It wasn't easy but we did it, $1k to $100k on both demo and live accounts. Let's take a moment to celebrate and then get down to business. There, was that long enough? Ok.
Why did some people make it and other give up or just painfully failed? I have narrowed it down to several reasons. Hopefully you will be able to take these lessons away from this article and impliment them into your own trading.
1. Trading more then 1% a trade.
Seems a little weird that the people who eventually made the $100k only risked a max of 1% of their capital in any given trade? Well thats what everyone who made it did. Trading this amount of capital keeps you in the game if you eventually run into a losing streak on the market. This is a vital piece of information to remember. Even though your profits will be lower then a person who risks, say, 10% a trade, your long term ability to stay in the game is far greater then the 10% trader.
2. Trading more then 3 major currency pairs at a time.
There is no way getting around it, Forex can sometimes be a risky and volitile market. Information saturates the internet about every major currency pair. Keeping track of more then 3 currency pairs will often leave the trader in paralysis of analysis. Personally i only trade 2 majors and keep up to date on those. Being a master of 2 currency pairs is far better then being a jack of all pairs and a master of none.
3. Being lazy and not constantly learning.
People change, and markets based on people change with them. Forex changes all the time, what is a favoured currency, what isn't favoured can change week to week. My point here is not to only trade the news, my point is that the people who succceeded in making the $100k were always shaprpening their skills. This market can make you filthy rich so why wouldnt you spend the time learning all you can about it? I can never understand new traders who read a few books on Forex and think that their learning is finished. If you want to make money off Forex remember this, the cost of trading forex is Capital and Learning.
4. Only focusing on one time frame.
Last but not least here is something we probably all did as new traders. But the sooner you kick this habit the better off you will be. Let me give you an example. If a daily chart is showing an upward trend reversal, but on a 1 minute chart it is showing a strong start to an upward trend, if you are only focusing on the 1 minute chart you are going to lose a lot of chedder. My point here is simple, keep an eye on the overall picture at all times. Use 2 -3 different time period charts for a big picture and then use 1 to make your trading decision.
Thursday, June 3, 2010
Discover The Best Forex Trading Robots
6 Reasons To Trade Forex Now - Discover The Best Forex Trading Robots.
Well for those of you who don’t know what FOREX is , it stands for Foreign Currency Exchange Market . Basically it’s buying and selling currencies and making a profit on the rise or fall of one currency against another . It’s a 24 hour five day a week market , and generates $3.8 trillion a day in trades.
Ok lets get down to the six reasons why you should be trading FOREX now instead of leaving your money in a bank earning cents on the dollar .
Reason 1: Demo Account Paper Trade
A demo account or paper trading as it's also known allows you and your robot to practise without risking any money . This way you gain experience and a feel for trading , its also a great way to see how your robot performs. Yes you get a preview of the profits you can make ,what other business offers this ?
Reason 2: Profit Potential
After you have done the paper trade and learnt more about the market , you will see why people are making so much money on the Forex market. You can start with a small investment and in some cases watch it double every month. With a solid plan before you start trading your earning power will be limitless.
Reason 3: FOREX Your Flexible Friend
Working and just putting you money into a bank account will see small increases in your investment. However Forex trading can explode your earning potential. Trade at a time and place that suits you and no stock or physical goods to worry about. You can buy and sell within minutes making an instant profit in an up or downward trend.
Click Here Discover The Best Forex Trading Robots
Reason 4: Fluctuating Prices
Forex is known as a liquid market as it's a cash only market. Well imagine the market as giant waves rising and falling and you can make money on the falling or rising wave . Of course there is a risk of you making losses as well as gains so keep this in mind when surfing on the Forex waves.
Reason 5: Now The Little guy Can Get A Piece Of The Pie
With the vast improvements in Forex Trading Robots and the cost of entering the market being very reasonable , you don't have to be Bill Gates to start trading. For a small investment you can have your own robot trading for you twenty four hours a day.So where ever you are in the world with access to the internet you can watch your profits grow.
Reason 6: Leverage
Leverage is borrowing to invest more in a trade than you have in your account . For example to trade $100,000 of currency, with a margin of 1%, an investor will only have to deposit $1,000 into their margin account. The leverage provided on a trade like this is 100:1. So 1% profit in a three hour trade would produce a profit of $1000.
Well as you can see forex is an amazing opportunity to make money , and you can get in at the ground floor. What you need to know now is what is the easiest and most profitable way to enter the market . Well there are some great Forex trading robots like Fap Turbo , Forex Megadroid , Forex Ambush . After a few easy steps these robots will do all the trading for you twenty four hours a day .
Well for those of you who don’t know what FOREX is , it stands for Foreign Currency Exchange Market . Basically it’s buying and selling currencies and making a profit on the rise or fall of one currency against another . It’s a 24 hour five day a week market , and generates $3.8 trillion a day in trades.
