How To Have Success Trading Forex

So, what is FOREX? FOREX stands for Foreign Exchange markets. It is a worldwide

decentralized over-the-counter financial market for the trading of currencies. The forex

Market is also the largest financial market in the world, larger than any stock, bond,

or option market. We all know that proper training is very essential in trading, and we

also know that most people can become proficient traders with discipline, practice,

and patience. So if you plan to get into the FOREX markets, check out the simplest

system on the internet at: http://www.forexstrategysecrets.com

Education is the key to success. Just always remember to keep your head on your

shoulders, rely on logic and not your emotions. Armed with the proper knowledge and

insights into FOREX trading, you can be on your way to financial freedom. 

There are a few tips for beginning traders:

• Learn the trading platform

• Learn a trading system

• Practice for free 

Before you put your hard earned money into the market at least apply the above

3 things as a minimum. You should become familiar with the trading process, as

well as being able to spot the moves the market takes. As they say, experience

is the best teacher. To get the experience you need practice at least 15 minutes

a day dong simulated trading and try to take 5 demo account trades each day

as well. This can give you a years’ worth of experience in 30 days. 

So what does a FOREX trader have to do every day? We suggest you create a

watch list of currencies that are setting up for a trend move. Once you have your

list, set alerts to give you heads up so you can come to the computer and decide

if you think the trade is a high probability trade. Of course there are a few more

things you should do but it is not much more difficult than that.

• Make a watch list

• Set alerts

• Take high probability trades 

You can come to our trading room and watch successful traders trade a system

that most people can learn if they disciple themselves to follow a few simple rules.

By seeing how it is done, practicing what you see your learning curve is cut to

2 to 4 months not 2 to 4 years. This does not mean you are making tons of money,

it means you are winning more than you are losing. This is the first big step in your

trading career. 

From here you will need to increase your skills and get control of your emotions.

With a lot of practice you can start making money. 

To learn how to get started on an easy to follow step-by-step trading path in forex

and make more FX pips than you ever thought possible check out

http://www.forexstrategysecrets.com and try out our free Jump Start

Trading strategy to give you a taste of how to be a mechanical trader.

When you sign up for Jump Start you will get one month access to our

trading room where you can watch successful traders trade. You will be

able to learn from them and see how they make 100′s of FX pips a day

and they are having fun doing it. 

So, what is FOREX?  FOREX stands for Foreign Exchange markets. It is a worldwide
decentralized over-the-counter financial market for the trading of currencies. The forex
Market is also the largest financial market in the world, larger than any stock, bond,
or option market.  We all know that proper training is very essential in trading, and we
also know that most people can become proficient traders with discipline, practice,
and patience.  So if you plan to get into the FOREX markets, check out the simplest
system on the internet at: http://www.forexstrategysecrets.com
Education is the key to success.  Just always remember to keep your head on your
shoulders, rely on logic and not your emotions.  Armed with the proper knowledge and
insights into FOREX trading, you can be on your way to financial freedom.
There are a few tips for beginning traders:
•    Learn the trading platform
•    Learn a trading system
•    Practice for free
Before you put your hard earned money into the market at least apply the above
3 things as a minimum. You should become familiar with the trading process, as
well as being able to spot the moves the market takes.  As they say, experience
is the best teacher. To get the experience you need practice at least 15 minutes
a day dong simulated trading and try to take 5 demo account trades each day
as well.  This can give you a years’ worth of experience in 30 days.
So what does a FOREX trader have to do every day? We suggest you create a
watch list of currencies that are setting up for a trend move.  Once you have your
list, set alerts to give you heads up so you can come to the computer and decide
if you think the trade is a high probability trade.  Of course there are a few more
things you should do but it is not much more difficult than that.
•    Make a watch list
•    Set alerts
•    Take high probability trades
You can come to our trading room and watch successful traders trade a system
that most people can learn if they disciple themselves to follow a few simple rules.
By seeing how it is done, practicing what you see your learning curve is cut to
2 to 4 months not 2 to 4 years.  This does not mean you are making tons of money,
it means you are winning more than you are losing.  This is the first big step in your
trading career.
From here you will need to increase your skills and get control of your emotions.
With a lot of practice you can start making money.
To learn how to get started on an easy to follow step-by-step trading path in forex
and make more FX pips than you ever thought possible check out
http://www.forexstrategysecrets.com and try out our free Jump Start
Trading strategy to give you a taste of how to be a mechanical trader.
When you sign up for Jump Start you will get one month access to our
trading room where you can watch successful traders trade. You will be
able to learn from them and see how they make 100′s of FX pips a day
and they are having fun doing it.

