WARNING!!!! Currency Trading can make you rich!
June 16th, 2010
OK, now that I have you attention for a few moments let me first say that I have about 8 years of experience with trading the FOREX or currency market. I have learned from very successful traders and I have a pretty good understanding of how currency trading really works beyond the hype. If you are asking yourself the million dollar question of why you should you believe me or anything I say I would answer that with; Frankly you shouldn’t. Just hear what I have to say and ask yourself if it makes sense to you. When I first started out I did not know who to trust or believe and everyone wanted $5000 to teach me anything.
Now I cannot teach you all the little terms and nuances of trading in a couple paragraphs but what I can do is give you a brief overview of how to really make millions trading the FOREX. Now first off I will say that most people will not make millions trading. It’s not because it is such a giant mystery and trading is really hard, it’s usually because trading requires you do things that most people are incapable of doing. I would say that 90% of trading is having a mastery over yourself and not special tools.
Let me give you a quick example of how challenging trading can be. This a real world example that I learned from a very credible source; you guessed it the source is ME. I remember spending 2 weeks setting up one of best trades where I use support and resistance over many days to try and predict large movements that will make me money. I remember watching the charts for 18 hrs a day just waiting for the correct entry. Then the time came I put in my trade and my heart was beating like crazy. You see the market was going up and my trade was that the market was going to turn around and head south. After about 30 minutes I realized that I had a winner, a big winner. I took a $1000 trade and turned it into $8,000 in about 5 hrs. I was so excited and I felt like the biggest genius in the world. After about 12 hrs of of taking profit and watching my account grow I got out of the trade. However this is only half of the story, you see what I did next is where human nature kicks in. I noticed after I got out of my trade that it looked like the market would reverse again and start going up. I put in another $1,000 trade and set my limits so that even if I was wrong I could get out and not get killed. So I put in my trade and watched the market go down. I watched my losses starting to add up and I was so over confident from the last trade that I told myself that this is normal but eventually it will go up and I will be proven correct and make another small fortune. Here is where I lost my mind; I decided that I was getting really close to my point where I needed to take my medicine and just get out of this trade. But I decided that I was a trading genius and I was not wrong. So I stayed in trade and removed my stop loss or exit strategy. Now this by itself is horrible but I made it worse. I realized I needed to go to the store and I left my computer for 20 MINUTES. When I got back home the market fell through the floor. I had lost not only my $1,000 but all of the $8,000 I just made in 20 minutes. I was so devastated that I turned off my computer for a week and contemplated never trading again.
Now I know some people will think that this will never happen to them. But after this experience and then talking to many traders afterwords I found out that every successful trader had a similar story. No matter what you think, when you are in the situation you will be amazed the choices that you make. I am not a greedy person but I thought I was super smart and I broke my own rules. But enough about me the point is that mastering yourself is the real key to trading. You have to have rules and follow them. You have to have money management and almost be robotic about your trades and your non trades.
This brings me to my golden strategy for getting started in trading and truly making a TON of money. Now what I am going to tell you will sound extremely simple but I guarantee you it will be hard to follow. OK, if you have noticed I have a bunch of advertisements that talk about robot trading. I promise you that if you are not extremely experienced that having an automatic trading system WILL help you while you are learning your craft. So yes I want you to buy the system but let me tell you how to really use it to make money.
OK, the first thing you want to do is get familiar with the system. So go through all the training and sign up with a FOREX broker to get a live account. Now after you get that squared away I want you to get a Forex demo account. This account is not a play account; this account is for testing your new system and testing yourself. You NEED to write down what you think your trade or trading strategy will do and then test it on your demo account. The key is too test your strategy completely. You have to resist the urge to tweak the system once you are in a trade. You need to watch the market and get a feel for how it moves and how slow it can be at one moment and how fast it can be the next. How unpredictable it can be and when things are going your way and how to stay calm.
During this process you need to have a predetermined end date. More than likely you will love your new strategy and be in a hurry to try it with real money. DO NOT do this; trust me this is the kiss of death. Stay with the demo account and really understand your strategy and start to journal your feelings, negative thoughts and expectations. You have to be patient and this is your real key to success. Now as far as money management I will give you something that is standard to follow and you can change it over time.
