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.
By: Monica Hendrix
Most novices traders either choose a Forex course or an automatic Forex trading system but the fact is most people, stand more chance of success with a course, for the reasons enclosed in this article…
Automatic Forex trading systems sound more attractive on the face of it, because they require no effort. The problem is none of the cheap Forex robots or Expert advisors work and that’s why there so cheap.
You don’t make an income for life, for making no effort and spending a couple of hundred dollars; none of these systems produce a real, verified track record of gains. All you get are simulations going backwards or a track record direct from the vendor, with no outside check.
So is a Forex course any better?
The answer is yes, as the best can cut your learning curve and give you the skills and confidence to succeed. If you think about it. 95% of traders lose today and did 50 years ago and the reason such a high percentage lose is they don’t have the mindset to succeed.
Leaning to trade a system is easy, learning to apply it with discipline and controlling losses is hard but can be done, if you have confidence in what your doing and that’s what the best courses will give you – a solid Forex strategy and the confidence to apply it.
The best Forex courses come with a 100% money back guarantee so you can learn with no risk. They also give you a set strategy and unlimited support in learning how to apply it. In fact, most will trade it daily in real time so you can see the results which will help you build confidence, as well as judge how successful the strategy is.
When choosing between a course and an automated Forex trading program, the best choice is a good course which will give the skills and confidence to trade with discipline and win, when 95% of traders lose.
If you have the desire to succeed, a course can teach you all you need to know in a few weeks and you can then be enjoying currency trading success in around 30 minutes a day.
By: Kelly Price
When I first heard that Kishore M was releasing an online trading course, I was pretty excited. It’s not every day that you see this kind of expert take the time to create an online trading course. Many of the so called Forex ‘experts’ are more or less anonymous or unknown. In the case of Kishore M, this is hardly the case.
This is a man who has run live trading workshops for over 8 years in all corners of the world including: Hong Kong, London, the US, and Singapore. He has taught over 50,000 men and women how to become better and more profitable traders. Now, he has taken this knowledge and training material and turned it into a home study course called Instant Forex Profits.
There is no doubt as to the high level of knowledge and teaching ability of Kishore M as his students testify. However, there is a substantial difference between attending a live workshop and learning from a home study course. So, the question remains, is the Instant FX Profits course any good?
Let me start by saying that this course is not for everyone. First of all, it is not cheap so you may not be able to afford it or willing to pay for it. Second, this course has a lot of content. I’m talking about a huge amount of information, surrounding many aspects of the trading process. This course takes time to go through and master. You need to prepare yourself to invest some time in going over this material and practicing it.
That being said, there is never any hope of success or achievement without some form of investment. Kishore M could have made his course a little lighter in information but you can’t really blame him for overdelivering. This course is rich in information but it can all help to serve you well to make more money on Forex. It’s as simple as that.
Instant FX Profits is a good Forex course because Kishore M knows his material and how to deliver it. In addition, the course covers the important aspects of trading that every trader needs:
The right strategies and methods to help you place good trades on the market for long term success. Tricks on how to choose the right currency pairs for the time of the year. How to reduce and control risk. How to manage your money to place trades at the right and correct amounts. How to work in the tumultuous environment of Forex without letting your emotions get the better of you.
Overall, Instant Forex Profits is a comprehensive and well crafted course presented by a true expert. I believe that this course is worth the price and can help you become a better trader for years to come.
By: John J. Drummond
In Forex trading, the vast majority of traders lose money and the amount is a huge 95%, so if you want to make big gains in currency trading you need to get yourself some good training and the best Forex courses will give you the info and coaching you need to win – lets look at the advantages of using a Forex course.
A good course will cost you around a $100.00 and the best ones will always give you a satisfaction money back, if you are not satisfied with the system which will enable you to try them with no financial risk.
The advantages of a good course are outlined below.
- They will give you proven systems, strategies and tools which explain all the logic behind them, so you know why they work.
- The currency trading system will be traded daily in live trading so you can see how successful it is in the market on a daily basis
- You will get tips on and coaching on how to achieve good money management,by adopting a disciplined mindset which is essential for trading success.
- There will be dedicated advisors, to answer your questions or queries as the course progresses.
