Looking for the Best Forex Broker?

 Finding the best forex broker is undeniably one of the most important part to successful trading.
Investing some quality time and stringent research is paramount. Beginning traders need to pay close attention to the customer support services rendered by the forex brokers out there.

Another very important thing you want to pay attention to is the spreads, since spreads are a trader's cost for trading finding brokers with low spreads is equally important.

Let me know how your search for the best forex broker turns out in the comment section as i will be more than glad to hear it.

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3 Tips To Become A Consistently Profitable Forex Trader

Consistently Profitable trading is a myth for the 95% struggling forex traders losing money money in the currency exchange markets. 

Here are 3 tips to help you join the winning 5% of traders who make it trading for a living pulling regular profits out of the markets.

Comprehension

Learning never ends, the forex field is an evergreen niche where learning never ends.

The more you learn about divergence trading strategies for instance, the more you'll improve your divergence trading skills. 

So always strive to keep on learning.

Confirmation

Practice they say makes perfect, well perfection in trading is an illusion as you'll always strive to build your confidence level with every trade but always keep a demo trading account handy for confirming trading strategies you're testing.

Confidence

The tips I just gave you are from the 3 C's of Trading, Comprehension + Confirmation = Confidence

The more you learn and strive to perfect your trading skills and the more you practice on a demo trading account or using a trading simulator the better you build your confidence level.

I hope you enjoyed this post please feel free to drop your comments and share with your friends and family.

Cheers...
 

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How Do You Use Forex News Sites?

Forex News sites are used by different traders in diverse ways.

Some traders take cues off of the numbers from major political events to place trades off of while traders like myself take the second approach.

Wait for the market to absorb the news and trade the reaction. There's much money to be made using both approaches but the second strategy is just a lot less stressful than the first.

Tell me how you use forex news sites let's learn new ways to trade the market.

Cheers...

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Can Anyone Learn Forex Online Trading?

This is a question i get asked a lot and to be honest the answer to that depends on you!

There are lots of online training and help tutorials paving the way to online trading riches but you have to be willing to go through the learning curve and acquire the necessary skills required to succeed as a professional forex trader.

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What is an Automated Forex Trading Software?

Automated Forex Trading Software are simply trading robots that trade the currency markets on behalf of a trader using certain trading strategies defined in the make up of the automated trading software.

Most beginners prefer to use trading robots to manual trading as plenty just can't seem to get past the stressful learning curve involved with manual currency trading.

Another name for automated trading systems are black box system since they promise to do everything for the user who only needs to pull up a chart and attach the trading robot and that's it! 

 If you have any questions do not hesitate to drop them in the comments sections as i will be more than glad to help.

Have a nice day..

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Why Forex Rates Fluctuate...

It's very intimidating to beginners to trade the currency exchange market especially when it's their first time navigating the Meta trader 4 platform as complex and daunting as most find it to be, in this post we'll be looking at why forex rates fluctuate.

Forex rates fluctuate for a myriad of reasons, but the primary reason forex charts fluctuate is due to the forces of supply and demand.

Demand is driven by scarcity which causes prices to rise higher while excess supply cause prices to swoon.

In simple english, the demand and supply move currency prices and these makes for trading and the market as we know it.

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What Are Forex Trading Robots? Can They Make Me Money From Forex Trading?

To answer that question Forex Trading Robots or Expert Advisors are Automated scripts of code/computer program designed to place trades on behalf of the trader.

To explain this further, lets say Trader A trades the currency markets for a living and Trader B is a Beginner Forex Trader. Traders A and B could reach an agreement to hire a programmer who would design a program cloning the Trader methodology of Trader A who happens to be some Trading Guru.

If this happens, Trader B would have the program attached to forex trading charts he/she wishes to trade off of and the Trading Robot would automatically place trades on behalf of trader B using trader A Trading methodology.

And now for the second question; 'Can Forex Trading Robots Make You Money? 

Well, in a way they can but you have to know the exact market cycle the robot was designed to exploit (to learn more about market cycles you can read this blogpost 'Market Cycles in the Currency Markets') because believe it or not there is no single trading robot that was designed to work in all market conditions.

