Rule to follow when Trading Forex
I don't think that there is something that can hurt me more than losing the money I invested in the forex market. But trading in the forex market is not always easy and you must lose if you want to win. Getting the basic skills to be able to trade in the forex market can be easy but even if you have the right skills to trade you can make mistakes and lose, the game is hard but if you learn how to play it that you can be in a safe playground.
After 2 years of trading in the forex market I got a very important conclusion that having the right alerts when the market changes are a crucial thing. However mastering the market changes is very hard mission. This is the reason that most of the people drop the forex trading very fast they want to make millions of dollars over night and they don't understand that they have to learn how to find the right forex news alerts in the right time so they can earn dollars.
There are people who rush to spend their money in the forex market and lose it instead of learning the old and good tactics that made people hundreds of thousands of dollars. It is very important to learn the basics of trading the forex market online before you start to invest your money in it, just follow the methods that made people money and you're on the right track to make some decent amounts of money.
As you probably know the forex market is flooded with money that you can earn with just a few clicks of a mouse you can make 1000 of dollars and that's the beauty of it but you need to have patience to wait for the right moment and not rush to do things that will leave you with an empty pockets.
Remember the difference from a successful trader to the unsuccessful trader is a state of mind and a self control to wait for the right moment!
I will advise you to get the forex news alert I use to make $502 dollars last week
Call PRINCE ADEWALE FOR MORE DETAILS
2348023085374
Wednesday, January 21, 2009
Monday, November 3, 2008
STAGES OF A FOREX TRADER
STAGES OF A FOREX TRADER
Trading boils down to three main areas - your Mindset (or psychology), your Money management (how you manage your risk) and the Method you use to buy and sell (your trading system). Of those three areas, your mindset and your ability to control it are by far the most important! The key is that your mind drives everything you do in your life and trading is no exception.
Below is a brief outline how a forex trader advances in his skill.
Beginner Trader - To study and paper trade for a minimum of one month with imaginary money, gaining the experience required to establish a track record of profitable performance.
Advanced Beginner - To trade one or two lots with real money, working through emotions and establishing a track record of making money.
Competent Trader - To trade in control with equity management, achieving a financial return.
Proficient Trader - To trade based on my belief, education, and experience and achieves a financial return.
Expert Trader - To mechanically execute profitable trades with no emotion.
PRINCE ADEWALE
FOREX TRADER/TRAINER
prindumy@yahoo.com 2348023085374
You can sill visit this site. www.princefx.blogspot.com www.successwatchng.com www.freeforexdollar.blogspot.com
Trading boils down to three main areas - your Mindset (or psychology), your Money management (how you manage your risk) and the Method you use to buy and sell (your trading system). Of those three areas, your mindset and your ability to control it are by far the most important! The key is that your mind drives everything you do in your life and trading is no exception.
Below is a brief outline how a forex trader advances in his skill.
Beginner Trader - To study and paper trade for a minimum of one month with imaginary money, gaining the experience required to establish a track record of profitable performance.
Advanced Beginner - To trade one or two lots with real money, working through emotions and establishing a track record of making money.
Competent Trader - To trade in control with equity management, achieving a financial return.
Proficient Trader - To trade based on my belief, education, and experience and achieves a financial return.
Expert Trader - To mechanically execute profitable trades with no emotion.
PRINCE ADEWALE
FOREX TRADER/TRAINER
prindumy@yahoo.com 2348023085374
You can sill visit this site. www.princefx.blogspot.com www.successwatchng.com www.freeforexdollar.blogspot.com
Saturday, November 1, 2008
HOW TO AVOID MARGIN CALLS FOR LIFE
HOW TO AVOID MARGIN CALLS FOR LIFE
I have noticed that most forex traders fail not because of the trades they take but often because they have not developed the traits required to make a success out of what they do. It looks like what most of us do is wake up in the morning, say a few prayers, rush to the computer, open our platforms, put up some indicators, place trades and start hoping that the market move in our direction.
Sometimes the market moves to our favor 10 pips…we start wishing it moves some more…then it moves 20 pips ….and we then conclude it will move more….then it moves 30….we still refuse to take it out because we are now over confident that it will move 40, 50,60 or even more.
But all of a sudden before we drink a cup of water the market has reversed all the profits and we are now in minus 40…Wow! What happened? Was there any news? We check to see if there was any news. There was no news. What happened? Maybe it’s the broker manipulation.
Ok we start hoping it will reverse and come back to give us profits. But to our greatest surprise it doesn’t. Instead the losses keep escalating. Eventually we have no other option than to close the trade at a minus…huge drawdown.
I know this picture aptly describes most of us who say we are trading forex. The problem is that this keeps repeating itself over and over until we get a margin call.
Without developing winning forex skills you will end up only wiring money to your brokers over and over without making withdrawals. There are four important skills necessary to make you succeed trading.