Money management for beginners is real simple. Do not try to make more than you are willing to lose. So if you have an account that is $5,000 and you can lose $750 without committing suicide then this is all you should be trying to make. So if your strategy is so great and you can place a $300 trade and turn it into $750 then that is all you can trade. You cannot trade $3,000 to get $7,500 because the rule in trading is if you can make it you can lose it. So NEVER trade more than this and NEVER over trade. If you are risking $750 then no more trading until this trade is complete. If you lose $750 then your next trade you can only risk $600 (15% of your account). This is a very basic money management system and you can devise something else for your own personality but this money management system can keep you out of big trouble in the beginning. Also if you are making a 15% profit (losses and gains) every month on a $5,000 account you will have $23,000 by the end of year 1. Then $125,000 by the end of year 2. Then $665,000 by the end of year 3. Then by the end of year 4 you will have $3.5 million.
So there you have it! In trading you can make 15% a day not just in a month but the trick is too not risk your bankroll. Your strategy even with a robot making trades for you should never put too much of your bankroll at risk. If you can follow this then you will make a TON of money. If you violate this then you risk your bankroll and will be forced to start over again. Now there are many more advanced strategies but this is the overview. Over time you will learn more advanced techniques and strategies but never let someone else convince you that risking more of your bankroll than you are comfortable with it acceptable. Money management and patience is the key to success.
In the next few months I will put together some videos on how to trade and other types of money management and strategies to really enhance your success. The object in trading is to get to the finish line. Take your time and stick to safe trading practices. Never let other traders convince you that they have the perfect trade. They are hiding their losses (trust me); stick to your plan and try everything on the DEMO account first. Everyone has losing trades, the trick is to win more than you lose and never take it personally.
Good Luck and I hope to see you on the other side. [ J. Reeves; Forex trader and site owner]
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Online FOREX trading and the beauty of it!
June 21st, 2010
The FOREX market is the largest financial market in the world. The advantage of FOREX trading over stock and futures trading is that trading is not centralized on an exchange. Trading in the FOREX market is not done at one central location. It is traded through electronic communication networks (ECNs) and phone networks from around the globe. As there are only several dozen currencies to deal with, trading decisions is lot easier to take in FOREX than stock or futures market. So it is very popular among newcomers and general investors.
FOREX trading is now done through internet. Different online brokers provide online trading facility. Because of online trading facility, this market spreads all over the world very quickly. FOREX trading can also be learned from online brokers. In trying to understand the financial data prediction of a particular currency, the investors can analyze different types of graphs. It helps them a lot to understand the trend of the market.
Now FOREX trading is conducted by means of automated software applications. One of the greatest advantages of automated FOREX trading is the capability of performing complex calculations and analyzing of large volumes of graphical and historical data. It saves great amount of time as well as instant performing of opening and closing orders. It is possible to re-check the data during process of trading. It avoids human error. Automated FOREX trading can be programmed for increasing the trade volumes in accordance with the set scheme.
FOREX trading is simply the exchanging of money. This determines the value of one currency with respect to another currency. Its high price volatility helps to make more profit than stock or futures market. So we should give more concentration to improve the trading system so that every single person in the world can participate in this trade market.
The nuts & bolts of Online Forex Trading
June 19th, 2010
FOREX is the largest currency trading market of the world having an average daily trade of US $ 2 trillion or above. It has large scale trading volume and extreme liquidity. This market is also called as the FX, Spot FX or Currency market. FOREX market offers a number of opportunities and advantages than stock and future markets such as online trading, less commission, margin limit etc. For this reason, recently a large numbers of stock and future traders have drifted over to FOREX market.
The basics of FOREX trading can be learned by online method. Online tutorials help to keep us up to date about the current market. Thus a newcomer can get quick help through internet from various online brokers. For making trade decisions, traders use fundamental and technical analysis. Fundamental analysis determines the future of a particular investment. Technical analysis use different types of charts to predict the time period. There are three types of charts such as bar charts, candlestick charts and simple line charts. Simple line chart represents a day’s average buy-sell price for a particular currency pair. Bar chart represents opening and closing costs. Candlestick chart instantly give the idea about where the market has moved in that day.
