Win at Forex Trading

The Major Problem You Must Confront To Enjoy Success

There is one problem that most forex traders fail to come to terms with and lose and its operating in an unstructured environment – this is the major underlying reason traders lose, so lets it explain it and its significance in more detail.
In normal society we confirm to rules and laws they govern our lives and those of our fellow citizens, were used to them and we conform to them.
When a forex trader trades, he has to operate in an unstructured environment and create his own rules to live and survive by.

This sounds easy enough to achieve, however nothing could be further from the truth – it’s very hard and most traders simply can’t achieve it.
Let’s take a closer look at the problems associated with operating in an unstructured environment.
1. Taking Responsibility For Your Actions.
This means taking charge of your destiny and most people simply cannot accept this responsibility.
They want the comfort of having someone to hold their hand and blame if thinks go wrong.
Problem is if you don’t accept responsibility, you won’t win - no one else will make you rich in Forex trading, you’re all on your own.

2. You Have To Create a Set of Rules to Survive
The market which you confront is all powerful, it moves as and when it wants – it’s always right and you can only be wrong .
Again, this causes major psychological problems for traders – we all hate being wrong, but in this instance you have to accept the market is right ALL the time, if you don’t you will run loses and the market will destroy you.
Most traders get frustrated and break their rules, or create a new set as they lose and end up chasing their tail. If you create rules you must have the discipline to apply them and most traders simply lack the mindset to do this.

3. The Work Ethic Does Not Apply
Most people try and overcome losses with a higher work rate.
After all the more you put in the more you get out. They assume if they acquire more knowledge or trade more often, their profitability will increase but the markets won’t reward effort.
You get your reward for being RIGHT and that’s it in forex trading, not the effort you put in.

4. Forex Traders Need To Be Anti Social!
We don’t mean you have to be rude to anyone - but you need to keep yourself to yourself and stay away from the pack and its opinions when trading forex.
Remember 95% of forex traders lose!
We find this uncomfortable.

After all, were pack animals and since stone age times we have sought comfort and belonging with others of our species. When we go against the majority opinion, we feel uncomfortable, as were simply not used to it.

Operating in the forex markets is far harder than many people think and most traders are simply unprepared for the mental problems that it confronts them with.
You will hear often that it is mindset more than method that contributes to success in the markets and its true.
If you have ever wondered why traders find it so hard to trade with discipline, this article may have helped you see why and given you an insight into what you need to do to achieve currency trading success.

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Some Advice Before Entering Forex Trading

There is an ideal mindset, character, and mental attitude that traders need to acquire. I say “acquire” because few people have the innate personality that makes this mindset “natural” With respect to your trading, this involves being free of anxiety, fear, despair or regret. It also involves being able to remain calm, confident, focused and disciplined in the face of adverse trading outcomes.

Trade with a Disciplined Plan
The problem with many traders is that they take shopping more seriously than trading. The average shopper would not spend $500 without serious research and examination of the product he/she is about to purchase, yet the average trader would make a trade that could easily cost him/her $500 based on little more than a feeling or hunch. The plan must include stop and limit levels for the trade, as your analysis should encompass the expected downside as well as the expected upside. Be sure that you have a plan in place before you start to trade.

Good Execution Good Anticipation
Everybody knows that trading is a number game. I mean, our success is not depend on the outcome of the next trade, our success is depend on the overall profitability of many trades. So, while we are trading, whether the last trade we did was profitable or not is definitely not important. There is no point drawing conclusions on the outcome of just one –or even a few-trades. We can only access our anticipation skills when we have made a reasonable number of trades and see the longer-term result of our action. It is so important that when we are trading, our goal should be focus on executing our trades with ruthless efficiency and to judge only that. If you consider the ways that you lose money trading, you will find that it is down to poor execution, rather than poor anticipation.

Cut Your Losses Early and Let Your Profits Run
This simple concept is one of the most difficult to implement and is the cause of most traders demise. Most traders violate their predetermined plan and take their profits before reaching their profit target because they feel uncomfortable sitting on a profitable position. These same people will easily sit on losing positions, allowing the market to move against them for hundreds of points in hopes that the market will come back. In addition, traders who have had their stops hit a few times only to see the market go back in their favor once they are out, are quick to remove stops from their trading on the belief that this will always be the case. Stops are there to be hit, and to stop you from losing more then a predetermined amount. You simply allow your profits on the winners to run and make sure that your losses are minimal. What is it about cutting a loss that is so hard?