1. Having a trading plan
2. having a trading system
3. having a winning psychology
4. being a good risk manager
TRADING PLAN
Answer these questions. It will give you a picture of what I mean by a trading plan
• Why are you trading forex…that is what is your overall goal for trading forex.
• In the next one year what is your goal in forex. How much do you want to make
• What is your monthly target that will eventually add up to actualize your yearly goal
• Now how much do you need to make daily to get to your goals
My suggestions are set a realistic goal. Some people say they want to make 5000$ every month and there start up capital is just under 2000$. That’s not a realistic goal. Some say they want to make 100 pips daily. That’s not a realistic goal. A good idea is to begin with a small target of say 10 pips daily. Then progress to 20 pips daily
Some days will give you more. They will be ones that will make up for your losing days. This means when you take a trade and see 20 pips profit you lock it in and let the trade run so that at worse you will end up only with 20 pips for that day. This also means you will not place trades unnecessarily unless you see very, very, very good setups.
TRADING SYSTEM.
A trading system is a set of rules that make you take a decision either to buy or sell. Yes in this site and several hundred others you will read about several winning systems. But you must not follow anyone blindly. Your job is to study as much as you can. Test them and if possible use your own settings and Tfs and make it your own invention.
One thing that you must know is that each and every individual trader thinks differently. What works perfectly for me may not for you at all. So when you read about any system take out time to re-work it out to your personal style.
Make out your own Entry, Exit, Stoploss, and Take Profit levels to suit your own person.
A WINNING PSYCHOLOGY
Without taking much space let me just give you a list of what I consider components of a winning psychology
1. believe you will succeed as a trader
2. avoid over trading
3. don’t be greedy
4. protect your profits
PROPER RISK MANAGEMENT
This is so important that I will have to dedicate a different post to talk about it
Have a great day.
PRINCE ADEWALE
prindumy@yahoo.com
I have noticed that most forex traders fail not because of the trades they take but often because they have not developed the traits required to make a success out of what they do. It looks like what most of us do is wake up in the morning, say a few prayers, rush to the computer, open our platforms, put up some indicators, place trades and start hoping that the market move in our direction.
Sometimes the market moves to our favor 10 pips…we start wishing it moves some more…then it moves 20 pips ….and we then conclude it will move more….then it moves 30….we still refuse to take it out because we are now over confident that it will move 40, 50,60 or even more.
But all of a sudden before we drink a cup of water the market has reversed all the profits and we are now in minus 40…Wow! What happened? Was there any news? We check to see if there was any news. There was no news. What happened? Maybe it’s the broker manipulation.
Ok we start hoping it will reverse and come back to give us profits. But to our greatest surprise it doesn’t. Instead the losses keep escalating. Eventually we have no other option than to close the trade at a minus…huge drawdown.
I know this picture aptly describes most of us who say we are trading forex. The problem is that this keeps repeating itself over and over until we get a margin call.
Without developing winning forex skills you will end up only wiring money to your brokers over and over without making withdrawals. There are four important skills necessary to make you succeed trading.
1. Having a trading plan
2. having a trading system
3. having a winning psychology
4. being a good risk manager
TRADING PLAN
Answer these questions. It will give you a picture of what I mean by a trading plan
• Why are you trading forex…that is what is your overall goal for trading forex.
• In the next one year what is your goal in forex. How much do you want to make
• What is your monthly target that will eventually add up to actualize your yearly goal
• Now how much do you need to make daily to get to your goals
My suggestions are set a realistic goal. Some people say they want to make 5000$ every month and there start up capital is just under 2000$. That’s not a realistic goal. Some say they want to make 100 pips daily. That’s not a realistic goal. A good idea is to begin with a small target of say 10 pips daily. Then progress to 20 pips daily
Some days will give you more. They will be ones that will make up for your losing days. This means when you take a trade and see 20 pips profit you lock it in and let the trade run so that at worse you will end up only with 20 pips for that day. This also means you will not place trades unnecessarily unless you see very, very, very good setups.
TRADING SYSTEM.
A trading system is a set of rules that make you take a decision either to buy or sell. Yes in this site and several hundred others you will read about several winning systems. But you must not follow anyone blindly. Your job is to study as much as you can. Test them and if possible use your own settings and Tfs and make it your own invention.
One thing that you must know is that each and every individual trader thinks differently. What works perfectly for me may not for you at all. So when you read about any system take out time to re-work it out to your personal style.
Make out your own Entry, Exit, Stoploss, and Take Profit levels to suit your own person.
A WINNING PSYCHOLOGY
Without taking much space let me just give you a list of what I consider components of a winning psychology
1. believe you will succeed as a trader
2. avoid over trading
3. don’t be greedy
4. protect your profits
PROPER RISK MANAGEMENT
This is so important that I will have to dedicate a different post to talk about it
Have a great day.
PRINCE ADEWALE
prindumy@yahoo.com
Thursday, July 17, 2008
forex is real, i have made money trading forex
forex is real, i have made money trading forex, you can do the same, come i will show you how to make money trading forex the easiest way
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