A Fun Look At Forex Trading Success
If you are just beginning your Forex trading adventure, then this humorous look at trading is for you. I want to be certain you are informed of these trading best-practices so that profit and success does not accidentally fall your way. After all, money is the root of all evil, so I’m sure you’ll want to avoid that trap at all costs.
What follows is a list of things that you should avoid if your wish is to follow the foolish traders before you who lost it all.
Who Needs A Plan
First and formeost, it is very important that you make absolutely sure you do not have a sensible trading system. Having a well-developed plan could easily lead you down the path to accumulating wealth, which I know is not your intention. If you possessed a system you would have a clear-cut way to open and close profitable deals. Traders who use such systems have an objective way to analyze a deal and evaluate its risks and benefits. So don’t take an objective look at any opportunity in Forex and you will be spared any huge monetary gains.
In the case that some well-meaning person has already helped you create a trading system, by all means, do not ever follow it!
Take Risks – Caution Is For Wimps
Risk all the money you have on any deal, live carelessly because life is short and you want to have as much fun as possible. Remember; NEVER have a sensible trading system and ALWAYS open and close deals at the drop of a hat without analyzing the risk or profitability.
Never trade in a disciplined, planned, and logical manner. Remember your goal is to avoid riches. You might gain exponential profits from this so-called logical system and, even worse, you could develop the knowledge and experience necessary to master the Forex market.
Training? We Don’t Need No Stinking Training!
Do not ever take a Forex training program and never, ever look at historical charts of previous deals and successes.
Stay uninformed. Ignorance is bliss and will lead to a happy, contented life. Most wealthy traders are very well educated, so steer clear of their methods and advice. Do not learn about the economic status or political stability of a country whose currency you are considering investing in. Education is a dangerous commodity for someone devoted to poverty. To ensure failure at Forex trading, be undisciplined, uneducated, and unaware.
Mismanaging Your Money Matters
As far as money management techniques go, they have an underlying insipid purpose. Please don’t be fooled into thinking a money management program is a benefit to you. It will cause you to avoid irresponsible, bankrupting risks and foolish, impetuous decisions. Money management actually helps boost your profits incredibly. Those techniques can cause you to make ten or twenty lucrative deals in a short span of time and greatly increase your Forex trading account. Stay far away from any tried and true money management program. This is in your best interests of failure, of course.
Distractions? What distrac… Hey Look A Squirrell!
Need I point out to ignore any psychological preparation for Forex trading. Cling tenaciously to fear and anxiety. Successful traders learn to harness these emotions so they are not prevented from taking action on a deal at the optimal time for the greatest gain. So, let fear be your master and never try to override it and act logically.
Experienced traders realize that everyone loses a deal now and then, and they remain focused on their overall history of gain and loss. Forget this: lose, lose, lose and never deal effectually with anxiety or learn to overcome fear. It’s the only way to trade unsuccessfully.
Forex requires using a risk-reward (RR) ratio in analyzing deals. I counsel you to never operate with a RR ratio of more than 1-1. If you use a RR ratio of 1-2, you are willing to make twice the amount of profit as compared to your initial investment. Don’t even consider a RR ratio of 1-3. Many successful traders gain the experience to wisely assess a risk and discern when a 1-3 RR ratio is to their financial advantage. Remember your goals. Do not ever use a RR of more than 1-1. Your Forex account might grow quickly. Huge monetary gains are your enemy, right?
If you are diligent to apply all my advice you can be guaranteed no profit whatsoever in Forex trading. Foreign currency trading is a lucrative, growing marketplace with financial opportunities for educated, disciplined traders who set up a well-planned system of opening and closing deals and then stick to their system. They make money in Forex, so always avoid their mistakes and you too might avoid the consistent financial benefits of Forex trading.
Ferris Malone
http://www.articlesbase.com/finance-articles/a-fun-look-at-forex-trading-success-688458.html
March 16th, 2010 at 1:33 am
What do you look for to choose the right person to learn from forex trading?