A good course will normally be able to teach you to trade within a month or two and then your all set to trade for yourself. For a small cost, they could put you on the road to a great second income. Forex trading is not hard but you need to know the tools and strategies which work and while you can learn them yourself, it takes time and most people don’t no where to start but a course can give you a specific road map to success and all you have to do is follow it.
By: Sonia Kristina
As with any industry, you need the appropriate forex trading training before you can find any success in the forex industry. The worst thing you can do in this industry is just diving in there unprepared and having no idea how things are run. Trial and error isn’t a good way to start your forex trading career. Below are some of the more effective strategies you can use to prepare yourself for the rigors and requirements of forex trading. Use some of them or better yet use all of them and you will surely begin your trading career with the right food and on the correct direction.
First, sign up for a trading demo account. There’s a lot of these demos being offered online. A demo will enable you to get a feel of what exactly is going on in an actual trade. You get to experience the environment that surrounds trading. This demo is referred to by some as a simulator. If you are a beginner and you think you can just trade without trying a simulator first, then you are committing suicide. It would be like going to war without knowing how to handle a gun. That’s why it’s very important that you test your trading strategies and techniques on a simulator or demo before you try them on the real world.
Second, utilize the internet. There’s a plethora of tools, resources and information available in the internet which you can use to further advance your knowledge about forex trading. There’s a lot you can learn from these resources if you spend some of your time browsing over them. Visit websites and blogs that offer trading tips and strategies. Take notes of these tips. Try to analyze them. Go to forums that focus on forex trading-related topics and themes. Participate in the discussions. Ask questions. Keep notes of the other users’ answers to your questions.
Third, buy reputable books about trading. There are thousands of books out there with forex trading as their main themes. You don’t have to buy them all. Just purchase those that you think you need in relation to your trading skills and those that have of course the best positive reviews from critics. Listen to critics and read their reviews about a book. If majority of them says a book isn’t that helpful, then they’re probably right. So go look for another one. What matters most is that you get to find the books you really need.
Fourth, subscribe to magazines that cover the forex industry. This helps you keep updated on what’s new and what’s changing in the forex community. There’s a lot to learn from these magazines because more often than not they include regular columns on forex trading advice, tips and strategies.
Acquiring forex trading training is not that complicated as long as you know how and where to look. The strategies mentioned above are just a few of the ways but they are the most effective. So always keep them in mind and use them well and often.
By: John Lismo
If you are involved in forex trading, you obviously need to generate forex trading signals for profit and you will be able to make bigger profits and achieve long term currency trading success, if you combine a visual view and then trade off shifts in price momentum, so let’s look at how to do this.
A Visual view
Be objective! The right price is the market price and you can see this clearly by using trend lines. There is no better way to spot areas of support and resistance to trade than to use trend lines.
Many traders however like to use subjective indictors to do this like cycles and Elliot wave but these require you to decide where support and resistance lies.
Why bother?
Drawing trend lines and looking at support and resistance gives you the reality and objective areas you can trade against.
You can use other indicators such as moving averages and Bollinger bands, but you need to start with trend lines and use these as back up.
Furthermore avoid Fibonacci retracments, they are simply assumed levels and they break at least as often as they hold.
An internal view.
As we have discussed above, good old fashioned trend lines will give you the reality of price and important support and resistance levels clearly right in front your eyes.
You now need to calculate the odds of success of trading into these levels.
You will need some momentum indicators to do this – these will tell you the strength of price movement up or down and help you calculate the odds of success.
For example if price momentum weakens into resistance chances are it will hold if it increases on a break of resistance chances are the trend will continue.
There are two great price momentum indicators that any novice can use effectively:
The relative strength Index (RSI)
Developed by trading legend Wells Wilder (if you have not read new concepts in technical trading get a copy) its over 25 years old but a classic work and this is a classic powerful indicator.
The stochastic indicator
Developed by George Lane, this is one of the best momentum indicators if not the best, you can use.
There easy to use in forex trading and are covered in our other articles in more detail.
Trading is an odds game!
Trading is an odds game and for this you need to see the reality of price as it is and then get the odds in your favour by watching shifts in price momentum.
It is the shifts in price momentum you can use to execute your trading signals and get the odds in your favour.