Secondly, you have to have some level of discretion gained from practice trading. Experience goes a long way in helping a trader make money from currency trading, the sad part is you have to actually understand how online forex trading works and this can only come through learning how to trade the forex the right way by acquiring quality forex trading education.  

Manually test the strategy the robot operates upon on a demo account till you get the hang of it, this will help to build your confidence level so as to help you trust the trading robot, overall though i must add that i don't use robots because thats just what they are, Robots!

You might be have an entirely different perspective from mine but after all is said and done it's your money you'll be trading not anyone else's.


Hope you found this post interesting, looking forward to your thoughts, comments and opinions on this one guys, don't forget to share this with your friends.

Cheers...   
 

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Step– By–Step Guide to Forex Trading for Beginners

Forex Trading for Beginners can be a bit overwhelming given the tedious Learning Curve to overcome and the Experience required gained from extended market exposure necessary for success in the Forex markets.

In my honest opinion walking the path to Forex trading success alone is a recipe for disaster, you should consider finding a Mentor who is already profitable trading the markets to help you Learn How to Trade the Forex.

Foreign Exchange Trading otherwise known as the Forex or FX trading refers to the simultaneous buying and selling of foreign currencies. As a Forex Trading Beginner I know this might be a touch confusing for you, but here’s an example.

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Can’t Pull The Trigger on Your Trade Setups?

We’ve all been there, you’ve done your homework and research and everything points to a “sure thing” but of course it might not happen just the way you thought but you know deep down within your heart that it’s going to happen, a winning trade!

You set your stop loss just in case something unforetold were to happen but that’s just a formality you’re positive this trade wouldn’t be in the negative for long, maybe you did place your stop just a little too tight but you don’t expect price to move south far enough to stop you out. You’re all set and ready to make some money now!

Everything starts out alright, price ticks as expected but suddenly without notice price starts to turn against you and you feel yourself holding your breath as the price rapidly and relentlessly marches towards your stop loss.

You know there is no reason for this to happen and the confidence you’ve built thus far starts to fade away you actually get weak in the knees frantically trying to figure out what went wrong with your analysis.

To give yourself sometime to find out the reason for this unexpected turn of events you loosen your stop to accommodate the move. After sometime you reassure yourself that there’s nothing out there, the currency is only correcting and this should be over soon.

But when you check the profit and loss window in your MT4 platform you suck in like someone punched you in the stomach, you lost the trade, your shoulders slump and you gently pound the desktop thinking to yourself “How could this happen? It’s not fair!”, you did everything right and followed your system.

You were wrong and just like almost all of us you hate to think of yourself as being wrong, as being incompetent.

A few days pass and you review the trade to see what exactly went wrong. You feel a little bit better because price moved just as you had prognosticated but your moment of pride turns bitter as you have to accept the fact that you lost the trade, you’d panicked and lost a lot of money. You think about why you violated the rules you had established with regards to pulling the trigger, why didn’t you move your stop instead of taking the hit?

You analyze yourself, was it the fear of loss because you placed too much emotional value on money? Was it because you were protecting your ego from the fact that you just aren’t cut for this? That you’re just pawn to the able traders?


Not being able to pull the trigger to get out of a trade is a clear indication of problems either with the trader or trading system.
Let’s consider the typical problem involving most losing forex traders. We’re all raised with the notion that losing is a bad thing and it reflects on us. Losing equals shame which in turns equals pain.


A natural response to pain is flight from the situation causing it which is probably the main reason why novice traders leave forex trading. For most of us it is much easier to deny responsibility and avoid the situation and the risk of pain. As Human beings we’re frail creatures. Mental and psychological pain hurts us much more than physical pain.


Another typical case of not being able to pull the trigger has to do with trade entry. Maybe the trade doesn’t exactly fit the laid down by you trading system and you get that subtle push to jump in, which is countered by the emotional fear of not being fully informed and this causes sort of like a gridlock act stifles decisive action.


In the world of random walk X doesn’t necessarily equal Y. As the trade setup you’ve been waiting for nears the entry price you’ll likely feel the pull of the subconscious emotional fear of being wrong and losing money. The usual decision is to follow the anecdotal “if it doesn’t feel right, don’t do it!” and the trader holds off on the entry.


