By Tyler Ziggler
I'm going to share with you foreign exchange trading strategies and tips to help you turn your forex trading into overdrive. This is a great market to really develop a second income that will give you some nice spending money.
The first tip I want to give you is to constantly follow what the Federal Reserve is up to. This is the central bank in the United States and it controls the supply of money. Since they end up controlling supply, this means they can effect supply vs demand, which dictates the price of a currency in the market.
Basically the Federal Reserve is faced with the task of adding money into the economy as the economy grows. If money wasn't added as the economy grows, there would be less money for everyone. They try to add in enough to keep things relatively the same. The problem is that this is a difficult task to determine the supply of money, so we end up with this boom bust cycle. The Federal reserve usually changes interest rates to change the supply, so pay particular attention to these announcements.
You should also pay considerable attention to the economic news out there. Since currency is nothing more than a piece of paper and it's wealth is determined by the value people place in it, the economic news is the foundation that makes up this value. If something isn't going well, the currency will go down. If the GDP is under performing, the currency goes down. If unemployment is higher than expected, the currency goes down.
Lastly, I'd like to share with you the strategy of risk and reward. This is something professional poker players do well. You have to look at what you're going to invest, what you'll be rewarded for your investment and what are the chances of actually achieving that reward. It might seem odd, but in some cases, a 10% chance of something happen, can be enough reason to invest. Definitely take the time to study risk and reward. It will make you a better trader.
I'm currently giving a 7 day free forex training course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
Article Source: http://EzineArticles.com/?expert=Tyler_Ziggler http://EzineArticles.com/?Foreign-Exchange-Trading-Strategies-And-Tips&id=1197006
Monday, October 5, 2009
Friday, September 18, 2009
Forex Tips: Tips on Trading
Author: Coast Dwane
What is the secret to success in Forex Trading? What do successful forex traders do that other unsuccessful traders don't?
If you would like to avoid the common mistakes made by inexperienced traders when starting with Forex Trading, then follow the tips provided in this article and I guarantee you that you would not have to fall back ever again.
1. Be confident: (DO) Confidence is something that would enable you to take risks and trade better. You may lose confidence in case you lose money in early stages of your trading career, but to avoid this situation it is necessary you get ample knowledge of FX before you start trading.
2. Look at pairs rather than individual currencies: (DO) Most of the people I have seen try to think of Forex Trading in terms of single currency. They must understand that currency trading occurs in pairs and you should look at the future prospects of a currency before exchanging your currency for that currency in a pair.
3. Unplanned approach: (AVOID) Strategy is something that can make you win a losing battle. Without a sound strategy you would only lose money and gain no profit whatsoever. So try to maintain a good but flexible strategy while approaching FX.
4. Small margins: (DO) Although margin trading may seem lucrative, practice where you can invest more money in the market then you have in your account. But this practice is risky, you should only increase your leverage as you become a more efficient trader.
5. Off peak hours trading: (AVOID) Avoid this at all costs. This is because of the fact that at off peak hours large hedge fund and institutions dominate and they can push the market to any side they want. This may in effect cause a loss for you.
6. Exit Trades gracefully: (DO) In case your are losing money on a trade, exit the trade as quickly as possible. Do not wait for the tide to turn in your favour, waiting for the market to become better may cost you more money than you were initially losing.
7. Excessive Analysis: (AVOID) Always try to avoid excessive market study and market analysis. Keep your trading simple and make profits with the flow of the market.
8. Gain Knowledge: (DO) We all know that knowledge is power. So before you start with Forex trading, get to know what it really is, what are the terminologies related to it and how can you trade in Forex. Once you are clear about all these terms, then only consider starting with Forex Trading.
9. Trading with Emotions: (AVOID) This should be avoided at all costs. Do not get disheartened if you lose money on a trade, because if you are sad and disheartened you are more likely to make bad decisions and lose money again.
10. Stay with the market flow: (DO) Always try to trade in the direction the market is going, never try to trade against the market direction. You're profits would improve if you trade with the market rather than against it.
11. Keeping up to date with current news: (DO) Try to trade at times when news is being released to the public. Why? Because when news comes to the market, there is volatility in the market due to that news which leads to the big players changing their strategies causing a fluctuation in currency prices. So this is the best time to trade and gather the profits.
12. Trade current: (DO) Short term trading is much better than long term or futures trading. Most of the successful traders make a majority of their profits in daily trades. Try to focus on intraday trades rather than what is going to happen next month.
