see a real time track record of success.

You then need the confidence to follow their method with discipline.

2. You need a method you understand and know why it makes money

This means in most cases means deriving your method on your own and trusting it.

You need to trade it through losses and know you will end up a winner longer term and remember, all methods have long periods where they lose.

To win longer term you need to have total confidence in what you are doing and stick with your method through good times and more importantly, the bad.

If you don’t have discipline, you will fall by the wayside like the vast majority of traders and won’t be able to execute your method.

If you don’t have discipline to trade your method, you have no method at all!

3. What sets you apart from others?

This is your “edge” the reason you will beat other traders.

If you don’t know what your edge over other traders you will lose.

When you trade in the market you trade against other traders.

It’s a brutal world where only the strong survive and you need to have an advantage and more importantly, know what it is.

An edge in trading can be a number of things, but one thing is for sure:

You need to know what it is and why it allows you to take on and beat the vast majority of other traders.

Common traits of traders with an edge are:

They understand everything about the market:

How it moves and why and they have built a method themselves that suits their personality.

They then have total confidence in their method and can apply it with discipline to preserve and make them money.

If you want to win you need to do the same.

In conclusion, if you don’t know what your edge is, forget FOREX trading and do something else with your money or you will lose it all.

I spent 10 years as a forex broker and traded thousands of clients, here I will give you a broker’s view of trading clients.

I will reveal who won, who lost, how we made money and how we treated them.

I joined as a rather green salesman and had no idea about the reality of forex and futures trading.

I was excited about joining an industry where millions were made and millions were lost by clients – It was very exciting!

The company

I was rather shocked at the reality which was:

Clients didn’t appear to win very often and the company based its balance sheet on commission to equity.

The view was that about 95% of clients would lose and they would do it all on their own, with no help from us.

The clients we liked (from a financial perspective) were the ones who made commission for the company and top of the list were:

Day traders:

They lasted for short periods, never won and made loads of money for the company.

If they believed it worked, let them get on with it and we would take the commission.

Shoot from the hip traders

The action men.

They loved the buzz, in and out all the time, trading the news and advice from gurus and with no discipline.

Again, they wiped themselves out and made us plenty of money.

The company did not dislike its clients.

We treated all clients well and did what a good broker should:

Help them with queries and made sure they got fast accurate executions.

We just let them do as they wanted and in most cases they lost – that’s simply the reality of trading.

The clients

We had clients from all walks of life, from retired people, to highly educated mathematicians and the few that did win surprised me.

The ones I personally hated were the ones I will refer to as “educated fools”

Cocky as anything and believed they had a divine right to win, because they were clever.

They would ignore my warnings, that they would not win with systems that were too complicated and tell me to mind my own business.

If I am honest, when they learned the reality of a wipe out, I felt a little inclination to say “told you so”, but never did.

Perhaps my favorite client was a retired lady, 81 years of age, who lived on a sheep farm in Australia.

A lovely lady and she taught me a few things, that I remember to this day.

She devised a system and showed it to me.

It was a simple buy and sell strategy and relied on holding big trends for months on end and you could learn it in a few hours.

Personally I thought it was to simple to work, but she built a $5,000 account to $39,000 in three months and had passed $100,000 in under a year.

She drew her charts by hand ( this was the late eighties) and didn’t have a TV and never read the papers.

Each day she would check her prices draw her charts and make her trades if she needed to.

A polite, humble trader, who was loved in the office by all.

We all had respect for the way she was our most profitable trader, even above some quite well known money managers.

We had many other clients.

Most lost and some won ( very few), but the ones who did win were humble, had simple systems, traded only when their systems told them to, had iron discipline and believed they were right.

This is just my experience.

I did trade a lot of people.

They from all walks of life and I learned very few won, but the ones who did, kept it simple, the ones who didn’t, had big ego’s, or liked excitement and traded with their emotions lost.

How can YOU Earn Thousands of Dollars Each Day? What do you need?

How does it work?

