Forex Trading Success &
possible, but you will have a better chance if you invest first in your forex education
If you don't learn how to trade
forex with a proper strategy and
mental attitude, you'll become another
forex 'victim', joining some 90% of forex traders who lose money
by thinking it's just a game. FOREX IS NOT A GAME, and even less a
way to 'get rich
quick'. It's a serious business and there is risk of loss. With nearly two trillion dollars
worth of currencies being traded by banks, governments,
brokers and private traders each day,
what else could it be but a serious business?
Forex trading is
certainly not for everyone,
and attempting to trade forex without good training and
experience, your chances of winning at a casino are probably higher. Done
right, forex trading is far more potentially profitable than
futures right now, as the markets
are in turmoil. Forex, on the other hand is not affected the same way. Pairs
trade up and down continuously and money is made by swings in either
direction. The right knowledge and training will give you the ability to
trade confidently in different market conditions.
If you're serious about becoming a successful foreign
currency trader, then take a professional forex course. The money invested will be
recouped rather than lost in addition to unnecessary trading losses that
will inevitably occur if you start trading without the correct knowledge and techniques,
including understanding risk management and the psychology of trading.
Understanding risk management
This is probably one of the most important yet often neglected aspects of
forex trading. Far too many inexperienced or new forex traders do not
realise the importance of managing the risk in each trade, especially when
they have more than one trade running at the same time. The sad result is
that their accounts are wiped out very quickly. They tend to blame the
broker, the 'method' or strategy they have been taught to use – everyone but
themselves, but the reason is more often than not, greed and lack of proper
risk management. The rules are quite simple, but people tend to ignore them.
Forex trading has grown
enormously in popularity; so quickly that many traders who are new to forex
trading have dived head-first into the waters, opened a demo account with
their broker or bank and within a short time begin entering live trades
without any real thought or planning. They try to trade first rather than
learn how to trade, lose their capital and either quit forex or (the
sensible ones who have grown wiser) get an education!
However, trading with a
practice or demo account
is not quite the same as trading with real money. You don't worry about losing
trades so much when they're not real, so you take greater risks. Conversely,
when you begin live trading and have a few losses, you may tend to play too
safe and miss opportunities because you don't understand "calculated'' risk.
The solution is to reverse
your thinking: learn first, trade second: learn the right way to trade
first, then take that knowledge to the market and trade with it.
The cost of forex
Expensive is a
relative term. It means different things to different people.
For some it's a hundred dollars while others will happily invest
$2,000 in a comprehensive course and trading strategy, knowing that they will have the
equivalent of a degree in forex trading at the end of it.
While it's very easy to open an account and
start trading forex, doing so without sufficient understanding or
professional forex market training is fatal and will almost certainly
lead to loss of money very quickly. Like countless others, we learned
from bitter personal experience, that "diving straight into the deep end of
the pool before learning to swim" is not very clever at all!
As they make most of their money from the 'spread' between buying and
selling prices, bankers and brokers benefit equally from winning and
losing traders. However, the more reputable 'market makers' and brokers
would far prefer clients to make money from trading, as the winners increase
their account balances to an advantageous size (and withdraw the rest into
their bank accounts), while the losers blow their accounts quickly then give
up, fingers burnt, often blaming the broker and generally giving forex
trading a bad name for the wrong reasons.
Forex trading is a profession, not a game, and there is simply no
substitute for knowledge and understanding of the markets, as well as
the often played-down emotional aspects of trading involving greed
and the fear of losing money.
Fully Automated forex trading systems
There is increasing demand among forex traders for an automated trading system or
that can be set and left to run on autopilot using a trading platform
like MetaTrader 4. One reason is the lack of
time people have to be able to trade as well as carry out other tasks at
work or home. With today's new
technology it is possible to develop programs that once set up with the
correct parameters will enter and exit trades without user intervention.
This avoids spending long hours in front of a computer screen for the 'right
Automatic systems are easy to learn and
implement, give precise and potentially profitable buy,
sell, stop loss and exit signals, and require a minimal
amount of time at the computer to be set up for winning trades, without further manual intervention. However
not all include updates, training, support and backup and it is
important to have a
basic grounding in forex trading, rather than rely on
using a robot to do something you don't really
internet is full of
both opportunities for making and losing money, as well as opportunists! People buy, people sell, and some people steal - it's what
makes the world (and world wide web!) go round. But if you are selective in what you
choose, you can certainly avoid becoming a forex loser! Hopefully the information
we have provided will help you achieve that goal. If you want to download
or be advised of new articles and files in the future, visit our
There are many forex products and
trading systems on the market today. Those that are worth considering will offer
a free trial or money-back guarantee – or both. So
the risk of losing your money on worthless training is low. We found out the
hard way first, however!
more about trading forex on 'autopilot'
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