I am thinking of giving forex trading class but I wonder what people look for to learn from me. I have knowledge on forex and forex trading experience but not consistent trading result yet. My greatest achievement is turning my losing forex trading into 100% profit in 6 months in year 2008 demo account. Been doing online forex trading since 1999. I would like to share my success and failure to those interested in forex trading. Will they want to learn from me? My goal now is to achieve turning $2000 into $1million in 3 months.
March 16th, 2010 at 6:35 am
I have question for you than . What are you thinking about Forex Robot?
References :
March 16th, 2010 at 6:37 am
Everything was ok till your last statement. This is exactly the statement that will make potential clients suspicious. First, you will need to give out something of value for free, build your list and then once you gain traders trust they will become paying customers. Many will ask, why does a successful trader teach? and you must be ready to answer that one. Many people already stick to the ‘the only people who made money during the gold rush, were the tools vendors’. Good luck with your enterprise, keep me in the loop
Cheers,
Mark
http://tradeconscious.com
References :
March 16th, 2010 at 6:39 am
The problem with alot of forex trading class is that the trainers do not actually trade for a living and seem to be more interested in getting money from the students then providing a decent forex training.
If you have decent results and have the ability to teach you system, I am sure that you will find people that will pay for your services.
But statements like turning $2000 into a million in 3 months just make you look dodgy.
If you are that good then you should consider selling your signals as there is plenty of people that are interested in profitable signals.
Take a look at the following webpages.
1. Is a list of good schools. So you can get an ideal of what you should be providing if you want to teach forex.
2. This is a list of signal providers where you can sell your services.
References :
Forex Training
http://www.currency-exchange-reviews.com/forex-training.html
Signals
http://www.currency-exchange-reviews.com/forex-signal-service.html
March 16th, 2010 at 6:41 am
I hope i can help you by this great great article :
http://webs-forex.blogspot.com/2009/08/forex-trading-method.html
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March 16th, 2010 at 6:43 am
That sounds like a fairly unrealistic goal there….
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March 16th, 2010 at 6:45 am
If you are a beginner and you want to learn trading on forex, i suggest you to use Marketiva, which is a very good platform to start trading with and very easy to use.
Marketiva gives you 5$ real to start trading so you don’t have to deposit and if you made profit from it you can cash out, this is why it’s very good for beginners. Their platform is very easy to use and they have support during trading hours.
To open your account please visit http://www.marketiva.com/index.ncre?gid=3371
References :
http://www.marketiva.com/index.ncre?gid=3371
March 16th, 2010 at 6:47 am
Two problems here I’m afraid 1) You say your greatest achievement has been turning your losing forex trading into profit using a DEMO account – as any trader will tell you, trading with real money involves very different emotions, no systematic approach will every take account of 2) turning US$2000 into $1m in 3 months is not achievable and no successful trader is going to tell you otherwise. I think you need to do some more classes yourself before thinking about giving them yourself.
References :
I trade FX profitably, for real, daily.
March 16th, 2010 at 6:49 am
Successful traders train themselves. Classes are ok but only get you 80% of the way there. It’s the last 20% that makes you profitable on a consistent basis.
Demo accounts and unrealistic expectations are characteristic of beginning traders. Try one of the blogs if you want to share your knowledge. You will at least learn some of what you don’t know.
Then begin studying. You will turn a real (consistent) profit in about 2-3 years. Start rolling your earnings forward and you can increase your risk profile and begin earning a nice income.
References :
10 years as an FX trader
March 16th, 2010 at 6:51 am
I just started using a program I bought from this site: http://www.ivybot.com/?hop=81085 …It pretty much does everything for you because it’s automatic, and it’s the only program that adjusts to the market. You don’t even have to be anywhere near a computer. It’s fantastic. It’s $150, but you can make that back easily. Plus, it comes with 3 bonus programs, and you’re subscribed for life.
References :
http://www.ivybot.com/?hop=81085