In the beginning The people looks for the currencies trade as a fast and easy source for the bawdy wealth but Fast that look changes as a normal result after the loss, And the question remains without answer . . .how the profit was managed of the currencies trade? But I have found the answer after loss a lot of money for long time and I will share the answer with you.
how the profit was managed of the currencies trade?
I am sure of your success if you have the ablility to understand and follow my successful steps, do you know why?! Because I have been tested it for along period.
1st step: choose suitable Strategy for you and practice on it for three months at least , many forex traders test new strategy periodical even if they have a good forex strategy which make profits , this is a big mistake and they will know that by the hard way. most of forex strategies are successful but to make profits with it will need to understand it carefully and try it for long time to test influence of the different forex market factors on your strategy.
2nd step: choose a trusted forex broker who is suitable for your needs like forex trading software, The accuracy and the quickness in the orders execution, how can deposit or withdraw your money and their support availability .
3rd step: calculate your forex capital , Many forex brokers offer low initial deposit to start forex trading at once , do you know why? Because you are going to loss it at once!! And they gain your money easily, so The capital calculation is an important step as many forex trade operations are lost before divert to the profit as Return to two causes:
* A wrong entering point selection
* news against your technical analysis
4th step: Keep away of your emotions , Only you can trust in your forex strategy and what say to you, by this method your money become save and profitable
Now here is perhaps the most important point of this entire article. Get training! Think about it, many people go to school (College, University or take specialty courses) to learn how to be proficient for their jobs. You'd In the beginning The people looks for the currencies trade as a fast and easy source for the bawdy wealth but Fast that look changes as a normal result after the loss, And the question remains without answer . . .how the profit was managed of the currencies trade? But I have found the answer after loss a lot of money for long time and I will share the answer with you.
How the profit was managed of the currencies trade?
I am sure of your success if you have the ability to understand and follow my successful steps, do you know why?! Because I have been tested it for along period.
1st step: choose suitable Strategy for you and practice on it for three months at least , many forex traders test new strategy periodical even if they have a good forex strategy which make profits , this is a big mistake and they will know that by the hard way. most of forex strategies are successful but to make profits with it will need to understand it carefully and try it for long time to test influence of The different forex market factors on your strategy.
2nd step: choose a trusted forex broker who is suitable for your needs like forex trading software , The accuracy and the quickness in the orders execution, how can deposit or withdraw your money and their support availability.
3rd step: calculate your forex capital, Many forex brokers offer low initial deposit to start forex trading at once, do you know why? Because you are going to loss it at once!! And they gain your money easily, so The capital calculation is an important step as many forex trade operations are lost before divert to the profit as Return to two causes:
* A wrong entering point selection
* news against your technical analysis
4th step: Keep away of your emotions, Only you can trust in your forex strategy and what say to you, by this method your money become save and profitable
Now here is perhaps the most important point of this entire article. Get training! Think about it, many people go to school (College, University or take specialty courses) to learn how to be proficient for their jobs. You'd agree that doctors, lawyers, and other professionals make good money, but they wouldn't if they weren't trained for their careers. Sure they paid dearly for their schooling, but the investment of their training became returned upon graduating. Many are now wealthy.
Remember the saying, "Give a man a fish and you feed him for a day, but teach him how to fish and you feed him for life." Go learn to "fish" and you'll be well fed for life!
I trust that you've enjoyed reading this article, and have benefited by it. I wish for you thousands and thousands of forex pips! May you be blessed with success in all your forex trades. agree that doctors, lawyers, and other professionals make good money, but they wouldn't if they weren't trained for their careers. Sure they paid dearly for their schooling, but the investment of their training became returned upon graduating. Many are now wealthy.
Remember the saying, "Give a man a fish and you feed him for a day, but teach him how to fish and you feed him for life." Go learn to "fish" and you'll be well fed for life!
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Tuesday, August 20, 2013
Using Intermarket Analysis in Your Currency Trading
I am going to assume that if you are reading this article then you already have a foundational knowledge of the foreign exchange (forex) market, so I am going to breeze through the basics and go right to the main topic of intermarket analysis.
If you are a financial market junkie like me, the topic of intermarket analysis is a fascinating one because it can applied to making money with forex trading (the main topic of this article) as easily as it can be applied to commodities. As you can probably guess, the term "intermarket" in this context simply means looking beyond normal economic data in order to come to a conclusion about where the price of a certain currency pair is headed. The opposite of intermarket analysis is plain fundamental analysis, usually focusing on major economic data such as employment, labor, and interest rates.
A few of the most significant intermarket relationships have to do with gold, oil, and the 10-year bond yield in the United States. The reason that the 10-year yield is important is because this value can be correlated to the value of a dollar index, or a basket of goods that can reveal the overall strength of the US dollar.