Customer Reviews of Forex MegaPips

This is about the best signal software i have ever come across,

but just just like any other system, it wont make you money every single day as no trading system is 100% accurate but i assure you that at the end of the month, you are goin to be smiling to the bank.. just make sure u apply good money management and you’ll do just fine. the signals are generated based on pure price action of the previous days trading activity 

here are some tips that i think will help you maximise the earning potential of this great software: 

1.Trade only in the direction of the intraweek market trend. 

2.Do not buy against a resistance level and don’t sell against a against a support level. 

2.Make sure the take profit is is within the high or the low of the previous days range. 

4.Trade only volatile pairs with this system e.g. GBPUSD,GBPJPY and maybe even EURJPY 

5.Always make sure that your take profit target is always within the ADR (average daily range) for the day. 

6.Whenever your stoploss is very close to a round number or previous days mid-line, high, low or close, always add a few more pips say 5-10 pips to the stoploss value just in case price decides to retest that area again. 

7.You can always aim for higher take profit level as long as it does go beyond the previous day’s high or low. 

8.The only condition for you to take trades with targets beyond the previous day’s high or low is if the entry was beyond the previous day’s high or low.(either above or below) That way you know that price has completly cleared that resistance or support level. And if that happens to be the case then your take profit target must be located within the average daily range for that day. 

9.Always check your fundamental news calendar for high impact news releases and make sure you are out of your trade before it hits the wires. 

10.Don’t risk more than 5% percent of your trading capital on any single trade. 

11.don’t take more than one trade at a time to avoid doubling up your risk.

Create a Forex Strategy

Forex is a foreign-exchange currency market, where investors from all over the world buy and sell different currency pairs. The development of the Internet and computer programs have made it possible for people from all over the world to enter this multi-billion dollar market. But, most of them get caught up by the system. Start-ups with as much as $250 in their account are highly-likely to fail. If you want to invest in this market, you need a strategy. The goal behind a Forex trading strategy is to provide profit for the investor. The whole scheme is based on the idea of buying a given currency when it's undervalued and exchange it for another currency of normal or higher value. The difference will be your profit. This is a very simple strategy, but brings out the main idea of FX strategies.

No matter what type of strategy you apply, always remember that the chances of loosing are as real as the chances of winning. Be prepared to loose those money, but at the same time, do your best to be on the receiving end. Your strategy must be based on accurate and thorough studies of the market, up-to-date financial tools and information.

The big corporations that deal on the Forex market are able to make constant profits, because their strategies are made by professionals that have extensively researched the market, have special education and years of experience. Watch what large traders do and try to get some advices from them regarding the strategies available to you.

A Forex trading strategy must be influenced by the current economical and political news, situations and factors. You must follow the government issued reports, political news from all around the world, and economic trends in order to forecast the moves of the different currencies. Other strategies can be based on mathematical analysis of the forex charts for a given currency pair. The best idea is to combine both methods but no matter how good a given strategy is, unexpected events will always occur at one moment or another. Remember that it’s not the events the drive the market, but the anticipation of those events.

This is a two-sided market, as there are always two currencies that are involved, two different countries. It’s the news about those countries that make the difference. The goal when investing in currency is to be holding a currency that increases in value relative to another currency. 

Tools to Help You Catch the Biggest Trends

Here we are going to look at the art of contrary trading, which if you can trade contrary to the majority at important market turning points, which can give you massive profits but also low risk.

These FOREX trading profits only come a few times a year, but if you simply concentrated on them and caught them, you could enjoy triple digit profits.

Let’s look at how to catch them.

A good place to start is:

Exaggerated moves with a general consensus that the move will go on for ever in the media and from so called experts and gurus.

When you have a move like this start watching your charts.

It’s a fact that strong bull and bear moves collapse when the news is at its most bullish and bearish respectively – human nature has pushed prices too far from fair value and a change is likely.

These moves are easy to spot, if you use the following tools:

Relative strength index

A great contrary indicator.

Look for RSI To be over bought or oversold and watch for a turn up in a bear market and down in a bull market. 

% Bullish

Another great contrary indicator when % bullish is above 80% in FOREX markets prices are overbought and when their below 20% their oversold.

Keep an eye on this indicator with the RSI, to spot potential trade set ups.

Looking for entry levels

When you start to see a these indicators indicating a top or bottom; its time to look for an entry in the opposite direction – i.e. a contrary trade.

Do this by watching for support or resistance to form and hold.

Timing your entry

Use the stochastic momentum to indicate price momentum going the other way to the prevailing trend.