Ok lets get down to the six reasons why you should be trading FOREX now instead of leaving your money in a bank earning cents on the dollar .
Reason 1: Demo Account Paper Trade
A demo account or paper trading as it's also known allows you and your robot to practise without risking any money . This way you gain experience and a feel for trading , its also a great way to see how your robot performs. Yes you get a preview of the profits you can make ,what other business offers this ?
Reason 2: Profit Potential
After you have done the paper trade and learnt more about the market , you will see why people are making so much money on the Forex market. You can start with a small investment and in some cases watch it double every month. With a solid plan before you start trading your earning power will be limitless.
Reason 3: FOREX Your Flexible Friend
Working and just putting you money into a bank account will see small increases in your investment. However Forex trading can explode your earning potential. Trade at a time and place that suits you and no stock or physical goods to worry about. You can buy and sell within minutes making an instant profit in an up or downward trend.
Click Here Discover The Best Forex Trading Robots
Reason 4: Fluctuating Prices
Forex is known as a liquid market as it's a cash only market. Well imagine the market as giant waves rising and falling and you can make money on the falling or rising wave . Of course there is a risk of you making losses as well as gains so keep this in mind when surfing on the Forex waves.
Reason 5: Now The Little guy Can Get A Piece Of The Pie
With the vast improvements in Forex Trading Robots and the cost of entering the market being very reasonable , you don't have to be Bill Gates to start trading. For a small investment you can have your own robot trading for you twenty four hours a day.So where ever you are in the world with access to the internet you can watch your profits grow.
Reason 6: Leverage
Leverage is borrowing to invest more in a trade than you have in your account . For example to trade $100,000 of currency, with a margin of 1%, an investor will only have to deposit $1,000 into their margin account. The leverage provided on a trade like this is 100:1. So 1% profit in a three hour trade would produce a profit of $1000.
Well as you can see forex is an amazing opportunity to make money , and you can get in at the ground floor. What you need to know now is what is the easiest and most profitable way to enter the market . Well there are some great Forex trading robots like Fap Turbo , Forex Megadroid , Forex Ambush . After a few easy steps these robots will do all the trading for you twenty four hours a day .
Understanding Forex Statistics
Once you become somewhat familiar with how the forex market works, and you understand to a point what is involved in trading on the Foreign Exchange Market, you would want to start to gauge market trends in order to profit from your business ventures on the open market.
The name of the game is statistics, and the first rule is that you must be aware there is no such thing as a sure thing on the forex market. While you can never be 100% sure at any given time of the next move that will be made on the market as a whole, being able to read statistics and interpret them will place you ahead of the pack in regards to "guessing" what will happen next.
Forex trading is a lot like gambling. If you can keep track of the cards that have already been played, you are more informed, statistically, regarding what is likely to be dealt next, meaning you can place a bet with greater insight than someone who has no clue what has already been played. With the forex market, if you have information as to what has already occurred over the past few days, months, or even years, you are again placed in a better position to more logically conclude what will happen next. You simply learn the pattern and follow it to the end, reaping the financial rewards.
Charts And Chartists
Wait, did you think you were going to have to research and map out the market's past all by yourself? Of course not! There are people who get paid to do that sort of work. They monitor the market hourly, daily, weekly, monthly, and yearly so that they can provide big-time traders with the same knowledge mentioned before. The more a trading company knows about the market, the more money they can make.
The best part of this is that you have access to the same information as these VIP clients. Chartists, who are essentially market analysts that publish their findings in easy to read charts, produce what is referred to as a candlestick charts. These charts are basically a combination of a line graph and a bar graph that show the trend of various stocks, indexes, or other interests over a specified period of time. Therefore, you can easily determine if the currency is on an uptrend or if it is taking a downturn, when the last major change occurred, and how long it is predicted that the currency pair will continue on the current path.
If your broker does not supply you with these charts, then you should easily be able to draw them yourself with the modern day charting software or trading platform that you get from your broker. These software platforms can draw most charts for you by entering a couple of parameters and viewing the result.
The name of the game is statistics, and the first rule is that you must be aware there is no such thing as a sure thing on the forex market. While you can never be 100% sure at any given time of the next move that will be made on the market as a whole, being able to read statistics and interpret them will place you ahead of the pack in regards to "guessing" what will happen next.
Forex trading is a lot like gambling. If you can keep track of the cards that have already been played, you are more informed, statistically, regarding what is likely to be dealt next, meaning you can place a bet with greater insight than someone who has no clue what has already been played. With the forex market, if you have information as to what has already occurred over the past few days, months, or even years, you are again placed in a better position to more logically conclude what will happen next. You simply learn the pattern and follow it to the end, reaping the financial rewards.