Only for the trade to turn out to be a stellar winner leaving the trader standing at the station as the train pulls out. It’s not as painful as actually losing money but this being left at the station syndrome may force the trader to plunge right into the next trade with little caution and reckless abandon getting him hammered which in turn multiplies the frustration of missing the trading opportunity on the first trade.


If this whipsaw effect happens several times it can cripple a trader and bring them to their knees, several back to back losses can indeed force an inexperienced trader throw in the towel, considering that only 2% of forex traders are actually successful the rest usually just write of trading in their bad make money experience.


This is the main cause for new traders’ disillusionment and abandonment of the exciting potentials promised by a successful forex trading career.


Most traders do not know the fact that these mental and emotional aspects of trading are just as important if not even more important than a good forex trading system. A lot of money is spent on advertising trading systems and softwares to make trading appear easy, if you do not have a good grasp of trading and the psychology needed to sustain yourself through the rough bumps which will happen by the way, trading can be a surprising and often disappointing experience.


What separates the losing traders from the winning traders is being able to deal with losing trades, period, as this happens to be the dividing line between successful traders and ex – traders.


The ability to maintain the proper mental and emotional discipline and understanding the psychology behind trading gives the seasoned trader the advantage of taking the higher ground. 

One of the intangible benefits of learning how to trade the forex successfully is the fact that you become an honest and introspective person, you learn to honestly appraise your performance and probe any weaknesses you might have, you learn stay humble, focused and accepting of things you cannot control.


These things don’t just make for successful trading, they make for success and fulfillment in all of lives endeavours.

When a trader can’t pull the trigger to get out of a position it’s because they just don’t know the principle behind a successful trading career. The objective of trading is that you should win more trades they you lose and that the profit margins on the winning position should be larger than the losers, this results in net profits over time.


On a deeper level failure to cut losses can be indicative of the arrogant and insecure attitude that you just can’t be wrong. To be wrong is to be flawed, so losing a trade doesn’t only cause financial torture but also psychological damage to the tender ego.


On losing like this, fragile egos begin to doubt themselves thus they get defensive, negative and take on self-fulfilling losing attitude. 

Aggressive anticipation and hope turn into little joy and much fear.
This happens to everyone, and this also the critical moments that makes or breaks a successful trading career. If you’re able to overcome the fear of being wrong and loosing something of value with your internal drive to succeed, good things would surely come out of your trading activities.


Another common cause of inability to pull entry triggers is the lack of discipline in sticking to the rules of the trading strategies in your forex trading system. If your system has too many poorly defined rules you should probably consider looking into that, take as much time as you need to plan your risk management rules, this is very important.


Trading should be mechanical, either it’s go for the trade or its not and a confluence of events help make this clear.


Never trade with money you can’t afford to lose as this puts even more pressure on you being right. This is why you should only trade with risk capital (money you can afford to lose). 

Set a predetermined drawdown level where trading stops until you make real changes to your mental and emotional outlook, only practice trading on a demo account for the time being.


Establish a framework of not only how to trade your system but also how to manage your emotions and mental discipline. You need to establish some sort of procedural constraints (rules defining what you should and should do when certain things happen during trading) and then learn how to match your feelings and thoughts to the whole trading process.


One way to start placing emphasis on the mental – emotional aspects of a successful trading career is to keep a detailed trading journal which you log into after every trade is completed; almost all successful traders review and grade their trading process.


A mentor program comes highly recommended but this depends on your financial and educational commitment to becoming a successful forex trader, although this might be somewhat costly having an experienced and insightful mentor to teach and debrief you of trading activities can be very effective to providing the objectivity to help mold your entire approach to trading.


Having trouble pulling the trigger on a trade indicates the lack of confidence a trader has in his system or himself, learning to handle this stress isn’t actually easy for newbie and struggling intermediate trader who do not even understand how trading works.


To be a successful trade you need to learn exactly how to trade and learn how to manage your emotional and psychological approach to the market.


Hope you learned a thing, don’t forget to share this with your friends, if you have any questions or comments, and be sure to drop them, I’ll always be glad to help.