Ideally, you want a cross of stochastic momentum to downside (bearish divergence) in a strong bull market, or the opposite set up in a bear market.

The majority will not agree with you!

Not many people will agree with your point of view, but that should not worry you – keep in mind the vast majority are wrong at important market turning points, so its good they don’t!

Great contrary trades don’t come up everyday.

You will probably only see a few of these trades a year, where all the elements come together, but when they do, you will trade with very low risk and huge profit potential.

These are the trades that make the big profits.

If you use the above indicators and don’t mind everyone telling you you’re wrong you can bank some triple digit gains.

Learn to become a contrary trader and have patience and the big profits will come. 

Secrets of Successful Forex Trading

I think I had better start off by clarifying that there really are no “secrets” to trading in the forex market, but there are certain things that successful traders do that unsuccessful traders do not do – and vice versa.It seems to be a well established fact that 95% of all the people that trade the forex lose some or all of their investment while a small percentage of traders make a very handsome return. Why is this?

If we were able to make a detailed study of every successful trader, we would find that there is a common thread that runs through these people. The details that we could take from this thread could be considered to be the five secrets of successful forex trading.So here is the first “secret”. Successful Forex Traders love to trade. They love everything about trading. They love the studying, the planning, the scheming, the waiting, the anticipation, the execution, the result, the atmosphere and of course they love making lots of money.

These traders talk, eat, sleep and dream trading. It is not a job. It is a way of life. They DO NOT do it just for the money!In my forex trading business, one very common question that I am asked is “how do you overcome the boredom of being stuck in front of your PC all day?”.The answer is of course that I do not find it boring. I love trading and if I didn’t, I would find a different way to make a living.

The next “secret” is emotional control. Successful traders have learned the ability to trade without emotion. This does not mean that they do not care about the outcome of their trade, quite the opposite. Successful traders always trade to win, but they do not let their emotions play a part in the process. They just look at the cold hard facts and then either trade or wait. Successful traders also accept that there will be both winning and losing trades and they treat both with the same lack of emotion.The next “secret” is to have a system. Now it really does not matter what system you use so long as it produces more and bigger winning trades than losing ones. This is referred to in trading circles as “an edge”. If you do not have an edge, then I highly recommend that you consider the trading system that I co-developed called The Amazing Stealth Forex Trading System. It is available from the website: www.stealthforex.com

The penultimate “secret” is to be disciplined. This means having the self discipline to STICK TO THE PLAN. There is a great maxim in trading. Plan the trade and trade the plan. If you have a winning system, make sure that you have the discipline to stick to the rules exactly.

The final “secret” is to have enough money to trade safely. In many ways this should be RULE NUMBER ONE. More people fail to make money when trading on the forex through insufficient trading capital than for any other single reason.

When trading it is vital to adhere to strict money management and capital conservation techniques. Money management must be an integral part of any good trading system, and of course you should never trade with money that if lost would cause you or your family financial difficulty.If you can take onboard and learn these not so secret “secrets”, there is no reason why you should not be able to join the ranks of successful forex traders.

What is Forex Trading-Forex Trading Explained

What is Forex Trading? – An Introduction to the World of Currency Trading 

A Brief History of the Forex Currency Market

The creation of the gold standard monetary system in 1875 marked one of the most significant events in the history of the Forex currency market. As countries each attached an amount of their currency to be equal to an ounce of gold the changing price of gold between two currencies became the first standardized means of currency exchange in history.

World War I brought with it the breakdown of the gold standard due to the major European powers not having enough gold to exchange for all the currency that the governments were printing off at the time in order to complete large military projects. The gold standard was used again between the wars, but by the start of World War II most countries had again dropped it, however gold never lost its spot as the ultimate form of monetary value.

In 1944 the Bretton Woods System was implemented and led to the formation of fixed exchange rates that resulted in the U.S. dollar replacing the gold standard as the primary reserve currency. This also meant that the U.S. dollar became the only currency that would be backed by gold. In 1971 the U.S. declared that it would no longer exchange gold for U.S. dollars that were held in foreign reserves, this market the end of the Bretton Woods System.

It was this break down of the Bretton Woods System that ultimately led to the mostly global acceptance of floating foreign exchange rates in 1976. This was effectively the “birth” of the current foreign currency exchange, although it did become widely electronically traded until about the mid 1990s.

What is the Forex Market used for?

Forex trading involves transactions in which one party purchases a quantity of one currency by paying in a quantity of another currency. The Forex market is a global decentralized financial market for the exchange of currencies. Around the world various financial centers act as hubs for trading between a wide range of different types of buyers and sellers 24 hours a day, except weekends. It is the foreign exchange market that determines the value of one country’s currency relative to another.