When it comes to gold and oil (which are arguably two of the most important commodities in the world today), the prices of those commodities will most affect the currencies of the countries that produce these commodities. There are two main relationships when it comes to gold and oil: Canada is a large producer of oil, an so the Canadian dollar (CAD) will be affected by changes in oil prices; and Australia produces a lot of gold, and there are many companies in Australia that manufacture gold products such as rare coins, so the Australian dollar (AUD) will be affected by changes in gold prices.
These are some of the most profound instances of intermarket relationships in the global economy, but keep in mind that these relationships are *not* exclusive to the currencies I just mentioned. That is to say, changes in gold prices are not going to only affect the price of the Australian dollar and leave the value of every other currency unchanged; changes in the value of these important commodities like gold and oil will affect every currency, it just so happens that a larger part of the Australian economy has business interests in gold, so if gold gets more expensive then it becomes harder to do business.
Though oil and gold each have a "flagship" currency which they affect the most, fluctuations in the price of each of these commodities will also affect every currency in a somewhat predictable manner. When it comes to gold, a basic rule of thumb is that the currency value of all nations will decrease when gold gets more expensive, since this can indicate that more people are buying precious metals because they may not have as much faith in the main governing bodies in the world.
The way that oil affects currency prices is very interesting, since at this point in history (but hopefully not for much longer) nearly every major economy is dependent on oil for transportation and heating. The way that changes in oil prices affect a country's currency depend on whether or not that country is an importer or an exporter of oil. As an example, Canada has traditionally been an exporter of oil, whereas the United States has been an importer. So when oil becomes more expensive, this can be damaging to the United States economy and beneficial to an oil-exporter like Canada.
As a forex or currency trader, it is important to understand these relationships so that you do not derive your trading signals from only one source. It is also good to know how major commodities affect currency prices because you can also use this knowledge to make money in the global stock market, by investing in companies such as a Canadian oil producer or an Australian company the specializes in gold coins.
If you are a financial market junkie like me, the topic of intermarket analysis is a fascinating one because it can applied to making money with forex trading (the main topic of this article) as easily as it can be applied to commodities. As you can probably guess, the term "intermarket" in this context simply means looking beyond normal economic data in order to come to a conclusion about where the price of a certain currency pair is headed. The opposite of intermarket analysis is plain fundamental analysis, usually focusing on major economic data such as employment, labor, and interest rates.
A few of the most significant intermarket relationships have to do with gold, oil, and the 10-year bond yield in the United States. The reason that the 10-year yield is important is because this value can be correlated to the value of a dollar index, or a basket of goods that can reveal the overall strength of the US dollar.
When it comes to gold and oil (which are arguably two of the most important commodities in the world today), the prices of those commodities will most affect the currencies of the countries that produce these commodities. There are two main relationships when it comes to gold and oil: Canada is a large producer of oil, an so the Canadian dollar (CAD) will be affected by changes in oil prices; and Australia produces a lot of gold, and there are many companies in Australia that manufacture gold products such as rare coins, so the Australian dollar (AUD) will be affected by changes in gold prices.
These are some of the most profound instances of intermarket relationships in the global economy, but keep in mind that these relationships are *not* exclusive to the currencies I just mentioned. That is to say, changes in gold prices are not going to only affect the price of the Australian dollar and leave the value of every other currency unchanged; changes in the value of these important commodities like gold and oil will affect every currency, it just so happens that a larger part of the Australian economy has business interests in gold, so if gold gets more expensive then it becomes harder to do business.
Though oil and gold each have a "flagship" currency which they affect the most, fluctuations in the price of each of these commodities will also affect every currency in a somewhat predictable manner. When it comes to gold, a basic rule of thumb is that the currency value of all nations will decrease when gold gets more expensive, since this can indicate that more people are buying precious metals because they may not have as much faith in the main governing bodies in the world.
The way that oil affects currency prices is very interesting, since at this point in history (but hopefully not for much longer) nearly every major economy is dependent on oil for transportation and heating. The way that changes in oil prices affect a country's currency depend on whether or not that country is an importer or an exporter of oil. As an example, Canada has traditionally been an exporter of oil, whereas the United States has been an importer. So when oil becomes more expensive, this can be damaging to the United States economy and beneficial to an oil-exporter like Canada.
As a forex or currency trader, it is important to understand these relationships so that you do not derive your trading signals from only one source. It is also good to know how major commodities affect currency prices because you can also use this knowledge to make money in the global stock market, by investing in companies such as a Canadian oil producer or an Australian company the specializes in gold coins.
Forex - Some Pros and Cons As a Way to Create Wealth
Forex, as a way to create wealth is my least favorite method of all. Having said that, I shall try and do my best to give the method an unbiased appraisal.