Charts And Chartists
Wait, did you think you were going to have to research and map out the market's past all by yourself? Of course not! There are people who get paid to do that sort of work. They monitor the market hourly, daily, weekly, monthly, and yearly so that they can provide big-time traders with the same knowledge mentioned before. The more a trading company knows about the market, the more money they can make.
The best part of this is that you have access to the same information as these VIP clients. Chartists, who are essentially market analysts that publish their findings in easy to read charts, produce what is referred to as a candlestick charts. These charts are basically a combination of a line graph and a bar graph that show the trend of various stocks, indexes, or other interests over a specified period of time. Therefore, you can easily determine if the currency is on an uptrend or if it is taking a downturn, when the last major change occurred, and how long it is predicted that the currency pair will continue on the current path.
If your broker does not supply you with these charts, then you should easily be able to draw them yourself with the modern day charting software or trading platform that you get from your broker. These software platforms can draw most charts for you by entering a couple of parameters and viewing the result.
Forex Trading Robots Give You The Edge
If you have just started trading in the FOREX market or your considering it , These four basic rules could save you a lot of money and keep that shirt on your back. Of course Fap Turbo ,Forex megadroid and a host of other forex trading robots are waiting in the wings but we will look at them later
The Five Basic Rules for FOREX Trading
Yes it is worrying starting your journey into FOREX trading .The rules and methods of trading can seem like a lot to deal with . Of course you will learn many things along the way , like which currency pairs perform the best and trends in the market.
There is however key rules and methods you should be aware of in order to keep loses to an absolute minimum and maximize profits. You will avoid many pitfalls as well as recognize opportunities that will boost your profits in the FOREX market.
These are the four rules/methods we will cover :
1) Don't Over Leverage Your Investment
2 ) Quit When Your Ahead Know When That Is
3 ) Do your Research Before Making Trades
4) Stop Loss Orders Protect Yourself From Large Losses
5) Consider Getting Trading Robot That Will Save You Time and Money
1-Don't Over Leverage Your Investment
It's so easy to get caught up in the buzz of FOREX trading , However Leverage is a two edge sword. Leveraging is basically trading more money than you have in your portfolio . For example If you have $2000 in you account some brokers will allow you to buy $50,000 of a currency .
Its better to get the know the market over time than take unnecessary risks. Don't get carried away as you need a steady well thought out approach to make a long term consistent income with FOREX trading .
2-There Is A Time to Quit - Know When It Is
When your riding high on a profitable trade ,many people don't want to sell in the hope there profits will just keep on rising . Well values can fall as well as rise so don't get greedy and lose your gains.
However you don't want to cash in to quick and miss those few extra gains. Some trades you make won't be successful. But over time and careful studding the market trends , you will get a feel for when to start and stop trading. Even Experienced traders have a few losses along the way , but over all they have far more wins that losses and you will too.
3-Doing Your Research Before Making Trades
Research is a word many people don't like , because it involves extra work with no apparent benefits . Well in the FOREX Trading market , having an idea of history and current trends can be the difference between winning and losing . Don't treat the FOREX market like a casino because you will lose far more than you win. Do your research.
4-Stop Loss Orders For Protection
Stop loss is part of a system that stops you from losing too much of your investment or profit , basically if the value of the currency falls to the value you set in the stop loss , Stop loss will sell and stop you from losing any more profit .
Stop loss should be st up before you start to trade ,and you need to decide the value that the stop loss activates. The successful traders use this safety method all of the time .
5-Consider Getting Trading Robot That Will Save You Time and Money
Well after reading the four rules above you must be wondering if there is an easier way .
Well yes there is , FOREX automated robot software , not only trades on average better than humans it can also trade night and day with no interaction from you. Real live account studies have shown one particular Robot Doubling Profits every month .
The Five Basic Rules for FOREX Trading
Yes it is worrying starting your journey into FOREX trading .The rules and methods of trading can seem like a lot to deal with . Of course you will learn many things along the way , like which currency pairs perform the best and trends in the market.
There is however key rules and methods you should be aware of in order to keep loses to an absolute minimum and maximize profits. You will avoid many pitfalls as well as recognize opportunities that will boost your profits in the FOREX market.
These are the four rules/methods we will cover :
1) Don't Over Leverage Your Investment
2 ) Quit When Your Ahead Know When That Is
3 ) Do your Research Before Making Trades
4) Stop Loss Orders Protect Yourself From Large Losses
5) Consider Getting Trading Robot That Will Save You Time and Money
1-Don't Over Leverage Your Investment
It's so easy to get caught up in the buzz of FOREX trading , However Leverage is a two edge sword. Leveraging is basically trading more money than you have in your portfolio . For example If you have $2000 in you account some brokers will allow you to buy $50,000 of a currency .
Its better to get the know the market over time than take unnecessary risks. Don't get carried away as you need a steady well thought out approach to make a long term consistent income with FOREX trading .
