It's time to learn a new stuff about forex,sit back and enjoy yourself as you go through the article below, which will transport you to making millions on forex in due course.
Many traders are daunted by the thought of forex trading so they decide to get help from an expert mentor or guru.
Let’s look at some tips on how to choose one.
Firstly, the vast majority of advice sold on the net is either available free anyway, or simply does not work.
Think about it:
If you do trades with 70% accuracy, you would be too busy trading your way to millionaire status than bothering to crow about how good you are on the net, for $100 or so.
The Day trading myth
You have seen some guys promising you 10 – 100 pips a day in profit, or systems that are so accurate and consistent they can’t possibly be true.
Day trading is where the bulk of the courses are sold.
The myth is you can make money consistently and long term – Absolute rubbish.
Day trading is done in short time spans and all short term moves are random, so kiss goodbye to your equity.
Ask for a track record and see if you get one.
I never have! And by track record I mean a real not hypothetical one.
And don't fall for the testimonial from a friend, or guy with lucky trade.
The More Expensive advice is the better it is.
Some advice costs a lot more than $100 or so, you can pay thousands for it.
The novice trader thinks it must be good as its expensive - not so.
Judge A vendor simply by if they have made money – that’s the only criteria that counts.
Then decide if you understand the logic (if you don’t you wont be able to follow it with discipline) and without discipline you have no method in the first place.
Really want to succeed?
Go to your local bookstore and pick up some classic trading books, by traders who have walked the walk rather than are all talk.
Get these three great books
(i) Market Wizards & (ii) The New Market Wizards – Jack Schwager
These are interviews with some of the top traders of all time and are great insight into what makes a great trader.
(iii) Trader Vic – Vic Sperandeo
This is a fantastic book - giving you everything you need to help you trade from money management to ideas on systems.
The above will cost you around $50.00 and will be money well spent.
There are other books but these are my favorites.
And if you read them:
They make clear that for success you rely on yourself and no one else.
Devise your own system (we have done loads of articles on this ) keep it simple, trade with discipline, show patience and perseverance and you can make it all on your own.
If you must buy advice get a track record and find one you understand and have confidence in but the best way to make money ( or the only way) is to do it on your own.
FREE ESSENTIAL TRADER PDF'S AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html
Article Source: http://EzineArticles.com/?expert=Sacha_Tarkovsky
Sunday, June 8, 2008
Saturday, June 7, 2008
How To Trade Forex Like A Professional
Wowww!
I'm here to help you learn how to trade forex and do it like a professional. This is a big business with a potential to make big money, but the fact is that 90% of people that get involved in this lose money. That means only a small 10% are actually doing good at this and here is what they do.
Control Your Emotions: There are two types of traders;
(i) the calculated one and
(ii) the emotional one.
You definitely don't want to be the emotional trader. The emotional person is the one that ends up being the pathetic gambler that loses their life savings. The calculated person is the one that is making trades based completely on numbers. They're making good moves and profiting. They never get caught up in the moment or get upset. Be smart and be a calculated person.
Use Your Demo Software: When you have a trading platform, you're going to have a demo account. This allows you to learn how to trade forex without having to use any real money. It works as a real live simulator where you make and follow trades, but never use any real money.
It is probably the best tool you can get your hands on because you can do hundreds of trades practicing a strategy, until you're comfortable enough to use your real money.
Be Confident, But Reserved: You're going to need to develop a sense of confidence. If you can't get that confidence, you're going to have a rough ride because you're going to be stressed out with each trade. You need to trust enough in your trading decisions. With that said, a lot of people get overconfident and this leads to bad trading decisions. Therefore, you need to be confident, but reserved.
These are some tips to help you learn how to trade forex. I'm currently giving a 7 day free forex training course.
Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
Article Source: http://EzineArticles.com/?expert=Tyler_Ziggler
I'm here to help you learn how to trade forex and do it like a professional. This is a big business with a potential to make big money, but the fact is that 90% of people that get involved in this lose money. That means only a small 10% are actually doing good at this and here is what they do.
Control Your Emotions: There are two types of traders;
(i) the calculated one and
(ii) the emotional one.
You definitely don't want to be the emotional trader. The emotional person is the one that ends up being the pathetic gambler that loses their life savings. The calculated person is the one that is making trades based completely on numbers. They're making good moves and profiting. They never get caught up in the moment or get upset. Be smart and be a calculated person.
Use Your Demo Software: When you have a trading platform, you're going to have a demo account. This allows you to learn how to trade forex without having to use any real money. It works as a real live simulator where you make and follow trades, but never use any real money.
It is probably the best tool you can get your hands on because you can do hundreds of trades practicing a strategy, until you're comfortable enough to use your real money.
Be Confident, But Reserved: You're going to need to develop a sense of confidence. If you can't get that confidence, you're going to have a rough ride because you're going to be stressed out with each trade. You need to trust enough in your trading decisions. With that said, a lot of people get overconfident and this leads to bad trading decisions. Therefore, you need to be confident, but reserved.
These are some tips to help you learn how to trade forex. I'm currently giving a 7 day free forex training course.
Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
Article Source: http://EzineArticles.com/?expert=Tyler_Ziggler
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