Cheers…

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The Undisputed Best Forex Broker on The Internet! Learn Why…

The quest for finding the best forex broker can be a very hard thing especially for a newbie or an inexperienced forex trader with little or no prior exposure to the currency market not knowing what to look for and where to look for it.

Todays internet with a staggering number of unreliable and unethical forex brokers makes this task all the more daunting to accomplish in this blog post we look at the key factors that makes the instaforex broker the best and fastest growing forex broker hands down offering a host of forex services useful not only to the killed and experienced currency trader but also to the newbie trader and people looking to invest in the currency market with a managed forex account.

instaforex broker has thousands of clients all over the world with a solid reputation for transparency offering reliable brokerage services. the genius innovative minds at instaforex have come up with services that helps forex trader make money trading currencies with the most convenient way and acting as a trusted intermediary between investors willing to make high returns on their investment but lack the required skills and techniques to trade the forex themselves with services such as the forexcopy and PAMM system. let’s have a closer look at the features and benefits offered by instaforex broker in more details.

Minimum slippage 

for people looking to actively trade the forex slippage is one very important point you do not want to overlook when picking a forex broker to trade with slippage refers to the widening of spread due to increased volatility or unusual market activity caused by a major political/nes event.

Most forex brokers do not guarantee normal spreads during events of major economic news release due to the sudden increas in trading activity. since spreads are in currency traders cost for trading with every position taken, some unethical forex brokers milk those occurrences with wide spreads and slow trade execution.

This widening the spread and making more money from forex traders. instaforex guarantees minimum slippage in events of abnormal trading activities thus presenting the forex trader with reliable services and low cost of trading.

Efficient Customer Support

the customer team at instaforex provides fast and helpful responses to your needs with a live chat application and experienced support 24 hours a day. if you ever have a question you need help with all you need to do is click on the live help banner on the official instaforex website and ask away.

I dont know about you but i wouldn’t want to spend a whole day trying to get help with some issue or question i might have concerning a particular service.

Trading platforms for handheld and mobile devices trade on the go! In addition to the forex trading platform for mac and pc computers you can install on your desktop and laptop computer, instaforex offers trading applications for mobile and handheld devices such as the ipads, iphone, blackberry, HTC and other smartphones with a web browser based online trading portal making your trading activities more convenient wherever you go.

Up to 30% Bonus on every Deposit

Yes! you get up to 30% bonus on every deposit you make thus boosting your trading capital to make more profits as you wish

High Leverage

Instaforex broker offers leverage as high as 1:1000. giving you more control over bigger positions sizes as you may choose to work with. I always warn newbie and intermediate traders that leverage is a double edged sword you have the option of trading with smaller leverage at instaforex, i recommend you use it until you get comfortable and skilled at trading before you make the witch as you wish.

Prize Contest

You can test your trading skill with the range of instaforex contest challenge to win prize money with forex trader around the world. the competitive nature of this contest help traders perfect their forex trading skills and techniques a lot faster than on a regular demo account. you can register for any of the instaforex contest to win cash prizes following this link.

That’s it people. hope you found this information helpful. love to hear your comments, if you have any questions go right ahead and ask em i’ll be sure to get back at you ASAP. that’s it for now 

Cheers…

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A In –depth Psychological Perspective On Market Cycles In The Currency Trading Market

Every trading strategy, robot, system or indicator you use was designed to exploit, and by exploit I mean perform optimally,within some particular market cycle whether you know it not. The market as we know it is divided into four cycles or phases which I mention below;

• Accumulation Market Cycle (The Wait and See Mindset)

• Transition/Distribution Market Cycle (The Profit Taking Mindset/Re – Entry Gear)

• Mark Up/ Bullish Market Cycle (The Greed Mindset)

• Mark Down/Bearish Market Cycle (The Fear Mindset)

I use market cycles primarily for gauging external market psychology which is just another fancy way of saying interpreting traders valuation of currency prices as revealed through price action with bulls crowned winners as currency charts trend higher, bears lifting the imaginary trophy on lower trending charts and some slight degree of equilibrium when bulls and bears agree on currency prices, as depicted by a range bound market.