Online FOREX trading is becoming more and more popular because of its ease, accessibility, transparency, huge market liquidity, low cost etc. It has a risk limiting technique, namely margin call that keeps the investors at safe side. Mini or micro accounts allow investors to trade with small amount of money. Margin trading allows investors to trade with large amount of extra money. Because of its various special and unique features, it attracts a lot more people and shows a quick way of earning a lot of money.
Online FOREX trading!
June 17th, 2010
The FOREX or Foreign Exchange is a financial market place where a trader speculates on changes of foreign currencies exchange rates such as the euro, the dollar or Yen. It is now most popular alternative of future or stock market. Because of heavy price fluctuations, a trader can make quick and lot of money from FOREX trading than stock or future trading.
FOREX is a 24-hour currency market. But there are certain times to make more money than usual. Tuesday and Wednesday are the best time to trade as market is the busiest at that time. But the main key to success depends on choosing an appropriate broker. Broker’s trading platform must be good for doing technical and fundamental analysis. By proper use of these two types of analysis, anyone can gain in the high volatile FOREX market. Some of the popular websites for currency trading are Coinmill.com, XE.com, X-Rates, and ExchangeRate.com etc.
Because of online featuring, trading can be done from anywhere in the world. With the blessing of World Wide Web, a trader can trade at the comfort of his/her own home with his/her own personal computer. The greatest advantage of online currency trading is its real time accessibility. Today a trader easily can access online FOREX firms and brokers with a single click. They offer real time quotes, charts and transaction details after experienced observation and details analysis. So a trader can easily remain aware about latest market. It also removes the requirement of middlemen, so transactions are both faster and cheaper.
Everybody is participating in FOREX market daily. It may be a trader trading in FOREX market or a normal person exchanging currencies when traveling abroad. We can take the advantage of earning money in the FOREX by careful participation. The economic data released from various countries show that it is a very healthy game for acquiring financial prosperity of a country.
All about futures trading and how not to lose your future!
June 15th, 2010
According to Wikipedia, “A Future trading is a financial exchange where people can trade future contracts”. Simply, it is buying or selling a specified quantity and quality of a financial instrument at a specified time in the future at a price determined at the time of purchase and sale. Many people take it as a complicated, high stakes, risky business. This misconception is due to the lack of the proper financial knowledge and a clear understanding of its purpose. Because of high gain and financial security in future market, many professional traders don’t trade the stock market any longer.
The best way to start the trade is to get educated. Many seminars are offered by reputable broking houses to learn future trading from experienced traders. A specialized mentor can save a lot of time and money. Most traders are now relying on technical analysis to predict price fluctuation, to predict entry or exit price levels and timing. There is no magic formula exists to analyze the market. Fundamental analysis is one way to evaluate whether a market is likely to go higher or lower.
Future contracts can be purchased on margin, meaning that an investor can buy a contract with a partial loan from his or her broker. Maintenance Margin is the amount of money that a trader must maintain in his account in order to keep a future position running. If cash balance falls below this level, he/she would receive “Margin Call”, a notification from broker to top up his/her margin balance with cash back up to its initial margin level. It is done so that trader’s entire equity can’t be wiped out. Future trading is a zero-sum game; means if somebody makes a million dollars, somebody else loses a million dollars. Future traders have an incredible amount of leverage on them. Despite of all these problems, future trading is one of the best ways to make some quick profit.
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Is intraday trading just for the big boys?
June 13th, 2010
Intraday trading is a term associated with stocks trading. It refers to short term traders executing trading in a single market session. They purchase and sell stocks within the same day. Their trading rule is as follows: they purchase a stock, wait for the price hike to make a handsome profit and sell the stock as soon as their expectations fulfill. They do this thing several times in a day. They have to react quickly to register potential profits.
There are two ways to do intraday trading. The first is micro day trading and the second is macro day trading. In micro day trading, traders focus on minute price difference throughout the day. They are trying to materialize dozens or hundreds of small profit for summing up a big profit at the end of the day. In macro day trading, traders only make a few thoughtful trades per day. They are trying to take maximum possible profit from a stock in a single day.