The reasons Forex is not popular, with me, are largely built out of my own insecurities, as a wealth creation method builder. Do not take that as a slant on forex at all. But I will begin this paper with what sets my alarm bells ringing first off.
The fact that there is no one body, or organization, responsible for clearing all forex trades, trading practices, trading houses or otherwise scares me a little, no, actually a lot. This aspect alone, for me, lends ultra high risk to Forex as an investment. Essentially it means that if you go down the proverbial gurgle, for whatever reason, there is no come back. No one can be held accountable by a governing body because there isn't one. Not globally, not inter state nor inter country.
The very nature of Forex, being an over the counter transaction as it were, (I simply walk into a bank and buy or sell) this means also that the exchange rate, whatever it may be at one shop (read Bank) may be different from another shop (read Bank). In practice this means that the prices are very close together, but remember that successful forex profitization ( new word) is about trading in VOLUME. 0.1 of a cent fluctuation may not sound like much but attach that to $100,000 and you soon start to realize (or lose) a hundred dollars.
So the importance of price DOES matter, and rather considerably. The fact that one bank (read money shop) can charge more (or less) than its nearest competitor does not instill confidence in me as an investor. On the brighter side of things Forex does have its advantages. It is ultimately the fastest moving liquid investment in the world. You can realize a return in the amount of time it takes you to execute a sell order. There is no waiting., there is no fuss.
These days it is all done at the click of a mouse (usually about 4 clicks). Having said that, though, this is exactly what makes Forex so volatile. The speed with which the market trades is breathtaking. Whole fortunes can, and often are, made (and lost) in a matter of moments.
Another good thing about Forex, although one you must condition to, is the fact that there is no trading on weekends. This means that, Monday to Friday (U.K time) the world of the money brokers spins around and around. As soon as the markets close, just like the stock markets, that is it. Nothing more happens until a full 64 hours passes. As soon as trading begins there is a huge flurry of activity for half a day, taking into account all the national and international events, and then things settle down for another 4 and a half days.
Another thing I like about Forex is the fact that there is very little, or no, actual insider trading knowledge.
There can't be, due to the market conditions and the lack of a singular organizing body. Forex, in this respect, represents a truly global secret profit and loss equation which no one person can ever control, fathom or exploit. This, I find, unique to forex like no other market.
You cannot say the same about stocks, property deals, any type of business venture or anything else. If you look hard enough, for long enough, you can always find something useful about what is going to happen next in every market, except forex.
So there you have just a few of my thoughts on the forex market. For me, I like things that always pan out so forex trading just isn't my cup of tea. I am far better to find a free business system I can implement for very little, which has the prospect of huge returns, and is easy.
The reasons Forex is not popular, with me, are largely built out of my own insecurities, as a wealth creation method builder. Do not take that as a slant on forex at all. But I will begin this paper with what sets my alarm bells ringing first off.
The fact that there is no one body, or organization, responsible for clearing all forex trades, trading practices, trading houses or otherwise scares me a little, no, actually a lot. This aspect alone, for me, lends ultra high risk to Forex as an investment. Essentially it means that if you go down the proverbial gurgle, for whatever reason, there is no come back. No one can be held accountable by a governing body because there isn't one. Not globally, not inter state nor inter country.
The very nature of Forex, being an over the counter transaction as it were, (I simply walk into a bank and buy or sell) this means also that the exchange rate, whatever it may be at one shop (read Bank) may be different from another shop (read Bank). In practice this means that the prices are very close together, but remember that successful forex profitization ( new word) is about trading in VOLUME. 0.1 of a cent fluctuation may not sound like much but attach that to $100,000 and you soon start to realize (or lose) a hundred dollars.
So the importance of price DOES matter, and rather considerably. The fact that one bank (read money shop) can charge more (or less) than its nearest competitor does not instill confidence in me as an investor. On the brighter side of things Forex does have its advantages. It is ultimately the fastest moving liquid investment in the world. You can realize a return in the amount of time it takes you to execute a sell order. There is no waiting., there is no fuss.
These days it is all done at the click of a mouse (usually about 4 clicks). Having said that, though, this is exactly what makes Forex so volatile. The speed with which the market trades is breathtaking. Whole fortunes can, and often are, made (and lost) in a matter of moments.
Another good thing about Forex, although one you must condition to, is the fact that there is no trading on weekends. This means that, Monday to Friday (U.K time) the world of the money brokers spins around and around. As soon as the markets close, just like the stock markets, that is it. Nothing more happens until a full 64 hours passes. As soon as trading begins there is a huge flurry of activity for half a day, taking into account all the national and international events, and then things settle down for another 4 and a half days.
Another thing I like about Forex is the fact that there is very little, or no, actual insider trading knowledge.