Accumulation Market Cycle (The Wait and See Mindset)


The Accumulation market cycle represents a market condition where there’s a kind of balance between buyers and sellers. This is more often the case when traders wait in expectation of the reaction to some major news or political event. 

This balance resulting from the uncertainty of traders is usually depicted by a sluggish range bound price action on the currency charts.
 
Savvy traders take advantage of the accumulation market cycle with range bound trading strategies, where they get to establish sort of a price area/zone of support and/or resistance, shorting at resistance levels and buying at support levels inside the range. 


I call these price areas/zones clouds because they account for the variance allowing price some leeway which could just be a couple of pips, to move above or below any particular support or resistance level before confirming or disproving the breach of a support/resistance level in which case price just moves right back into its previous trading range.


Say price breaches a major psychological resistance level on the EURUSD chart, the 1.3300 price level only to travel to about 1.3318 before reversing back into the range, an ill advised trader might take the initial 1.3300 resistance breach as a confirmation that price will only continue traveling higher as some forex trading strategy must have instructed him leaving him in the lurk when prices slumps back into the trading range below the 1.3300 resistance price level.


Think of the narrowing price action another characteristic of the accumulation market cycle as you would a spiral spring. What happens when you force the ends of a spiral spring tightly together? It stretches back violently when you release it right? You betcha!
The constricting price action in the accumulation market cycle is usually followed by a surge in volatility after the facts or figures of the news/political becomes common knowledge.


The accumulation market cycle is also very good for Momentum (Momo) Trading opportunities where a trader gets to be on the lookout for breakout trade setups e.g. The straddle trading strategy (i.e. placing buy and sell pending orders just a few pips above or below the support/resistance price levels marking the price range respectively).


Transition/Distribution (The Profit Taking Mindset/Re – Entry Gear)


The transition market cycle is one caused by the trader’s profit taking activity. If you got into a buy trade on the euro at 1.3200 you might want to take some profits off the table at 1.3250 price level or even close the trade completely.


This type of thinking is one that the majority of long traders on the euro like yourself would probably have, since a buy trade was what you had to execute to get into the market in the first place an opposite order which is a sell will be required to close this position with either a profit or loss with respect to the current position of price.


If the traders who opened a long position at the 1.3200 unanimously set their profit targets at the 1.3250 price level, a flood of sell orders will be stacked at 1.3250 since a sell is what is required to close the buy trading position taking their profits off the table.


There’s always has to be two sides before a trade can be successfully matched or executed, for every buy order there has to be a sell. You might have a very good reason to buy or sell a currency but don’t forget that the person on the other side of the trade is also in this business to make money, they might probably have a better reason to be at the opposite end of your order, never forget this, because stick to you stops minimizing your risk considerably.


This profit taking causes what we see as retracements or corrections of major price moves on the forex trading chartsCorrections or retracements simply tells us that traders are taking some profits off the table, if this is followed by some continuation chart pattern more traders will see this on the charts and probably follow along with the current established trend buying into the market from the traders who entered the position earlier.


This is the reason behind the 3rd wave in the Elliot wave analysis is usually longer than the 1st and the 5th, let me explain.


The first leg of any move up is subject to partial disregard or unbelief, some traders are likely to see the indications of price reversal but would ignore it when it actually occurs as is always the case with the transition market cycle, some traders will stay on the sidelines waiting to see a very clear confirmation of a reversal before joining in.


Thus, more traders are likely going to see this confirmation before they buy or sell, when there’s high demand in the market prices shoot up, the evidence to this can be seen on charts with Elliot waves spotted on them, you’ll almost always find the height of the 3rd valid Elliot wave to be longer than all the other numbered and lettered Elliot waves.


The chart patterns you must have learnt in your beginner forex trading lessons are gems you can only be thankful for coming across, make sure you don’t just dump them for some complicated forex trading system or software thinking they’re just beginner stuff, you have to properly understand the forex trading basics before doing anything else.


The Fibonacci retracement tool helps us when identifying where to jump right into the market and join the continuation or newly reversed trend, the psychology being that sell orders are stacked at some particular levels by traders to take some profits off the table as more and more profit taking happens price fall.