Our financial specialists, mathematicians and programmers have developed an innovative intelligent software which automatically analyzes currencies markets and determines when to buy or sell. It can generate signals in 3 timeframes:

Of course you can use all 3 systems – you can trade intradaily and daily and weekly! This maximizes your profits. For example, if you want to trade with $3 – you can divide it and trade $1 intradaily, $1 daily and $1 weekly. That’s very simple. Of course signals are generated for all major currency pairs, and using all of them also maximizes your profits.

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Forex trading alert is an idiosyncratic service and it uphold currency traders very close to the speedily changing forex trading capital market even when they are far away from their screens by using the certain parameters of their forex trading strategy to set forex alerts appropriately on rates and mechanical indicators, plus to generate modified reminders for imperative dates or events. Unlike any other forex trading market, the forex offers trading services 24 hours a day, 5 days a week. Of course you can take the time to watch this Forex market by yourself, but who has the time. More outstandingly, the factor to be noticed here is the knowledge and the know-how for constantly making a profit.

Initially, only a couple of well-used and established methods, which provide the best overall returns, are used. One method utilized is a scalping forex strategy where it is uses super-tight stops for lesser profit objectives since it lessens the forex risk to a minimum. You are in the forex trading market repeatedly for a few hours. Secondly, Forex Alerts does not use mechanized programs in order to make a large number of alerts, most of that might not be money-making at all. This is how the Forex trading alerts give the highest quality alerts.

By receiving live forex trading alerts from a team of expert forex traders the professionals or some other persons tell you when it is good to trade the foreign exchange market. In fact it is that it could take some years for you to study how to successfully trade the forex market. Also you would have to spend immeasurable hours watching the forex market. You get notification by email instantaneously with Forex alerts and that email could get directed to your mobile phone as well or PDA.

We question only a few choose foreign trading exchange alerts for a week, but these alerts are more probable to offer constantly profitable outcomes. The aim is not to trade more recurrently; but the aim is to trade more advantageously. Forex traders have been trading the Forex markets successfully for years and years, and their strategies have now been developed into a forex charting system in a helpful manner allowing for retail currency traders.

As you ponder how to balance your forex portfolio, it is important to map out sure-fire strategies beforehand.
With your plan, you optimize your reward with respect to the expected risk, and tweak probabilities to your favor. Forex strategies must be disciplined and limit risk; simultaneously, it positions you at the most favorable advantage in the market.
A beginner’s strategy is the fundamental Moving Away Average, which is draws predictions from technical study over 12 periods, with each period 15 minutes in length. Trading decisions based on the MAA technique considers historical data to arrive at relatively safe predictions.
We use a simple algorithm for MAA. When currency price crosses above the twelfth period, simply move away it is a signal to stop and reverse. In this way a long position will be liquidated and a short position will be established, both using market orders. This system keeps trades constantly active in the market, with either a short position or a long position after the first signal. Risk is minimized.
Intermediate level strategy calls for analysis of support and resistance levels. The market likes to trade above support levels and trade below resistance levels. If either a support or a resistance level is broken, then the market follows through in the direction given. These breakpoints can be determined by analysis of the chart and assessment of where the chart has encountered unbroken support or resistance in times past. Identify these critical points and you can ascertain periods when you plan to open or close a position.
An advanced tactic that many consider exotic is the balloon strategy. The Balloon is an option that balloons, or increases in size when triggers are breached. Take the case of an investor who predicts that the dollar will gain strength against the Euro in the near future and is currently trading at one hundred, the investor will see one hundred ten as having strong resistance, but he also believes it will be broken.
Now, rather than buying straight US dollars at one hundred for the next six months the investor will purchase at “at the money” balloon call with a One Hundred Ten trigger and multiple of two. The investor then acquires a One Hundred Ten call in USD110mm. However if the dollar and Euro ever trade at or above one hundred ten, the 110 call will double to USD 20mm.
A day trader at heart? The Double Bottom is definitely for you. Significant to the short term trader, the double bottoms indicate a possible major change in currency sentiment and indicates a shifting trend. The pattern is used on all times frames, and many compelling intraday and long term bull markets are identified from this setup.
Analysts recognize that double bottoms quickly reflect strong support levels. When prices fail to break support in the down trending markets on more than one occasion we see powerful changes of trend. These reversal signals are revealing. The most common portal where a trader will open on a double bottom trade is upon a maneuver through the high of the two troughs. This high embodies secondary resistance, and when penetrated confirms a price reversal. From this vantage point, stops are placed around the lows of the patterns because a move below lows negates the pattern premise. Easy isn’t it?
To round of your arsenal of forex implements, arm yourself with the ichimoku chart. These charts consist of following indicators, which identify support and resistance levels and create trading beacons in a manner that is akin to moving averages. A contrast however between both is that the Ichimoku chart lines swing forward in time, creating vast swathes of support and resistance zones while decreasing the risk of trading false breakouts. They are arrived at with data on trend existence, direction, support and resistance.
The four primary lines include:
• Turning Line = (Highest High + Lowest Low) / 2, for the past nine days
• Standard Line = (Highest High + Lowest Low) / 2, for the past twenty-six days
• Leading Span 1 = (Standard Line + Turning Line) / 2, plotted twenty-six days ahead of today
• Leading Span 2 = (Highest High + Lowest Low) / 2, for the past fifty days, plotted twenty-six days ahead of today’s date.
Commit these tactics to memory and bring home Your Gold..