There can't be, due to the market conditions and the lack of a singular organizing body. Forex, in this respect, represents a truly global secret profit and loss equation which no one person can ever control, fathom or exploit. This, I find, unique to forex like no other market.
You cannot say the same about stocks, property deals, any type of business venture or anything else. If you look hard enough, for long enough, you can always find something useful about what is going to happen next in every market, except forex.
So there you have just a few of my thoughts on the forex market. For me, I like things that always pan out so forex trading just isn't my cup of tea. I am far better to find a free business system I can implement for very little, which has the prospect of huge returns, and is easy.
High Flying Stock: L International Computers, Inc. The Next DELL?
L International Computers, Inc. is a publicly traded company on the pink sheets under stock symbol LITL. According to a recent press release, the company designs, manufactures, markets and distributes high-performance, opulent PC/Windows© laptop, desktop, workstation and server computers.
Further, the company states it also produces the largest and most spectacular personal & professional visual displays as well as ultra-high performance software, peripherals, and personal electronics technologies.
They claim to be the "absolute and no-contest highest performance/upper-class hardware solutions
provider, at any given price point". Could they could be the next Dell?
On August 10th, 2006 the stock of L International Computers, Inc. closed at $0.29 with no volume. On August 31st, 2006 the stock traded as high as $1.85 and closed at $1.40 on more than 10 million shares.
Why all the investor excitement?
a) A press release issued on September 1, 2006 announces its next-generation PuRam-Go™/PuRaid™ Ultra-Portable High-Speed Solid State Drive Technology.
b) A press release issued on August 30, 2006 announces the Metropolis as the World's First 19 Laptop Computer Featuring Nvidia's Quad-SLI Technology; High-End Graphics, Gaming and Professional Visual Computing to Be Freed from the Desktop Box.
c) A press release issued on August 23, 2006 announced that L International Signs $45m European Distribution Agreement; Breakthrough Deal Solidifies Corporate Global Marketing and Sales Strategies.
Great press releases, but is there any substance? Perhaps investors should be focused on the following items:
a) According to various trade journals and articles, the company originally launched its technologies in 2003. We have been unable to find any financial statements indicating their sales, profits or losses since that time. The company states it will release financial statements sometime during the next few months. As a pink sheet company, they are under no obligation to provide investors with updated or accurate information.
b) In an article published on October 14, 2004, the company was quoted as saying: "We are no longer in a position, from a financial standpoint, to continue doing business and are regrettably forced to suspend our operations and liquidate our assets in support of our financial responsibilities."
c) In a call made to the company earlier today, the company acknowledged that it had shut marketing down about eight months ago due to technology upgrades and plans to re-open in about three to four months.
d) Who is Microscan International? They allegedly placed a $45 million order to buy product from L International. However, a quick google.com search yields absolutely nothing about them, not even a website.
e) While the company states that it manufactures its own technologies with employees working from its corporate headquarters, it seems that the address of record is in fact a mail box at The UPS Store in Santa Barbara, California.
f) The stock of L International Computers, Inc is traded on the Pink Sheets and has been actively promoted via stock spam. Interestingly, a message posted by Pink Sheets LLC on PinkSheets.com indicates that they have removed stock quotes from their website until the company makes current information available to the investing community. Furthermore, they suggest that investors use care and due diligence in their investment decisions as companies that engage in promotional activities without supplying adequate current information are often the subject of fraudulent activity.
The company reports there are approximately 100 million shares outstanding. Is this company worth $150 million? Investors beware.
Further, the company states it also produces the largest and most spectacular personal & professional visual displays as well as ultra-high performance software, peripherals, and personal electronics technologies.
They claim to be the "absolute and no-contest highest performance/upper-class hardware solutions
provider, at any given price point". Could they could be the next Dell?
On August 10th, 2006 the stock of L International Computers, Inc. closed at $0.29 with no volume. On August 31st, 2006 the stock traded as high as $1.85 and closed at $1.40 on more than 10 million shares.
Why all the investor excitement?
a) A press release issued on September 1, 2006 announces its next-generation PuRam-Go™/PuRaid™ Ultra-Portable High-Speed Solid State Drive Technology.
b) A press release issued on August 30, 2006 announces the Metropolis as the World's First 19 Laptop Computer Featuring Nvidia's Quad-SLI Technology; High-End Graphics, Gaming and Professional Visual Computing to Be Freed from the Desktop Box.
c) A press release issued on August 23, 2006 announced that L International Signs $45m European Distribution Agreement; Breakthrough Deal Solidifies Corporate Global Marketing and Sales Strategies.