Most inexperienced traders who probably got into the move late end up taking the profit taking orders of the more experienced trader while others simply close the trade because it was in 30 pips profit not so long ago and now it’s down to -12 pips in losses the moment it goes up to 0 or probably 1 or 2 pips on the positive side again they close the order for fear of losing and not rational or logical analysis.


The Accumulation part refers to the accumulation or stacking of orders resulting from pending orders that make for a successful price correction before the market continues its move up or down.


Mark Up/ Bullish Market Cycle (The Greed Mindset)


The Mark up market cycle refers to that market condition where traders are driven by greed, call it any fancy name like risk appetite, it still doesn’t change what it really is, prices move higher as more and more traders buy.


Traders, (and by traders I mean Pro Traders and not canned set up traders), would only buy when they have some solid fundamentals and technical indication supporting their bullish bias, this in turn creates a higher demand for the currency, stock or commodity in question resulting in ever increasing prices.


If the Transition market cycle accounts for price reversal which was successful confirmed by the first leg of extension, the mark up and mark down market cycles sort of nurtures this young price moves to maturity all through infancy.


I’ll me much more inclined to take long trades when in a markup cycle simply because more traders know that the market has switched to buy mode and are pretty much following the trend, this causes significant follow through after prices are done correcting and switch back to trend continuation.


Mark Down/Bearish Market Cycle (The Fear Mindset)


The Mark down or Bearish market cycle is one driven by fear. When you touch a hot plate you’ll probably let it go immediately because it burns, right? Imagine you’re in a bullish trade on the euro and just when all seemed to be going well with your trading position in profit an ECB announcement causes traders to think that the Euro isn’t strong enough to continue the trek up, this will cause you to close you buy order banking your profits right? 

Well that’s what most traders will do too and since there’s always a bull market in the forex, you could always sell bad news and pocket the difference when prices go lower and the dust settles.

 
The Bearish Market Cycle provides more wins on short trades, since the announcement that’ll probably made price swoon isn’t likely going to change any soon, savvy traders switch their bias to shorting the particular currency pair, part of the allure to forex trading is the ability to buy and also short any currency pair giving you the best of both worlds. A major follow through on sell orders is not uncommon, in fact it should be expected and banked upon for the success of our short trading positions in the Mark Down market cycle.


Hope you enjoyed reading this article, don’t forget to share it with your friends or colleagues.

I’d love to hear your thoughts and comments, if you have any questions don’t hesitate to ask them.

Cheers...

Article Source: http://www.streetarticles.com/day-trading/a-in-depth-psychological-perspective-on-market-cycles-in-the-currency-trading-market

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5 Success Secret Recipes Of Top Forex Traders

A Top forex trader keeps the intricate details of his trading methodology a closely guarded secret as anyone would do a priceless treasure. Do not expect to find a top trader hanging out in forex trading forums online, in the rare case that you do, you’ll quickly realize how much they value and protect their time.

A not so rare scenario is you find one who loves talking about trading and teaching others exactly how to achieve financial independence through currency trading. I’ve had the privilege of meeting some really nice trading mentors along my journey through forex trading who’ve taught me a lot on how to trade profitably even though we only met on the internet.

Beginners almost always pick up some $XXX revolutionary trading system that’s buzzed about in the forums and chat rooms and then try running with it so to say without even taking the time to understand the trading strategy behind the working of the
system.

They go in search of the nonexistent ‘holy grail’ one size fits all automated trading software or robot that works on all currencies in all markets that make them a million dollar on a $100 investment in the next 6 months.

Now that’s unrealistic and very bad for the health of your trading business, really if the software was really as good as it was advertised, the guy would probably just let you have it for free because he’ll  be too rich to care or simply wouldn’t even make it available to the public to start with.

Ask yourself, what would you do if you came across some forex trading system that delivered consistent wins 100% of the time? Will you sell it, give it away for free or simply keep quiet about it while you make a killing? I’d like to see your comments on this one guys, really what would you do?

