"I've started with US$ 500 and made US$ 128,000 in seven months. I've never traded in my life before."
Trading can be both rewarding and profitable but what will you need to succeed in this high stakes game?
Firstly, you need boundless enthusiasm: a strong initial desire will keep you going when the going gets tough. Trading is like an art so you need to be as passionate about your charts as Van Gogh was about his paintings. Next you need capital and a brokerage account.
Not much capital is required to start as there are broker out there who provide small lot sizes for accounts as small as $20, To make a living from trading, however, you will need more capital.
Next you need somewhere to trade, an internet connection and a computer. It's probably best not to start trading on your iPhone until you are more experienced. Find a comfortable place - if you are trading full time you will be spending a lot of time there, particularly in the beginning. Some say you need a mentor. Whether or not this is necessary you will need some initial training. There are plenty of course providers out there who are quite happy to explain how their training programme works. Shop around before you choose as they tend to be expensive. It is also a good idea to read as many books about trading as you can. Mug up on technical analysis, fundamental analysis, economics and the psychology of trading. Keep reading and learning like the best traders do.
Finally you need a tough mind. Trading is particularly mentally challenging for 3 reasons. Firstly, the lack of certainty - even brilliant traders have losing runs - and unlike carpentry, where the nature of your working material ie wood is unlikely to change from one day to the next, in trading the markets change all the time and proven strategies may stop working suddenly.
Secondly you are dealing with money which is deeply tied to our self-worth. As you make and lose it, it can be an emotional rollercoaster.
Thirdly, like gambling you need to be able to control your emotions - or even better develop a heightened awareness of them. After a string of wins its important to stay your hand and after a string of loses don't miss a golden opportunity because you are afraid to trade!
The purpose of forex trading is not to sit in front of the computer all day trying to make pips. Rather the purpose of your trading the currency market is to rake in as many pips from the market as much possible in the shortest possible time and then enjoy the rest of the day with family and friends. Keep this in mind that experienced traders make more money only trading 10 minutes a day and enjoy the rest of the day as compared to most other traders who spend all day in front of their computers.
What you need to avoid in learning forex trading is information overload. Don't just start jumping from one trading system to another. Go for a very simple trading system. Take your time and master it on your demo account. When you have tripled you demo account twice in a row using that forex system, think of trading live with it.
This is my rule, first triple your fx DEMO account, twice in a row within two months. Only then trade live with that system. Don't try to rush and just buy a system and start trading live with it. This way you are going to sure lose your hard earned money.
Of course, Forex currency trading has proved to be a lucrative business venture, however the key to excellent results lies in having a source of reliable information at hand and using correct tools for making crucial trading decisions.
Over trading is a dangerous thing. It will fatigue you and tire you in the long run. Avoid overtrading.
Most part time forex traders I know want to be full time forex trader in the future and also a professional trader and it is their dream.
What about you?
You need to be a professional trader to make huge money and to survive in the forex market; it is not enough in being a regular Forex trader. Then, what secrets are with professional forex traders that enable them to make huge amount of money by trading in forex. With the help of my buddy, a professional trader i could get 3 secrets that made professional traders like him so wealthy:
Secret #1 - The Professional Traders are NOT masterminds. They just follow SIMPLE Forex Trading System.
It is right. They aren't more intelligent or have foresight of what happens in Forex. I can say it with no doubt since I know some traders who know nothing but still could be a professional forex trader.
Secret #2 - Study and just smartly work, NOT HARD.
Do you believe it's important for you to have all the knowledge and learn the way to trade forex in the hard way before being successful? By applying every strategy learnt from forex trading expert do you believe you can outrun the forex market? If you believe it to be yes, then the answer is a big NO!
Secret #3 - They have Determination and Discipline, Mindset and Money Management for Success
My pal who is a professional forex trader told me that he left everything to just focus on his Forex trading and that determination to achieve success made him beat the losses and abrupt learning curves he experienced at starting. He stressed on the big mistake made by most traders that is to too excite to trade and make money from the forex in quick time.
The forex trading systems rules should be followed by you with discipline. In forex huge amount of money is made through of years of consistency and no shortcut is there for getting rich. His profits are not effected even he gets 2 to 3 losses consecutively all because of his money management. He only risks around 1% or even less of his capital per trade.
Finally, if you think it's for you then good luck - trading can be one of the most rewarding and profitable occupations out there - so good luck and happy trading.
Is scalping a type of overtrading?
Scalping has different meanings depending on your style.
For me, scalping is a trade lasting between 1 and 5 minutes looking for gains of between 5 - 15 points and it is usually, but not always, taken counter trend at intraday resistance levels. Proper scalpers trade using this method or by literally trading the ticks as they occur.
It is a high risk strategy with odds stacked against you due to the spread which often only allows you to get out at breakeven.
For some traders who hold positions for many hours, days or weeks, scalping is used to reliive boredom or to obtain points counter trend to the direction of the long term position (through pullbacks etc).
