Make A Living Trading Forex - 3 Tips For Avoiding Beginner Forex Trader Mistakes
Many people out there would have you believe that there is a Holy Grail, albeit elusive, of Forex trading rules and strategies. What is more, a lot of them will have you believe that they have found it and that it is available for you to use to make millions while you sleep - for a price of course!Forex Trading Secrets And Software For Generating Profits - Separating Hype From Reality
But why would anyone who can make millions trading Forex want to earn a couple of bucks selling their secret? Greed? Well, these same people will profess that greed is one of the cardinal sins when it comes to trading.
However, irrespective of the promises made by the Gurus of the trade, is it really possible to make a living just trading Forex on the Internet? The answer to that is a resounding 'yes'...and also a 'no'. Confusing I know, but then again at the risk of being clubbed with the people I am here to prove wrong, I request you to read on.
Personal Slip Ups - Forex Trading Mistakes To Avoid For Making Regular Profits Trading Fx
I have been studying Forex since the year 2000. I have exhausted hundreds of "demo" accounts and have learnt thousands of lessons in the process.
I have learnt that without a substantial investment like an amount starting at USD 2000 one cannot really make any money worth writing home about. So, there you have the answer to part of the question. Yes, you can make consistent profits trading Forex, but there is no "Holy Grail."
Automated Forex Trading Software - Chew On This
The second part of the answer is "no." No, you cannot make money, unless you have the right strategy in place, the right broker and the right platform. Having these three particulars perfectly placed is crucial to making profits trading Forex.
No, you cannot just dive in and trade. You have to wait for hours at a time. I have waited as long as 14 hours between one trade and the next to make profitable trades. I have yet to find the perfect automated system to make profits from the Forex markets. Nothing comes near to my manual trading.
Forex Trading Strategies - Do's and Don'ts For Fx Trading Beginners
To make consistent profits from the foreign exchange markets, you will have to trade manually. You will have to spend hours watching the screen to get in and out of a trade to book gains.
The only way you will be able to reduce the time and effort is if you increase your deposit with the broker, which also serves to increase your profit in points even if you make just one or two trades a day. Perhaps, you will spend a couple of hours a day at your terminal.
With my manual Forex trading strategy, I have made a minimum of 12 consecutive winning trades followed by a small losing trade, but then again I know where I went wrong - greed, over confidence, and impatience (stemming from tiredness). So, time yourself to cut your losses, control your eagerness to trade above your daily limit (set stop-loss indicators) and take short breaks to practise reflexology or relaxation techniques to calm your mind so you can make smart buying and selling decisions.
Finally, research and read experts, like live trading account holders or professional money managers to learn how to pick a broker, what platform to trade on (and I don't mean the MT4 or some web based platform) There is a secret to trading where brokers cannot trade against you, a method to fix the prices, freeze the pips and what not. Then there is the strategy that demands a lot of effort, but gives handsome returns.
But that's another article (actually many more). So, do keep visiting and requesting articles on topics most relevant to your Forex trading level and I will work on sharing more insights on specialized niches in the future too.
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