The primary reason the Forex market exists is to facilitate international trade and investment by giving businesses the ability to convert one currency into another. As an example, a U.S. business can import goods from Japan and pay in Japanese Yen, even though the business is based in America and operates in U.S. dollars. The Forex market also provides a medium for speculation which works to add deeper liquidity to the market, making exchange rates less volatile. The “carry-trade” is facilitated via the Forex market, this is a trade in which investors can buy high-yielding currencies against low-yielding currencies and profit from the higher yielding interest rate.

What are the Benefits of Trading the Forex market?

Some of the many benefits of trading the Forex market include the following:

• Trading can be done from anywhere in the world with only an internet connection and a computer needed.

• Huge trading volume, this leads to dense liquidity making it easier to get in and out of positions at the price you want.

• Flexible trading hours; continuous operation 24 hours a day 5.5 days a week.

• Greater availability of leverage to enhance profit margins relative to account size than compare to other markets.

• Fewer variables to consider as compared to stock or commodity trading.

• No inherent market bias like the bullish bias stocks, this means greater opportunities to profit from the volatility in both rising and falling markets.

• Ease of accessibility and low start-up costs.

Advantages like the ones listed above and others are the reason why the Forex market has been referred to as the market closest to the ideal of “perfect competition”. According to the Bank for International Settlements, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion, as of April 2010 a growth of approximately 20% over the $3.21 trillion daily volume recorded in April 2007.

Who Trades Forex?

• Large banks, central banks, and other financial institutions.

• Governments

• Currency speculators / Retail traders / brokers

• Institutional investors

• Corporations involved internationally

• Travelers / Tourists

Most Traded Forex Currencies

The most traded currencies by percentage of daily share as of April 2010 are:

1. United States dollar = 84.9%

2. Euro = 39.1%

3. Japanese yen = 19.0%

4. Pound Sterling = 12.9%

5. Australian dollar = 7.6%

6. Swiss franc = 6.4%

7. Canadian dollar = 5.3%

8. Hong Kong dollar = 2.4%

9. Swedish Krona =2.2%

10. New Zealand = 1.6%

How are Forex Rates Determined?

• Economic factors – These include: economic policy made by government agencies and central banks, and economic conditions as described by and through economic reports as well as various economic indicators.

• Political conditions – International, national, and regional political conditions and events can have a large impact on the Forex currency markets.

• Market Psychology – The psychology of market participants can influence the foreign exchange market in numerous ways. Ultimately all economic variables are expressed through the filter of the human brain / trader psychology

• Trading Algorithms – Electronic trading based on algorithms (or computer / robot trading) is become more and more popular, as a result algorithmic trading is starting to have a large effect on Forex currency rates.

What is Forex Trading?

Forex trading as it relates to individual retail investors and traders is the speculation of the future rate of a particular currency pair. For example, traders who think that the rate of the EURUSD will go up might may decide to buy, or go long, the EURUSD in the Forex market. If a trader thinks the currency rate or price will go down they will sell, or go short, the particular currency pair they are interested in. All Forex trading done by retail traders and investors must be facilitated by a Forex broker, there are many broker’s available on the internet, here is a list of the brokers we recommend here at LTTTM: Forex brokers.

Typically, Forex trading strategies can take a number of different forms, and it is really up to the individual trader to pick the method that works the best for them. However, these are a few of the more popular Forex trading methods:

• Indicator based trading methods – these trading methods involve analyzing “lagging” indicators to try and predict future price movement of a Forex currency pair.

• Robot trading systems – Forex trading “robots” have recently become quite popular on the internet, these robot trading systems are essentially computer programs that tell you exactly where to enter and exit and drastically reduce the need for human interaction.

• Scalping – This is a short-term trading strategy where traders jump in and out of the market quickly for small profits.

• Price action based directional trading – The trading method of price action is a Forex trading strategy that involves analyzing a “clean” or indicator-free price to chart make one’s trading decisions. The primary advantage of price action trading is that it makes use of the ‘core’ price data of the market; price, therefore it removes the clutter and confusion that other trading methods can bring, leaving your mind clear and calm.

Nial Fuller is considered a leading ‘Authority’ on Price Action Forex trading strategies. If you want to learn more about harnessing the power and simplicity of Price Action Trading Strategies please visit Nial Fuller’s Forex Trading Course Page. Nial’s Students get lifetime access to all of his advanced price action Forex Courses, video lessons, webinar tutorials, daily trade setups newsletter, live trade setups discussion forum, traders support line & free ongoing course updates.