Scalping in the first scenario is an art and a trading style, but in the 2nd scenario it could be deemed as over trading through boredom or during a slow moving market.
This website is being updated regularly. Please visit again.
Trading can be both rewarding and profitable but what will you need to succeed in this high stakes game?
Firstly, you need boundless enthusiasm: a strong initial desire will keep you going when the going gets tough. Trading is like an art so you need to be as passionate about your charts as Van Gogh was about his paintings. Next you need capital and a brokerage account.
Not much capital is required to start as there are broker out there who provide small lot sizes for accounts as small as $20, To make a living from trading, however, you will need more capital.
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Next you need somewhere to trade, an internet connection and a computer. It's probably best not to start trading on your iPhone until you are more experienced. Find a comfortable place - if you are trading full time you will be spending a lot of time there, particularly in the beginning. Some say you need a mentor. Whether or not this is necessary you will need some initial training. There are plenty of course providers out there who are quite happy to explain how their training programme works. Shop around before you choose as they tend to be expensive. It is also a good idea to read as many books about trading as you can. Mug up on technical analysis, fundamental analysis, economics and the psychology of trading. Keep reading and learning like the best traders do.
Secondly you are dealing with money which is deeply tied to our self-worth. As you make and lose it, it can be an emotional rollercoaster.
Thirdly, like gambling you need to be able to control your emotions - or even better develop a heightened awareness of them. After a string of wins its important to stay your hand and after a string of loses don't miss a golden opportunity because you are afraid to trade!
The purpose of forex trading is not to sit in front of the computer all day trying to make pips. Rather the purpose of your trading the currency market is to rake in as many pips from the market as much possible in the shortest possible time and then enjoy the rest of the day with family and friends. Keep this in mind that experienced traders make more money only trading 10 minutes a day and enjoy the rest of the day as compared to most other traders who spend all day in front of their computers.
What you need to avoid in learning forex trading is information overload. Don't just start jumping from one trading system to another. Go for a very simple trading system. Take your time and master it on your demo account. When you have tripled you demo account twice in a row using that forex system, think of trading live with it.
This is my rule, first triple your fx DEMO account, twice in a row within two months. Only then trade live with that system. Don't try to rush and just buy a system and start trading live with it. This way you are going to sure lose your hard earned money.
Of course, Forex currency trading has proved to be a lucrative business venture, however the key to excellent results lies in having a source of reliable information at hand and using correct tools for making crucial trading decisions.
Over trading is a dangerous thing. It will fatigue you and tire you in the long run. Avoid overtrading.
Most part time forex traders I know want to be full time forex trader in the future and also a professional trader and it is their dream.
What about you?
You need to be a professional trader to make huge money and to survive in the forex market; it is not enough in being a regular Forex trader. Then, what secrets are with professional forex traders that enable them to make huge amount of money by trading in forex. With the help of my buddy, a professional trader i could get 3 secrets that made professional traders like him so wealthy:
Secret #1 - The Professional Traders are NOT masterminds. They just follow SIMPLE Forex Trading System.
It is right. They aren't more intelligent or have foresight of what happens in Forex. I can say it with no doubt since I know some traders who know nothing but still could be a professional forex trader.
Secret #2 - Study and just smartly work, NOT HARD.
Do you believe it's important for you to have all the knowledge and learn the way to trade forex in the hard way before being successful? By applying every strategy learnt from forex trading expert do you believe you can outrun the forex market? If you believe it to be yes, then the answer is a big NO!
Secret #3 - They have Determination and Discipline, Mindset and Money Management for Success
My pal who is a professional forex trader told me that he left everything to just focus on his Forex trading and that determination to achieve success made him beat the losses and abrupt learning curves he experienced at starting. He stressed on the big mistake made by most traders that is to too excite to trade and make money from the forex in quick time.
The forex trading systems rules should be followed by you with discipline. In forex huge amount of money is made through of years of consistency and no shortcut is there for getting rich. His profits are not effected even he gets 2 to 3 losses consecutively all because of his money management. He only risks around 1% or even less of his capital per trade.
Finally, if you think it's for you then good luck - trading can be one of the most rewarding and profitable occupations out there - so good luck and happy trading.
Is scalping a type of overtrading?
Scalping has different meanings depending on your style.
For me, scalping is a trade lasting between 1 and 5 minutes looking for gains of between 5 - 15 points and it is usually, but not always, taken counter trend at intraday resistance levels. Proper scalpers trade using this method or by literally trading the ticks as they occur.
It is a high risk strategy with odds stacked against you due to the spread which often only allows you to get out at breakeven.
For some traders who hold positions for many hours, days or weeks, scalping is used to reliive boredom or to obtain points counter trend to the direction of the long term position (through pullbacks etc).
Scalping in the first scenario is an art and a trading style, but in the 2nd scenario it could be deemed as over trading through boredom or during a slow moving market.
This website is being updated regularly. Please visit again.
Thank You!
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