If you follow the above tips and get both an external visual view and combine this with price momentum, you will have the basis of a powerful currency trading system.
Furthermore, you will be using objective analysis and trading on the facts, rather than using subjective analysis, which means you have to predict, which by its very nature is doomed to failure.
Follow the above tips and they will help you get the odds in your favour when trading forex and lead you to currency trading success.
By: Kelly Price
The best forex education can mostly be found for free and here we will look at how to find the best and help you formulate a trading strategy for triple digit gains…
First let’s look at information to avoid.
Forex forums are often touted as places where you will pick up good forex education but I don’t know anyone who is successful who has time to hang around them. Normally, you get a bunch of losers, trying to make themselves feel better by chatting. The other group in forex forums are a load of vendors, trying to sell junk products – avoid them.
You should also avoid all those free secret guides you see which you can have for giving your email. What you get are not secrets just basic info you can find anywhere, so unless you want a full inbox – move on.
Broker research is popular – but if brokers were good at trading they wouldn’t be brokers and as most brokers are market makers (they lose you win), it’s a bit of a conflict of interest really.
Gurus and experts who claim you can follow them to success and want to charge you.
Some are good and can cut your learning curve but most are not, they simply sell simulated track records ( that’s trading done on paper backwards knowing the prices) to sell worthless, forex robots and day trading systems – avoid.
Breaking news, I have always been bemused why this is considered valuable, when its pretty obvious it doesn’t help. We have better news today than 30 years ago – but it hasn’t changed the ratio of winners to losers its still 95%!
Avoid it markets are a discounting mechanism and it’s not the news itself that’s important, its how its perceived that determines the course of events.
Good Sources of Best Forex Education
So where do you get the good sources?
The best way to trade is to use forex charts and everything about technical analysis is free online and you get various chart services that come with all the indicators you need. You can put together a simple robust, profitable, forex trading strategy from these free sources on your own. We have covered what to look for in other articles so look them up.
The Real Key to Forex Success
Now the real problem is – not devising a robust forex trading strategy but in learning money management and discipline.
In forex trading you are going to take losses and have to trade through them as the market makes you look a fool and stay on course and keep your losses small and your emotions out – sounds easy? Its not and that’s why so many traders lose.
Get Advice From the Best Traders
This is where I would recommend going to an online bookstore and getting some great trading books. We recently covered a top ten trading books all traders should read and the cost? Around $100.00 – now this is best forex education!
You are getting advice and an insight into the mindset of traders, who walk the walk, rather than simply talk the talk.
So there you have it a simple robust technical system from free sources and some great trading books, from the pros, to get you in the mood and get you disciplined.
You can then trade with confidence and enjoy currency trading success.
By: Sonia Kristina
In this article, we will look at some lessons from a group of ordinary people, who learned to trade in just 14 days and then went on to make hundreds of millions of dollars. You can learn a lot from this group of people so lets look at how they achieved stunning Forex trading success after just a few weeks training.
The paradox of FX trading is easy to learn yet very few succeed. In fact, the amount of traders who make money is a minority of just 5 percent. If you learn how our group of super traders learned to win, you will understand how they made money and how you can too.
The story started when a famous trader called Richard Dennis, decided to teach a group of people who had never traded before to trade. he selected some people and they were from both male and female, of different ages, of varying levels of intelligence and the group included:
A kid just out of school who had never worked, a security guard, a lady accounts clerk and an actor and Dennis then set about teaching them to trade.
They learned to trade in just 14 days and the rest is history – they piled up hundreds of millions of dollars in trading profits and many still trade successfully today. So how did they manage to achieve success quickly, when so many traders fail? Lets take a look in more detail.
The trading method wasn’t complex or over loaded with indicators, it was simple! The trading method followed price action on a charts, locking in to big trends via breakouts which is a proven way to make money.
The system focused on the long term!
Most traders like to scalp and day trade, they make a lot of effort and lose money. The group of traders who Dennis taught, did the opposite and focused on the big trends which last many weeks or in some case months and held them for huge profits.
The system lost the majority of the time and around 70% of trades lost money but the ones that made money, made huge profits. This allowed the traders to pile up triple digit long term profits and still lose the majority of their trades.
