You don't understand a specific financial term ? Visit our Forex glossary
Page 1 of 6 123 ... LastLast
Results 1 to 10 of 57
  1. #1
    ola2009 is offline Junior Member
    Join Date
    Apr 2009
    Posts
    2

    Default how to be successful in Forex Trading

    Today's topic is on how to be successful in Forex Trading,
    which I believe is what all of us here are working towards
    ...

    Knowing how to trade in Forex is simply just not enough to
    be successful. In this largest and the most liquid
    financial market in the world, you need to have more than
    the knowledge and skills to be successful. You need to know
    about the different things involved in Forex to earn huge
    amounts of money.

    Simply knowing how to trade Forex and about the major
    currencies traded, like the US dollar, the Japanese Yen,
    and others are just the basics. Knowing when to trade and
    what to trade is equally essential to be successful in
    Forex.

    Fore these you need to have a trading strategy. So, what
    exactly are the trading strategies involved in Forex? There
    are a number of money making strategies that you can use
    when trading in the Forex market.

    If you use these strategies correctly, you will earn huge
    amounts of money in a very short time. Firstly, you have to
    realize that Forex trading is very different from stock
    trading. Therefore, strategies are also very different.

    The first strategy that you can use to earn a lot of money
    in the Forex market is the leverage Forex trading strategy.
    In leverage Forex trading strategy, it allows you, as an
    investor in the Forex market, to borrow money to increase
    your earning potential.

    With this strategy, you can easily turn your money to 1:100
    ratio. However, the risk involved can be great. This is why
    there are stop loss orders you can use to minimize the risk
    and also to minimize the loss. The leverage Forex trading
    strategy is one of the most commonly used strategy by Forex
    traders to maximize profits.

    In the stop loss order strategy, the Forex trader creates a
    predetermined point in the trade where the investor will not
    trade. As mentioned before, you can use this strategy to
    minimize risk and minimize loss. However, this strategy can
    also backfire to you, as the Forex trader. This is because
    you may run the risk of stopping your trades when the value
    of the currency goes higher than expected.

    It is up to you to decide if you will be using this
    strategy or not.

    These are some of the strategies you can use when trading
    in the Forex market.

    Forex trading is a 24 hour market where you can trade
    anytime and anywhere you are. If you think that the Forex
    market conditions are good at a specific time, then you can
    trade at that specific time.

    Also, the Forex market is the most liquid market in the
    world. This means that you can enter or exit the market
    anytime you wish to. This is to minimize the risk and there
    is also no daily trading limit.

    Here are other tips that you should remember in order to
    earn money in the Forex market and be good in doing so:

    * The first and the last ticks are usually the most
    expensive. So, for most traders, the rule of thumb is
    getting in late and get out early.

    * When you are losing, you want to minimize the risk of
    losing more money. So, don't add money when you are
    losing.

    * Select trades that move along with the trend. This can
    minimize the risk of losing money and maximize your chances
    of profits.

    There are quite a few tools you can use when trading in the
    Forex market. One is the Forex charts. For the speculator,
    the chart is the most important tool that you can use to
    determine market trends and accurately predict the future
    value of the currency. Although it isn't actually 100%
    accurate, you can use the Forex charts as a guide to
    what's happening in the market.

    You need to know how to read the different charts involved
    in the Forex market. There are daily charts, hourly charts,
    15 minute charts and even 5 minute charts to get you closer
    to the action. You can compare each of the data in the
    chart to spot market trends and at the same time, spot
    potential money making trends.

    This can also help you minimize the risk when trading in
    Forex. Learn how to read charts effectively and you will be
    well on your way to become successful in the Forex market.

    These are some the strategies and tips that you should keep
    in mind in order to minimize the risks in Forex trading and
    maximize your earning potential. Depending on your skills
    and how you apply your strategies, you can really make a
    lot of money in the Forex market. However, to be a truly
    successful Forex trader, you need to accept the fact that
    you will sometimes lose money. Never get discouraged when
    you do. Analyze where you made your mistake, think of a
    solution to get back what you lost and continue trading.

    To your Forex Trading Success !

    ola
    http://www.forexcandlesticksmadeeasy.com/?hop=1supaff

  2. #2
    high_accuracy_robot is offline Junior Member
    Join Date
    Jun 2009
    Posts
    4

    Default

    To be honest, trading with candlestick only in Forex is a SURE WAY to throw away your money..