Great press releases, but is there any substance? Perhaps investors should be focused on the following items:
a) According to various trade journals and articles, the company originally launched its technologies in 2003. We have been unable to find any financial statements indicating their sales, profits or losses since that time. The company states it will release financial statements sometime during the next few months. As a pink sheet company, they are under no obligation to provide investors with updated or accurate information.
b) In an article published on October 14, 2004, the company was quoted as saying: "We are no longer in a position, from a financial standpoint, to continue doing business and are regrettably forced to suspend our operations and liquidate our assets in support of our financial responsibilities."
c) In a call made to the company earlier today, the company acknowledged that it had shut marketing down about eight months ago due to technology upgrades and plans to re-open in about three to four months.
d) Who is Microscan International? They allegedly placed a $45 million order to buy product from L International. However, a quick google.com search yields absolutely nothing about them, not even a website.
e) While the company states that it manufactures its own technologies with employees working from its corporate headquarters, it seems that the address of record is in fact a mail box at The UPS Store in Santa Barbara, California.
f) The stock of L International Computers, Inc is traded on the Pink Sheets and has been actively promoted via stock spam. Interestingly, a message posted by Pink Sheets LLC on PinkSheets.com indicates that they have removed stock quotes from their website until the company makes current information available to the investing community. Furthermore, they suggest that investors use care and due diligence in their investment decisions as companies that engage in promotional activities without supplying adequate current information are often the subject of fraudulent activity.
The company reports there are approximately 100 million shares outstanding. Is this company worth $150 million? Investors beware.
How The Matrix Will Boost Your Forex Profits?
Perhaps you remember one of the most impactful movies of our time, the Matrix? Morpheus believed totally in Neo to the point where he almost sacrificed his life to save him. Yet Neo did not believe in himself at the beginning, he was most uncertain about whether he was the One or not. So when he went to see the Oracle, she told him that being the One is like being in love, nobody tells you that you are in love, you just know it. The Oracle pointed to a sign hanging on the door: “Know Thyself”…
Still Neo didn’t believe in himself but when agent Smith captured Morpheus and a member of his crew suggested to pull the plug so the agents of the Matrix won’t get access to Zion, something in Neo changed and he began to believe…
A little further down the path of the One, Neo “accomplished miracles” because he learned how to believe in himself fully and completely. And remember Neo had a mentor who believed in him beyond any doubt and who taught him how to use his mind to defeat the Matrix and its dangerous agents. Neo’s mentor, Morpheus, showed him the path and helped him empower his mind, yet Neo walked the path to his own success after he started believing in himself and mastered his own mind.
Perhaps you were wondering, yes and what has this to do with trading the Forex market?
“Know Thyself”
Forex trading or any trading for that matter is a mind game in the first place. Some people spend a lot of time and efforts perfecting certain trading skills and knowledge like reading the charts and data, entry and exit skills but any normally intelligent person can learn these skills, they are the easiest part of the trading game. They are no doubt necessary tools to your Forex success but they don’t make the biggest difference between a really successful Forex trader and the one who is not successful. So what does make the difference?
Let’s ask the question: what is your goal in trading the Forex? It is to make money. Period!
Surely while you’re making the money and great profits you can have fun too and you should but what you need are specific mental attitudes and strengths, that is if you want to be a successful Forex trader. These mental states are an asset that will help you in many other situations and contexts of your life.
As my Forex mentor told me, the major three mental and emotional frames of mind that characterize the majority of successful FOREX traders are:
1. Discipline & Passion
2. Confidence & Courage
3. Patience & Smart Persistence
We’ll touch upon all three briefly to make it as clear as crystal to you so you succeed in the Forex market.
Like trading a Pair of Currencies these mental and emotional mindsets go hand in hand.
Discipline & Passion
Discipline, say the most successful Forex traders, is really important! It helps you be more effective in planning your trades and in sticking to the good plans you established before entering the trade. Always have an action plan for stop and limit levels for the trade before you enter it, your analysis should cover up the expected upside and downside.
Passion means commitment and love for what you do. It is your passion for something that keeps you going, improving, constantly learning (willing to buy excellent Forex courses from experienced and successful traders, remember Morpheus mentoring Neo) and persist beyond the ups and downs of the business. You need to know why you are trading the Forex because it is an awesome opportunity that you have to take, so develop a passion for it. Simply do what it takes to be successful, learn from the best.
A word of Caution: Never mistake your “Forex passion” for emotion that you might feel while trading the Forex, when trying to enter a trade without using clear and sound entry/exit indicators and rules.
Have fun, learn, and stay tuned for future developments and grow as a person in strength and character in “your Forex business” while remaining emotionally detached when you get in and out of a trade. If you do, you are bound to incredible success in the Forex trading business.
Confidence & Courage
Successful Forex traders believe in themselves and their abilities to learn and grow, to acquire more competence learning from a mentor.
There is no reality only perception, the Matrix can trick you but you can have your own special Matrix inside your mind that empowers you with an unwavering belief in yourself!