The method was easy to learn but following it was hard, as many of the traders have since said in interviews and books on the experiment. However, they knew they had to hold their discipline and cut losing trades quickly and run their profits to win and they did with spectacular success.
No one likes to lose, we all have egos – but if you want to win at Forex trading you must learn to take losses and keep them small.
Most traders can’t do this and lose. To enjoy currency trading success, you must learn to cut losses or you will end up losing too. Be smart – lose your ego and accept losses and run profits and you can achieve success.
Why You Can Achieve Forex Trading Success
If you have understood the article you will see why the majority of traders lose and how you can win. Learning a FX trading system which can make money is easy but you need to right mindset to win and this is the reason why most traders fail.
The right mindset for success though is a choice and if you want to enjoy success, make the right choice and your on the road to long term FX trading success.
By: Kelly Price
One of the biggest forex mistakes you can make is letting your ego get involved in trading. While it is not seen as a major problem it is and causes the demise of most new traders. If you want to win, understand ego problems and how to combat them…
Ego normally comes into play when the following occurs.
1. A Trader Works Hard so he thinks he Deserves Success
In most areas of life, the harder you work the more money you are likely to make.
In forex trading working hard makes no difference to your success, you are judged simply on how accurate your trading signal is and that’s it. A trader when he works hard and doesn’t win, gets angry and upset and engages in revenge trading or lets his emotions get involved and that is the end of his account.
2. A Traders Believes He is Clever and Should Win
Another group of traders think because they are clever they will win and it dents their ego when they don’t.
Clever people think being smart and complicated, will make them money and of course, simple methods work best as they are more robust. These traders can’t take the blow to their ego that their knowledge doesn’t help them and they are soon wiped out, or stop trading.
3. Inability to Take Losses
Perhaps the biggest problem of all is taking losses and believe me the market is going to give you plenty and you will sometimes face weeks of them, even the best traders do.
Today there is a huge amount of rubbish written you don’t have to take long drawdown periods – well you do and you must take your losses and keep them small.
You are operating in an arena where only you can be wrong and the market is always right and it will make you look a fool – this is hard, as we all hate being wrong. Most traders however fail to keep loses small, let them run and the result is disaster, as leverage and running losses simply means equity wipe out.
Be Humble – Work Smart – Be Simple
Winning traders tend to be humble and leave their egos behind in trading.
They know that working hard doesn’t guarantee success, so they work smart get the right forex education and keep things simple.
These people know it’s the discipline to control their emotions and trading in a disciplined way that will lead them to success. In forex trading your ego will destroy you, so learn to humble and disciplined and you can win long term and enjoy currency trading success.
By: Kelly Price
There are so many traders out there looking for forex trader training. I can certainly empathize with them. After all, I used to be one of them.
It’s kind of an uneasy feeling. You hear about how some people are becoming rich trading forex and you wonder how in the heck they do it?
So, you start searching high and low for (as forex traders like to call it) the holy grail of trading.
You think that it’s out there somewhere. So you buy every piece of junk of trading system, forex robots, overpriced trading software the market is selling. You only realize after you bought them that they were completely useless.
Don’t feel bad if this is you. I know exactly what you are going through.
I can’t even begin to tell you how many of these automated systems I bought. These were the kind of systems that tell you exactly when to get in and out of a trade.
They were usually the ones that have a big arrow pointing down for a sell or big arrow pointing upwards for a buy.
I can’t believe I used to buy this kind of garbage.
Think about it. How do we know what’s the reason why we are selling or buying? We don’t have a clue!!! We’re doing it only because there is an arrow there. Does that not sound incredibly ridiculous to anybody else?
That isn’t exactly what I call training a forex trader.
It eventually dawned on me. When I look at all the successful forex traders in the world, I’m pretty sure none of them could really care about what some lagging indicator has to say about the forex market, and its true.
Look up interviews at some of the more famous technical traders in the world and see what they have to say on the subject. I can almost guarantee you that they’ll criticize indicators.
It’s their belief that if you can’t look at a simple chart and know where the price is going to go, you are not ready for trading. After the success I had with trading just using price action, I would have to agree with that statement.
By: John Templeton