If you are interested in Forex (foreign currency trading), then there is a lot you must learn before you can begin your profitable journey to riches. Expertforextrading.net is an excellent online source to start your education but you must also follow general rules: 1.  Educate yourself on as much information as you can get your hands on about Forex.  You can’t play the game without knowing the rules so to speak.  Get your hands on free information widely available online to learn all of strategies used in currency trading.  Remember, no single strategy is perfect. Even though we can play the same game over and over, the rules stay the same most of the time but game plays always change.  Just because something works for one person doesn’t mean the same style will work for you. A great place to start your education is FXStreet. You can get your hands on valuable information and great tips to help you get started.2.  Practice, practice, practice.  There are many places you can get fre demonstration accounts where you can play around with fake money in real world trading environments with realistic indicators and conditions.  Just like the stock market games, you can practice for as long as you like testing out different strategies until you feel confident to play with the big toys. Metaquotes is an excellent place to start with $100,000 worth of free play money. FXCM and Forex.com are some other good websites to play on.3.  Remember the old saying: its not what you know, its who you know? Well this applies half-way to Forex trading as well! Get connected.  Join networks of other people who are out there just like you trying to learn about currency exchange. Forums are also very important when it comes to connecting to people. You’ll be surprised to see how much you can learn from other people, and perhaps even make a few friends on the way.  Some places to consider:  Globalview, EliteTrader and MoneyTec.4. Set your goals.  You don’t make big financial decisions without first thinking about the consequences and the end goals that you are trying to achieve. The same goes for forex trading, set your goals – both longterm and short. Where do you want to be in a year? “I want to be a millionaire” might be the right attitude but not the right goal. Where do you see yourself in a week? Do you anticipate gains or losses, if so how much? Think about these questions before you go throwing your money around.  Once you’ve got some sort of a goal you must determine an approach.  How will you get to your goal? Will you do it aggressively, on the cautious side, or will you plan to adopt a moderate plan?  This is a key step where you cannot get ahead of yourself. It is said that 95% of those who try, fail. This is due to unplanned and uneducated decision making. Remember, no strategy is perfect and you must figure out your own that works for you!5. NEVER let your emotions take over. This goes along the lines of planning. Some people make some money and all of a sudden they are riding an emotional rollercoaster that leads to complete disaster and loss of all funds. Don’t be one of those people, make decision based on good indicators and never ride the emotional rollercoaster when it comes to playing the real game. Do your research and always keep in mind your short term goals. Its best to take small footsteps to prevent stumbling as you start running so to speak.