Have the confidence and courage to stick to your plan and stay with your rules even if others are doing the opposite. Keep your vision (end result) that you can make it in the Forex market in your mind until you are successful in it.
If you experience a situation where you know exactly how a currency pair will go and have a sound trading plan, go for it! Sometimes people fail to follow their own good plans because all sorts of emotions get in their way, emotions like greed and fear. Stay calm and act with confidence and courage otherwise your planning, analyzing and information gathering will be totally useless to you.
You become more competent when you educate yourself about the markets and learn from successful traders. Self develop: “Know Thyself”, get into the habit of monitoring your emotions and questioning your limiting beliefs so that your mind works for you and not against you. Don’t take things too personally, if you make a mistake then consider it to be valuable feedback so you become more successful, never a failure!
Patience & Smart Persistence
An Indian wisdom says: “Life is always right!” we say: “the market knows much better than you do!”
Learn to listen and read the signs the Forex market is giving you. Learn how to wait, observe and only enter a trade when it is the right time to do so, before you can reap the profits.
It can be hard to wait before your Forex trading screen and not jump into action but The successful FOREX trader will enter a trade according to the direction of the prevailing trend or will wait until a new trend shows up and establishes itself. The waiting ranges from a few hours to days or even weeks before a winning trend appears.
even if you day trade and are not a long-term or position trader, you still are well advised to keep impatience from ruining your profit chances.
Also be patient means you stick with winning trades. But be most impatient with losing trades.
Practice “Know Thyself” and continue learning your Forex trading from the best and we are sure you will be a successful Forex trader. You will be on the path of Neo, the One himself!
Still Neo didn’t believe in himself but when agent Smith captured Morpheus and a member of his crew suggested to pull the plug so the agents of the Matrix won’t get access to Zion, something in Neo changed and he began to believe…
A little further down the path of the One, Neo “accomplished miracles” because he learned how to believe in himself fully and completely. And remember Neo had a mentor who believed in him beyond any doubt and who taught him how to use his mind to defeat the Matrix and its dangerous agents. Neo’s mentor, Morpheus, showed him the path and helped him empower his mind, yet Neo walked the path to his own success after he started believing in himself and mastered his own mind.
Perhaps you were wondering, yes and what has this to do with trading the Forex market?
“Know Thyself”
Forex trading or any trading for that matter is a mind game in the first place. Some people spend a lot of time and efforts perfecting certain trading skills and knowledge like reading the charts and data, entry and exit skills but any normally intelligent person can learn these skills, they are the easiest part of the trading game. They are no doubt necessary tools to your Forex success but they don’t make the biggest difference between a really successful Forex trader and the one who is not successful. So what does make the difference?
Let’s ask the question: what is your goal in trading the Forex? It is to make money. Period!
Surely while you’re making the money and great profits you can have fun too and you should but what you need are specific mental attitudes and strengths, that is if you want to be a successful Forex trader. These mental states are an asset that will help you in many other situations and contexts of your life.
As my Forex mentor told me, the major three mental and emotional frames of mind that characterize the majority of successful FOREX traders are:
1. Discipline & Passion
2. Confidence & Courage
3. Patience & Smart Persistence
We’ll touch upon all three briefly to make it as clear as crystal to you so you succeed in the Forex market.
Like trading a Pair of Currencies these mental and emotional mindsets go hand in hand.
Discipline & Passion
Discipline, say the most successful Forex traders, is really important! It helps you be more effective in planning your trades and in sticking to the good plans you established before entering the trade. Always have an action plan for stop and limit levels for the trade before you enter it, your analysis should cover up the expected upside and downside.
Passion means commitment and love for what you do. It is your passion for something that keeps you going, improving, constantly learning (willing to buy excellent Forex courses from experienced and successful traders, remember Morpheus mentoring Neo) and persist beyond the ups and downs of the business. You need to know why you are trading the Forex because it is an awesome opportunity that you have to take, so develop a passion for it. Simply do what it takes to be successful, learn from the best.
A word of Caution: Never mistake your “Forex passion” for emotion that you might feel while trading the Forex, when trying to enter a trade without using clear and sound entry/exit indicators and rules.
Have fun, learn, and stay tuned for future developments and grow as a person in strength and character in “your Forex business” while remaining emotionally detached when you get in and out of a trade. If you do, you are bound to incredible success in the Forex trading business.
Confidence & Courage
Successful Forex traders believe in themselves and their abilities to learn and grow, to acquire more competence learning from a mentor.
There is no reality only perception, the Matrix can trick you but you can have your own special Matrix inside your mind that empowers you with an unwavering belief in yourself!
Have the confidence and courage to stick to your plan and stay with your rules even if others are doing the opposite. Keep your vision (end result) that you can make it in the Forex market in your mind until you are successful in it.