13. Unreliable Broker: (AVOID) A large number of brokers are out there just to grab your money and work for their own profit rather than yours. So in order to choose a good broker never rely just on the introductions and promises on the broker's own website. Always consult blogs, forums, etc. before making a choice.
14. Interpreting News: (DO) Never rely on interpretations of the news by the media, always try to get the correct facts before applying your knowledge of the current news to your trades.
15. Demos: (AVOID) Do not put your trust into a demo trading account. Demo trading accounts are like a bad habit. They make you dependent upon large sums of money and leverages to gain profits, which is quite risky in a real account. So try to avoid using demo accounts for too long.
16. Focus: (DO) Try to focus one currency pair at a time. Trading on two or more currency pairs at the same time can cause distractions and may cost you a lot of money in trades. 17. Trading to pass time: (AVOID) Avoid making Forex Trading a way to pass your free time or a time to relax. This is because of the fact that efficient trading requires complete presence of mind and application of intelligence. Thus avoid making it a hobby and treat it like a business.
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-tips-tips-on-trading-1245930.html
About the Author:
The author runs a website that provides expert opinion regarding Forex Trading with specialization in the use of Forex Traders. He also writes freelance articles for several Forex Trading sites. The author offers the financial services industry his perspectives and expertise on a variety of trading systems and financial instruments, including forex, CFDs, futures, options and stocks. For more information visit www.profitingfromforex.blogspot.com/
What is the secret to success in Forex Trading? What do successful forex traders do that other unsuccessful traders don't?
If you would like to avoid the common mistakes made by inexperienced traders when starting with Forex Trading, then follow the tips provided in this article and I guarantee you that you would not have to fall back ever again.
1. Be confident: (DO) Confidence is something that would enable you to take risks and trade better. You may lose confidence in case you lose money in early stages of your trading career, but to avoid this situation it is necessary you get ample knowledge of FX before you start trading.
2. Look at pairs rather than individual currencies: (DO) Most of the people I have seen try to think of Forex Trading in terms of single currency. They must understand that currency trading occurs in pairs and you should look at the future prospects of a currency before exchanging your currency for that currency in a pair.
3. Unplanned approach: (AVOID) Strategy is something that can make you win a losing battle. Without a sound strategy you would only lose money and gain no profit whatsoever. So try to maintain a good but flexible strategy while approaching FX.
4. Small margins: (DO) Although margin trading may seem lucrative, practice where you can invest more money in the market then you have in your account. But this practice is risky, you should only increase your leverage as you become a more efficient trader.
5. Off peak hours trading: (AVOID) Avoid this at all costs. This is because of the fact that at off peak hours large hedge fund and institutions dominate and they can push the market to any side they want. This may in effect cause a loss for you.
6. Exit Trades gracefully: (DO) In case your are losing money on a trade, exit the trade as quickly as possible. Do not wait for the tide to turn in your favour, waiting for the market to become better may cost you more money than you were initially losing.
7. Excessive Analysis: (AVOID) Always try to avoid excessive market study and market analysis. Keep your trading simple and make profits with the flow of the market.
8. Gain Knowledge: (DO) We all know that knowledge is power. So before you start with Forex trading, get to know what it really is, what are the terminologies related to it and how can you trade in Forex. Once you are clear about all these terms, then only consider starting with Forex Trading.
9. Trading with Emotions: (AVOID) This should be avoided at all costs. Do not get disheartened if you lose money on a trade, because if you are sad and disheartened you are more likely to make bad decisions and lose money again.
10. Stay with the market flow: (DO) Always try to trade in the direction the market is going, never try to trade against the market direction. You're profits would improve if you trade with the market rather than against it.
11. Keeping up to date with current news: (DO) Try to trade at times when news is being released to the public. Why? Because when news comes to the market, there is volatility in the market due to that news which leads to the big players changing their strategies causing a fluctuation in currency prices. So this is the best time to trade and gather the profits.
12. Trade current: (DO) Short term trading is much better than long term or futures trading. Most of the successful traders make a majority of their profits in daily trades. Try to focus on intraday trades rather than what is going to happen next month.
13. Unreliable Broker: (AVOID) A large number of brokers are out there just to grab your money and work for their own profit rather than yours. So in order to choose a good broker never rely just on the introductions and promises on the broker's own website. Always consult blogs, forums, etc. before making a choice.
14. Interpreting News: (DO) Never rely on interpretations of the news by the media, always try to get the correct facts before applying your knowledge of the current news to your trades.