Whatever the way might be, to become successful trader, they need definite strategies including studying charts, receiving stock news, stock tips and perform trading in specific sectors. They need to pick up some solid market tips, daily pre-market signals, quality education and observing changing market very closely. All these facilities are sometimes offered by various websites to make things easy for the intraday traders.
As traders are often lured to the stock market with a fascination for day trading, it is one of the most difficult strategies to successfully employ. Day trading means unlimited number of strategies and approaches involved in buying and selling stocks. One of the best tactics is to have a clear and solid idea of the market trends. Traders need to spend a few hours examining the market. After completing all these home works, a day trader might be in a better position to predict the market correctly and gain some handsome profit.
Trading Ring: Scaling In/Out of Trade
June 12th, 2010
The Trading Ring is a stock trading skills training and education company. Student’s matriculate through Momentum Intraday Trading curriculum and then learn to apply the specific skills needed to generate consistent cash flow from intraday trading in a long term Virtual Training Room. Master Instructor uses live trading, modeling and rote repetition .
Duration : 0:6:45
Short Term Day Trading Stocks Live Online – Learn How
June 12th, 2010
http://www.todaytrader.com. Day trading in stocks is both risky and difficult. Please consult your financial advisor before attempting to trade actively. TodayTrader is not responsible for any content that may be viewed on this channel. These videos are not meant to be recommendations in the market. Day trading equities requires a retail account balance of at least $25,000 and must remain at or above this level to trade stocks actively. This website is not a solicitation to buy or sell securities, options, or futures. The purpose of this content is educational only.
Duration : 0:26:0
Intraday Trading
June 12th, 2010
Intraday trading, sometimes called as day trading, is the process of buying and selling stocks on the same day in which they are purchased. This kind of trade lasts only for seconds or several hours. Intraday trading is only done by traders who actively trade and may be trade frequently during the course of the day. Because of quick profit, it is very much attractive to all.
To do intraday trading, trader needs a lot amount of money to make profit from small, quick movement of stock price. Sometimes they borrow money from brokers. High margin interests discourage them from holding stocks overnight. So they feel an urge to sell their positions at the end of the day. Recent statistics show that about 20% of intraday traders make profits net of transaction costs; rest 80% traders lose their hard-earned money. Day trading is either extremely profitable or extremely unprofitable. For this reason, day trading is disapproved by many experts. On the other side of the coin, some day traders manage to earn millions dollar solely by day trading.
To do successful day trading, traders must have secured strategies along with huge plans and accurate observations. They should not overbuy or oversell a particular stock. They should choose that stocks which have a huge volatility so that the ups and downs of stock price will be very high. They should be realistic. They should realize that profit may not come from every trade. If they are already in loss, they should know how to control losses and turn the loss to profit at the end of the day. Some people say that intraday traders follow the rule of “buy on rumors and sell on news”. Whatever the rule may be, it is the practice and experience that bring success to intraday traders.
Day Trading the way Millionaires trade!
June 11th, 2010
Day trading has become a fastest and popular way to make some extra money in these tough economic times. The concept of day trading is to keep an eye on active stocks, attempt to buy when price is on dips and sell again when price bounces up a little bit. Because of online trading facility, moms and dads can now able to look after their kids as well as make some quick extra money. For these reason, day trading is very much lucrative for novice traders.
Online day trading is now one of the most potential ways to reap profit from the unpredictable stock market. One of the easiest ways of learning day trading is free online courses. Brokers offer free online courses to attract customers. These are very much effective for those who have limited time in hands. These online courses play a valuable role in automated trading system. As market can’t be accurately controlled or predicted, investors need a lot of tutorials and guidelines to keep pace their strategies with the changing market.
To start online trading one need to open an online account. Most brokers offer online facilities and charge about $7 per transaction. Because of high financial risk involved in day trading, experts discourage day trading. But now financial risk is reduced with the blessing of modern communication and technological development.
Day trading has several potentials that can make our investment grow and change our mentality towards this fastest and challenging mode of stock business. If a trader plays right, he/she can get back as much as 3% of his/her investment in a single day. As we all want to be rich in shortest time, online day trading can play a vital role in fulfill our dream.