If you experience a situation where you know exactly how a currency pair will go and have a sound trading plan, go for it! Sometimes people fail to follow their own good plans because all sorts of emotions get in their way, emotions like greed and fear. Stay calm and act with confidence and courage otherwise your planning, analyzing and information gathering will be totally useless to you.
You become more competent when you educate yourself about the markets and learn from successful traders. Self develop: “Know Thyself”, get into the habit of monitoring your emotions and questioning your limiting beliefs so that your mind works for you and not against you. Don’t take things too personally, if you make a mistake then consider it to be valuable feedback so you become more successful, never a failure!
Patience & Smart Persistence
An Indian wisdom says: “Life is always right!” we say: “the market knows much better than you do!”
Learn to listen and read the signs the Forex market is giving you. Learn how to wait, observe and only enter a trade when it is the right time to do so, before you can reap the profits.
It can be hard to wait before your Forex trading screen and not jump into action but The successful FOREX trader will enter a trade according to the direction of the prevailing trend or will wait until a new trend shows up and establishes itself. The waiting ranges from a few hours to days or even weeks before a winning trend appears.
even if you day trade and are not a long-term or position trader, you still are well advised to keep impatience from ruining your profit chances.
Also be patient means you stick with winning trades. But be most impatient with losing trades.
Practice “Know Thyself” and continue learning your Forex trading from the best and we are sure you will be a successful Forex trader. You will be on the path of Neo, the One himself!
Success On Forex Trading
To become involved in the wonderful and sometimes addictive world of Forex, you will need to have a strategy in place to succeed.
There are many forex trading strategies that will help you to push forward in the game, it is just a matter of going out there and finding one that works for you.
To begin with, look for websites that are uniquely designed to assist you with the practice of Forex trading online, it is wise to read our books and to consult with Forex experts about various forex trading strategies that might help you understand the Forex trading system a bit better. subscribe to as many forex newsletters, as well it's easy to find online forums that will help and you can take part in seminars where highly experienced Forex Mentors will explain the whole system and various strategies in detail. You'll need to practice some of the forex trading strategies with a demo account.
Follow and understand the daily Forex News and Analysis of the professional currency analysts. develop your catch-eye view of the currency markets and the news that affects the prices. what the key technical 'support' and 'resistance' levels are in the currency pair that you want to trade.
Support is a predicted level to buy (where currency pair should move up on the charts), resistance of a currency is a predicted level to sell (where the currency pair should move down on the charts). write down on a piece of paper what direction the analysts are saying about the major currency pair you are following and the key support and resistance levels for the day.
Probably one of the most important factors in forex trading strategies is to understand the forex charts in order to gain information about certain trends. Once you understand the way trends are moving and changing, and you are able to recognize and predict the patterns within these charts, you are well on your way to begin trading live account with success on the Forex.
Some Forex strategies are very technical and require practice (demo account) and understanding initially. Do not think that the forex is a way to get rich quickly. Initially, quick riches may not be possible as the exchange rate fluctuations will be slight, and it will take time for you to get the hang of it and make profits. You cannot win all of the time. By using some of ForexGuest trading strategies you will win more often than not.
Learn how to use the technical indicators and always trade with stop losses! even in the demo accounts - get the habit to use the "stop losses" ,set your stop losses accordingly depending on your risk capital, and your strategy or the one you want to test.
When you are trading Forex, be disciplined and to stick to a plan. we Don't trade the forex by our "feelings".
learn how to use the technical indicators on the charts, Choose an online forex firm, Pay attention to those who are offering the traders Low Spreads which will save your money.
Most firms offer 4-5 pip spreads in the Major Currency pairs. In Forex Trading the 'spread' is the difference between the buy and sell price of any given currency pair. remember that You need a firm that gives you access to the best charting and technical analysis available to active traders, and even allows traders to trade directly on the charts!
One of the forex trading strategies that you can start with is to learn which markets or trends to target. After learning a little bit more about the forex, you should be able to choose a market or trend that is more likely to be profitable. Be careful not to put all of your cash into one trend though, Rather put smaller, more logical amounts of money into different trends so that you have a better chance of at least some of your investments profiting.
If you have any doubts at all about the forex trading strategies and trading on a specific trend then listen to your instincts. You should feel 100 percent comfortable with everything that you are trading on and not have any hesitations at all. If you don't feel comfortable, then make sure you learn as much as you can before you begin trading.
Information is the basic to all successful trades, and the more you know the higher your earning potential.
To Your Success
There are many forex trading strategies that will help you to push forward in the game, it is just a matter of going out there and finding one that works for you.