The most important skill you can develop as a trader is risk management, no matter how good your trading strategies are you’d lose if you didn’t know how to properly manage your risks trading, I’ve seen less than average trading systems deliver consistent results following strict money management countless times.

Now let us dive right into the success secrets of top traders so that you can adopt it to your trading style helping you increase and maintain consistent profits through currency trading.

Secret Ingredient #1

Risk per Trade

In any business whatsoever you'll definitely need capital to do business. It's no surprise that forex trading bears a high amount of risk but it is equally promises high returns as well, but this will be  dependent on the amount you have in your trading forex trading account.

I know some traders who keep their risks per trade as low as 1%. It’s extremely important to protect your trading funds, remember without capital you cannot trade, learn to live to fight another day. Running your risk per trade on the high end to as high as 10 -15% only points to one thing, you’ll burn your trading account sooner or later but it’s definitely going to happen, that’s why most of the trading forex robots out there eventually end up blowing your account.

I personally think that the highest you should risk per trade is 5% and no more, period. This could work on small funds like risk capital (money you can afford to lose) but you should gradually reduce this as your trading account grows. If your trading capital is low, you must factor in a reasonable length of time where you’re compounding your trading funds and not taking from it.

Secret Ingredient #2

Only One Trade at a Time

Ok maybe only as you’re starting out, you can add more currency pairs to your basket but for now you need to focus all your trading efforts on one currency pair until you get a hang of the whole trading thing where it’s become somewhat effortless and natural to trade.

Having more than one losing trade at a time only makes trading much more stressful than it needs to be. Losing at anything not just the forex carries so many negative emotions of which anger, fear and regret are major parts of.

Concentrating on managing one losing trade will be much easier than two, three or four losing trades at anytime you’ll only be overwhelmed, you’ll know this if you’ve been trading for any amount of time.

Secret Ingredient #3

Risk vs. Reward

If you can’t evaluate the risk to reward ratio of any trade before opening that trading position you’ll simply be trading blindly hoping for the best and probably expecting the worst, oh there’s a word for that, it’s called ‘Gambling’.

Secret Ingredient #4

Simple But Effective Forex Trading Strategies

In their desperate search to make money fast and easy, newbies trend to believe that every new trading strategy they encounter is the one that will make them millionaires, so they immediately ditch whatever they were doing to follow the next new system. 

They never learn to apply any system profitably or even sort out the good systems from the bad ones, Inevitably they end up with huge losses. Don’t do it!

Crappy forex trading software and systems the internet are a dime a dozen. With the myriad of price lagging technical analysis only, forex trading strategies out there only the right trading education can save both yourself and your money.

Many at times I teach Newbie traders a simple but effective trendline price action trading strategy only to see them over complicate it with technical indicators resulting in total analysis paralysis because they just thought it was too simple, don’t let thoughts like that stray you from the path of trading success.
In my experience simple is always best complicated doesn’t always mean a higher ROI. 

The idea here is to find or build a simple yet very profitable forex trading system, pass it through rigorous tests and then follow it!
Jot down a written plan clearly setting out the signals to watch for as per your trading methodology the whole nine yards, stop loss, initial profit target, and breakeven price target etcetera and keep it in front of you at all times when you’re trading.

Always remember that the secret is not in the strategy itself but in how you implement it. Stay focused and don’t base your trading decisions on greed or fear; never let fear of losses or dreams of wealth diverge you from your trading methodology.

Secret Ingredient #5

Keeping a Cool Head

Forex trading is a stressful business and the traders who do best are those who are able to have total control over their emotions while trading. It’s ok to feel fear when all seems to go wrong with your trading efforts, just don’t be afraid.

Here’s a quote from the legendary trader Paul Tudor Jones;

“Trading is very competitive and you have to be able to handle getting your butt kicked. No matter how you cut it, there are enormous emotional ups and downs involved.”

The secret of top forex traders is they know this and so they always prepare for it so they aren’t surprised with trading indiscipline causing them to make irrational trading decisions.

Keeping a cool head makes for stress free trading which in turn makes trading so much fun which is why we all signed up to this career isn’t it?

Am hoping you found this article helpful in some way be sure to drop your comments and questions below I be glad to help.

Cheers…

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