2-There Is A Time to Quit - Know When It Is
When your riding high on a profitable trade ,many people don't want to sell in the hope there profits will just keep on rising . Well values can fall as well as rise so don't get greedy and lose your gains.
However you don't want to cash in to quick and miss those few extra gains. Some trades you make won't be successful. But over time and careful studding the market trends , you will get a feel for when to start and stop trading. Even Experienced traders have a few losses along the way , but over all they have far more wins that losses and you will too.
3-Doing Your Research Before Making Trades
Research is a word many people don't like , because it involves extra work with no apparent benefits . Well in the FOREX Trading market , having an idea of history and current trends can be the difference between winning and losing . Don't treat the FOREX market like a casino because you will lose far more than you win. Do your research.
4-Stop Loss Orders For Protection
Stop loss is part of a system that stops you from losing too much of your investment or profit , basically if the value of the currency falls to the value you set in the stop loss , Stop loss will sell and stop you from losing any more profit .
Stop loss should be st up before you start to trade ,and you need to decide the value that the stop loss activates. The successful traders use this safety method all of the time .
5-Consider Getting Trading Robot That Will Save You Time and Money
Well after reading the four rules above you must be wondering if there is an easier way .
Well yes there is , FOREX automated robot software , not only trades on average better than humans it can also trade night and day with no interaction from you. Real live account studies have shown one particular Robot Doubling Profits every month .
The Three Keys To FOREX Trading Success Trading Robots To The Rescue
The Three Keys To FOREX Trading Success Trading Robots To The Rescue
Hello
I’m sure like many people you are curious about the Foreign Currency Exchange Market, or FOREX as it is commonly called. $3.8 trillion a day is traded on the Forex market . That,s enough money to buy Microsoft , Google, Wal-Mart ,IBM, FORD, and still have change for a Caribbean country and your own space programme .
There are those who have mastered the trillion dollar beast and are making a nice living , some have even become millionaires and billionaires . Of course you want to join those people at the top , with a life style most of us only dream of.
Is There a Legitimate Way To Make Life Changing Money With FOREX ?
Yes There is , but You need these three Principles/methods in place at the core of your trading plan.
1) Ability to trade with realistic risk assessment
2) Be able To keep greed under control
3) Use the Best Tools for the job ( Forex trading Software )
Ok let take a brief look at these principles/method
1) Values can go up as well as down , the Spread ( difference between the buy and sell price) is constantly changing . The amount of PIPS ( measurement of the smallest unit price ) in the spread tells you how much your investment has increased or decreased. So there are times when you need to trade short and other time you need to trade long . don’t expect the market to always go your way , do research on trends on the currency pairs your about to trade.
2) The FOREX market is not a get rich quick system , keep in mind there will be loses as well as gains , so controlled researched and planed trading will give you more chance of success. Leverage ( using credit to trade more than you have deposited) Is a powerful way to make money
3) Well after reading the Key principles 1 and 2 you may feel a little overwhelmed . However FOREX trading software robots , can make it so much easier for the new trader. You just need to find the FOREX trading robot with the best track record of success .
What’s really exciting right now is that I have found the top three robots on the web site below. Discover the best tools for the job visit the site below now
Hello
I’m sure like many people you are curious about the Foreign Currency Exchange Market, or FOREX as it is commonly called. $3.8 trillion a day is traded on the Forex market . That,s enough money to buy Microsoft , Google, Wal-Mart ,IBM, FORD, and still have change for a Caribbean country and your own space programme .
There are those who have mastered the trillion dollar beast and are making a nice living , some have even become millionaires and billionaires . Of course you want to join those people at the top , with a life style most of us only dream of.
Is There a Legitimate Way To Make Life Changing Money With FOREX ?
Yes There is , but You need these three Principles/methods in place at the core of your trading plan.
1) Ability to trade with realistic risk assessment
2) Be able To keep greed under control
3) Use the Best Tools for the job ( Forex trading Software )
Ok let take a brief look at these principles/method
1) Values can go up as well as down , the Spread ( difference between the buy and sell price) is constantly changing . The amount of PIPS ( measurement of the smallest unit price ) in the spread tells you how much your investment has increased or decreased. So there are times when you need to trade short and other time you need to trade long . don’t expect the market to always go your way , do research on trends on the currency pairs your about to trade.
2) The FOREX market is not a get rich quick system , keep in mind there will be loses as well as gains , so controlled researched and planed trading will give you more chance of success. Leverage ( using credit to trade more than you have deposited) Is a powerful way to make money
3) Well after reading the Key principles 1 and 2 you may feel a little overwhelmed . However FOREX trading software robots , can make it so much easier for the new trader. You just need to find the FOREX trading robot with the best track record of success .
What’s really exciting right now is that I have found the top three robots on the web site below. Discover the best tools for the job visit the site below now
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