Do Not Over Trade
Do not bet on the farm. One of the most common mistakes that traders make is leveraging their account too high by trading much larger sizes than their account should prudently trade. Leverage is a double-edged sword. Just because one lot of currency only requires $1000 as a minimum margin deposit, it does not mean that a trader with $5000 in his account should be able to trade 5 lots. One lot is $100,000 and should be treated as a $100,000 investment and not the $1000 put up as margin. Most traders analyze the charts correctly and place sensible trades, yet they tend to over leverage themselves. As a consequence of this, they are often forced to exit a position at the wrong time. A good rule of thumb is to never use more than 10% of your account at any given time.

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* Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.

Wherever you look on the net

you will say adverts for forex scalping and day trading systems which promise regular profits that can make you rich but there is a problem, none of them work, because forex scalping is based on logic that simply is not correct...
The problem of course is prices are determined by humans and I such short time spans as a day you have no way of knowing which way prices are going to go.
Millions of traders all using different methods and governed by the emotions of greed and fear cannot be predicted in such short time spans. This means that daily volatility is random, prices can and do go anywhere in a day and support and resistance is meaningless.

You will always see track records that make huge profits presented but they are all done knowing the closing prices! Let's face it if a track record looks to good to be true it normally is and this applies to forex scalping and day trading systems.
You can simply look for a disclaimer and you will normally find this one or similar on any track record.
"CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN".

Of course if we all knew today's prices in advance, we would all be rich but we don't.
Forex trading is harder - you have to trade going forward not backwards.
Vendors who sell these systems simply use hyped copy and a simulated track record to appeal to naïve or greedy traders - they know the system doesn't work, so they don't bother trading it - they simply make up a track record.
Despite the hype, forex scalping doesn't work and you need to trade the odds to win and that simply is not possible in short time frames.
There are two ways to make money in forex trading, you can either swing trade which takes advantage of trends that last for a few days to a few weeks, or long term trend follow which takes advantage of moves that last for weeks or months.
If you want to enjoy currency trading success, you need to trade the odds - to do this you must have valid data and data within a day or less is not valid.
Forex trading is not easy and you wouldn't expect it to be with the rewards on offer but if you learn forex trading the right way and spend some time on your forex education, you can make big profits and for the effort you put in no other business offers you more in terms of rewards.
So forget forex scalping systems and look to trade the odds, using valid data and this will lead you to currency trading success.
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Forex Scalping

is one of the most popular ways for new traders to get into forex trading and offers the appeal of regular profits and low risk. In this article we are going to cover all the facts related to forex scalping for beginners, so lets get started.

Forex scalping in essence, looks to trade within daily time frames making small regular profits, using tight stops to generate big profits overtime - the big problem is it has never worked and never will.
Why?
Because the logic it is based on is simply incorrect and if you read on, we will tell you why and show you the evidence, which shows why one of the best ways to lose money in forex trading is.
Let’s take a look at the market first and how they move.
We have trillions of dollars traded daily, by millions of different traders and to say that you can say what this vast mass of traders is going to do in such a short time frame, as a few hours is laughable.
Fact:
All short term volatility is random.
This means that prices can and do go anywhere in a day – support and resistance levels are not valid, so it doesn’t matter how good your technical indicators are they will fail in this random environment.
I have seen successful track records though!
Sure you have – and their sold by vendors with a vested interest.
There are loads of them and they are all designed to bring forex scalping to beginners - for a few hundred bucks you get rich, sure you do.
Take a reality check!
These vendors make money selling forex scalping systems, NOT trading them - their far too clever for that.
What you will see is an unbelievable track record that shows great profits with little or now drawdown and common sense tells you that if it’s too good to be true and it most are!
Many traders however fall for the ploy and buy the system, lose and wonder why.
If they were to take a closer look at the forex scaling track records presented, they will see the words “hindsight” or “simulation” written all over the track record as a disclaimer.

What does this mean?
Well – the track record is done in hindsight and simulated, knowing the closing prices!
How hard is that?
My eight year old daughter could do that and so could anyone who can read and write and you can to – these track records are totally meaningless and really not worth the paper their written on.
You can of course find a real-time track record but you will spend a long time in your search – I have spent 25 years trying, so if you find one let me know.
The fact is forex scalping for beginners takes advantage of naive and gullible investors who think winning is easy and they don’t stop to think about the reasons these systems cannot and never will work
If You Want to Win
You need to trade the odds and that means using time frames that allow you to get the odds in your favour and this means trading longer term.
If you are a beginner at forex trading and want to get a forex education that will help you win look at forex swing trading or long term trend following here you work with valid data and can get the odds on your side.
Avoid forex scalping and forex day trading and like I said earlier if you find a real time track record let me know.