To begin with, look for websites that are uniquely designed to assist you with the practice of Forex trading online, it is wise to read our books and to consult with Forex experts about various forex trading strategies that might help you understand the Forex trading system a bit better. subscribe to as many forex newsletters, as well it's easy to find online forums that will help and you can take part in seminars where highly experienced Forex Mentors will explain the whole system and various strategies in detail. You'll need to practice some of the forex trading strategies with a demo account.
Follow and understand the daily Forex News and Analysis of the professional currency analysts. develop your catch-eye view of the currency markets and the news that affects the prices. what the key technical 'support' and 'resistance' levels are in the currency pair that you want to trade.
Support is a predicted level to buy (where currency pair should move up on the charts), resistance of a currency is a predicted level to sell (where the currency pair should move down on the charts). write down on a piece of paper what direction the analysts are saying about the major currency pair you are following and the key support and resistance levels for the day.
Probably one of the most important factors in forex trading strategies is to understand the forex charts in order to gain information about certain trends. Once you understand the way trends are moving and changing, and you are able to recognize and predict the patterns within these charts, you are well on your way to begin trading live account with success on the Forex.
Some Forex strategies are very technical and require practice (demo account) and understanding initially. Do not think that the forex is a way to get rich quickly. Initially, quick riches may not be possible as the exchange rate fluctuations will be slight, and it will take time for you to get the hang of it and make profits. You cannot win all of the time. By using some of ForexGuest trading strategies you will win more often than not.
Learn how to use the technical indicators and always trade with stop losses! even in the demo accounts - get the habit to use the "stop losses" ,set your stop losses accordingly depending on your risk capital, and your strategy or the one you want to test.
When you are trading Forex, be disciplined and to stick to a plan. we Don't trade the forex by our "feelings".
learn how to use the technical indicators on the charts, Choose an online forex firm, Pay attention to those who are offering the traders Low Spreads which will save your money.
Most firms offer 4-5 pip spreads in the Major Currency pairs. In Forex Trading the 'spread' is the difference between the buy and sell price of any given currency pair. remember that You need a firm that gives you access to the best charting and technical analysis available to active traders, and even allows traders to trade directly on the charts!
One of the forex trading strategies that you can start with is to learn which markets or trends to target. After learning a little bit more about the forex, you should be able to choose a market or trend that is more likely to be profitable. Be careful not to put all of your cash into one trend though, Rather put smaller, more logical amounts of money into different trends so that you have a better chance of at least some of your investments profiting.
If you have any doubts at all about the forex trading strategies and trading on a specific trend then listen to your instincts. You should feel 100 percent comfortable with everything that you are trading on and not have any hesitations at all. If you don't feel comfortable, then make sure you learn as much as you can before you begin trading.
Information is the basic to all successful trades, and the more you know the higher your earning potential.
To Your Success
Scalping the Forex Market - Does it Work?
If you are not familiar with the term Forex scalping it is a strategy used in trading where the profits come from very small changes in the prices. They are normally very short-term strategies that may even be as quick as a blink of the eye.
Many of the Forex traders that use the scalping strategy have targets that are pre-determined as well as placing stops before the actual trade in the market. Keep in mind this type of strategy is very demanding and challenging. You need to be able to constantly monitor prices, have a great deal of concentration and be able to make quick decisions.
In order to use it correctly scalping requires a vast knowledge of trading along with technical analysis skills. The basic way of adding a drastic amount to your account in the least amount of time is by using high leverage. But using only reasonable leverage in the beginning and increasing it as your skills improve is always a good idea. An inflexible stop loss is good to use so you do not blow your entire account within one or two trades.
When you are doing your calculating always do them on the worst possible outcome to evaluate the odds of your account lasting for longer than the first few trades. Most novice scalping traders attempt to increase their profits by using all of the capital at once, however, this also means taking an increased risk.
Scalping can be intimidating for new, inexperienced traders and is best suited for the traders that have solid Forex trading experience and skill.
Many of the Forex traders that use the scalping strategy have targets that are pre-determined as well as placing stops before the actual trade in the market. Keep in mind this type of strategy is very demanding and challenging. You need to be able to constantly monitor prices, have a great deal of concentration and be able to make quick decisions.
In order to use it correctly scalping requires a vast knowledge of trading along with technical analysis skills. The basic way of adding a drastic amount to your account in the least amount of time is by using high leverage. But using only reasonable leverage in the beginning and increasing it as your skills improve is always a good idea. An inflexible stop loss is good to use so you do not blow your entire account within one or two trades.
When you are doing your calculating always do them on the worst possible outcome to evaluate the odds of your account lasting for longer than the first few trades. Most novice scalping traders attempt to increase their profits by using all of the capital at once, however, this also means taking an increased risk.
Scalping can be intimidating for new, inexperienced traders and is best suited for the traders that have solid Forex trading experience and skill.
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