    BUT if you know how to combine Support/Resistance with candlesticks, suddenly it become a formidable trading system....A big difference isnt it
    [CENTER][FONT=Verdana][URL="http://www.forex-robots-study.com/see-forex-espionage.php"][COLOR=Blue]A New Swing Trading Robot
    Scoring [COLOR=DarkGreen][B][ [FONT=System][FONT=Lucida Sans Unicode][COLOR=Sienna]93% Win Rate[/COLOR][/FONT] [/FONT]][/B][/COLOR]
    with [COLOR=DarkGreen][B][ [FONT=Lucida Sans Unicode][COLOR=Sienna]Over 3600% Profit[/COLOR][/FONT] ][/B][/COLOR] in just [FONT=Lucida Sans Unicode][COLOR=Sienna][B]3 months[/B][/COLOR][/FONT][COLOR=Sienna] ?!?[/COLOR][/COLOR][/URL][/FONT]
    [/CENTER]

  3. #3
    daniellefr is offline Senior Member
    Join Date
    Aug 2008
    Posts
    280

    Default

    good point!

  4. #4
    martha_fx is offline Member
    Join Date
    Apr 2009
    Posts
    55

    Default

    That is the biggest question ever!!!!!!!
    And the most difficult to answer as well….

  5. #5
    Jenforex is offline Senior Member
    Join Date
    Aug 2008
    Posts
    190

    Default

    Exactly.... Trading successfully is not a very simple matter. It requires time, market knowledge and market understanding, a large amount of self restraint and analytical mind

  6. #6
    daniellefr is offline Senior Member
    Join Date
    Aug 2008
    Posts
    280

    Default

    Agree with Jen! It is impossible to define forex success in couple of sentances. The connections of many different factors play major role in your trading career.

  7. #7
    Jenforex is offline Senior Member
    Join Date
    Aug 2008
    Posts
    190

    Default

    Daniellefr, it seems you agree with every thread of mine well, thanks a bunch and keep posting.

  8. #8
    martha_fx is offline Member
    Join Date
    Apr 2009
    Posts
    55

    Default

    I agree with you jenforex!!!
    Nice post; I would also add a good broker, at the end, that is our connection with the currency pairs…

  9. #9
    Jenforex is offline Senior Member
    Join Date
    Aug 2008
    Posts
    190

    Default

    Quote Originally Posted by martha_fx View Post
    I agree with you jenforex!!!
    Nice post; I would also add a good broker, at the end, that is our connection with the currency pairs…
    Thanks Martha, Indeed good broker is a crucial factor. A good forex trader will work with you and provide the information and tips you need to make the best trading.

    Even though your forex broker will be offering you tips and advice, they do not make the final decision to buy or sell. You do. Therefore it is important you know what you want and make your own decision. It is ok to ask a lot of newbie forex questions to your broker if you are new to forex trading but make your own mind and accept the results.

    Cheers

  10. #10
    martha_fx is offline Member
    Join Date
    Apr 2009
    Posts
    55

    Default

    That is true. The one of the many advantages of trading in the forex market is that you are in charge of your money and how it is handle, some newbies don’t realize that you have to study the market and they are responsible for their own decisions, I think that is why so many people failed at the beginning, don’t you think?

Page 1 of 6 123 ... LastLast

Similar Threads

  1. Replies: 7
    Last Post: 01-18-2014, 10:48 PM
  2. Trading in Forex is only successful
    By Deepa in forum EUR USD, GBP USD, USD CHF ...
    Replies: 1
    Last Post: 07-10-2012, 01:12 AM
  3. Successful Forex Day Trading Strategies
    By uninnova in forum Current Market Sentiment and daily forex trade recommendation
    Replies: 0
    Last Post: 04-29-2009, 01:47 AM
  4. Forex Tools & Their Use In Successful Trading.
    By adpablo in forum FX Articles
    Replies: 0
    Last Post: 12-27-2008, 08:29 AM
  5. The secret to successful forex trading
    By forexinvet in forum EUR USD, GBP USD, USD CHF ...
    Replies: 1
    Last Post: 08-28-2008, 11:07 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Comparing Versions of footer
 

Search Engine Friendly URLs by vBSEO 3.6.0