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Forex Scalping Methods for Big Consistent Profits

Here we are going to look at Forex Scalping methods and how they aim to achieve big consistent profits from day trading
regularly and looking to accumulate small profits each day to build huge profits overtime. Let’s look at forex scalping in more detail.

Forex scalping is more popular than ever and there are numerous forex trading systems
and e-books, which claim it works but none of them work, (we will return to this in a minute) as the logic behind forex scalping is totally incorrect.

Why Forex Scalping Can NEVER work longer term

The reason it doesn’t work and never can is simple to understand if you think about it – you need valid data!

Consider this:

Each day trillions of dollars are traded by millions of forex traders and the total of all these opinions come together and give us the price.

The thought that you can tell what all these millions of people will do, in just a few hours is laughable.

You can’t!

Volatility can and does take prices anywhere in short time periods and support and resistance levels are meaningless. If you have no valid data, you will lose and that’s EXACTLY what happens to people who try forex scalping or day trading.

You may be saying:

I have seen the proof it works and seen track records presented by forex scalpers and yes you have – but their NOT real!
See the standard CFTC disclaimer below and you will see why these track records cannot be trusted:

“Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those show”.

So you simulate a track record, knowing the closing prices – how hard is that?

Anyone can do that even a child.

The problem of course is:

We don’t have the luxury of knowing the prices when we trade (shame but that’s life!) so doing it in the real world is a lot harder and for people forex scalping it’s impossible.

That’s why you never see a real track record but a hypothetical one which is simply not worth the paper it’s written on and in most cases is simply made up by the vendors.

Where Are The Real Track Records?

Don’t be fooled advertising copy with statements such as:

“Pick tops and bottoms scientific accuracy” make “50 pips a day” or “trade with 80% accuracy” – this is just ad copy and has no back up.

If you don’t believe me ask for a forex scalping real time track record and you won’t get one - try it and see.

Forex scalping and day trading is a good story, but that’s all it is and try it and you will lose - as you can never get the odds in your favor.
Keep in Mind

Forex trading is a great way to make money but its not easy and a lot of the people who sell the courses and e-books on forex scalping try and make it appear so.

Traders who believe the above need to get in the real world.

How to Win

To win, you need to do your homework and get a forex trading system that gets the odds on your side. This means avoiding forex scalping and day trading and trading data that covers longer time frames that’s valid and allows you to get the odds in your favor.

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ForexGen Trading - Your Easy Way to Make Money

Today lot of people venture into Forex trading as it brings easy money. With the internet it becomes very easy to deal with the forex market as all transactions can be done through your computer. However one needs to know the basics of forex trading in order to be able to make money. If basics are not mastered one may suffer loss. This avenue to make money involves financial risk due to the unpredictable nature of the trade.

If you would like to venture in to forex trading you must have speculation skills. You should be able to observe, analyze and draw valid conclusions regarding the foreign currency trends. If you learn to have your investment in promising currencies at the correct them then you will be able to make money. Forex trading is similar to the share market in many respects however the risk factor is here is at much lower scale.
Forex trading can be categorized into two basic types - short term trading and long term trading. You must choose how you would like to deal with the market to make money so that right strategies can be planned accordingly. However, it is always possible to move from short term trading to long term trading and vice versa.

Short term trading is for experienced forex traders. Here the trader has to closely keep track of currency trends so as to benefit from sudden movements of the currencies. In short term forex trading, one does not wait long for the value of the currency to increase very high. Once the value of the currency reaches a certain percentage the trader engages in exchange with a lesser margin. Here the transactions are done almost on daily basis so as to make money.
Long term trading tries to capitalize on stable currencies those grow stronger gradually. When someone wants to try their hand on forex trading to make money, long time trading is better suited as it will give time for the beginner to understand the market and the way it operates. Trading activity is very little here when compare to short term trading.
If one wants to learn the basics of forex trading there are a number of trading courses available today. These courses will give guidelines to the beginners on how to save oneself from loss. With the help of these courses one will be able to make money in this field. The training courses will also give orientation on the forex trading tools.