15. Demos: (AVOID) Do not put your trust into a demo trading account. Demo trading accounts are like a bad habit. They make you dependent upon large sums of money and leverages to gain profits, which is quite risky in a real account. So try to avoid using demo accounts for too long.
16. Focus: (DO) Try to focus one currency pair at a time. Trading on two or more currency pairs at the same time can cause distractions and may cost you a lot of money in trades. 17. Trading to pass time: (AVOID) Avoid making Forex Trading a way to pass your free time or a time to relax. This is because of the fact that efficient trading requires complete presence of mind and application of intelligence. Thus avoid making it a hobby and treat it like a business.
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-tips-tips-on-trading-1245930.html
About the Author:
The author runs a website that provides expert opinion regarding Forex Trading with specialization in the use of Forex Traders. He also writes freelance articles for several Forex Trading sites. The author offers the financial services industry his perspectives and expertise on a variety of trading systems and financial instruments, including forex, CFDs, futures, options and stocks. For more information visit www.profitingfromforex.blogspot.com/
Saturday, August 29, 2009
Forex Tips - Three Things to Consider When Choosing a Forex Trading Platform
By Richard J. Thomas
So you have decided you want to try out the Forex markets, have you? You put some money aside and are ready to start making all those millions of dollars you keep hearing about. Well there are a few things to consider before you start trading. You need to find the right Forex trading platform.
The first point to consider is the accuracy of the Forex trading system you are interested in. Prices may change from one second to the next. When you get a quote from a trading system, and you decide to make a trade, the price may have already changed. If the system you are using is not getting prices in real time, the amounts you may make can be lessened. Choose a system that has the quickest access to servers that have the most accurate numbers.
Some people prefer to use web browsers to make their transactions. You can use the web browser from almost any place in the world as well. You should be able to execute your decisions quickly and with more confidence. A word of caution; the browser will only be as good as your Internet connection. If that is slow, your transactions can take too long to go through and you can lose.
The second point to consider is security. If the Forex system you choose has poor security, you account information could be compromised. SSL protection should be available on your account and the trading system should give you a variety of options on how to fund the account. Some options include credit cards, and PayPal.
The last point deals with the integrity of the system you are considering. It does you no good to be making a profit and then your broker hits you with fees you weren't expecting. It could be even worse if you lost money. Everything that you could be charged concerning your trading platform should be disclosed up front. Some will charge for withdrawing or deposing money into the account. If the service provider does not have secure connections or they do not have some sort of firewall, this is another thing to consider before choosing their platform.
Forex market trading is already strife with things that can go wrong. Consider these three points when choosing a platform and you can at least avoid some of the most common problems that plague traders today.
Guaranteed 95.82% Accuracy, TOP [http://www.megadroid-forex.org]Automatic Forex Trading Robot
Forex MegaDroid Indisputably Proves A Robot Can Trade With 95.82% Accuracy In EVERY SINGLE Market Condition And At Least Quadruple Every Single Dollar You Deposit.
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Article Source: http://EzineArticles.com/?expert=Richard_J._Thomas http://EzineArticles.com/?Forex-Tips---Three-Things-to-Consider-When-Choosing-a-Forex-Trading-Platform&id=2764342
So you have decided you want to try out the Forex markets, have you? You put some money aside and are ready to start making all those millions of dollars you keep hearing about. Well there are a few things to consider before you start trading. You need to find the right Forex trading platform.
The first point to consider is the accuracy of the Forex trading system you are interested in. Prices may change from one second to the next. When you get a quote from a trading system, and you decide to make a trade, the price may have already changed. If the system you are using is not getting prices in real time, the amounts you may make can be lessened. Choose a system that has the quickest access to servers that have the most accurate numbers.
Some people prefer to use web browsers to make their transactions. You can use the web browser from almost any place in the world as well. You should be able to execute your decisions quickly and with more confidence. A word of caution; the browser will only be as good as your Internet connection. If that is slow, your transactions can take too long to go through and you can lose.
The second point to consider is security. If the Forex system you choose has poor security, you account information could be compromised. SSL protection should be available on your account and the trading system should give you a variety of options on how to fund the account. Some options include credit cards, and PayPal.
The last point deals with the integrity of the system you are considering. It does you no good to be making a profit and then your broker hits you with fees you weren't expecting. It could be even worse if you lost money. Everything that you could be charged concerning your trading platform should be disclosed up front. Some will charge for withdrawing or deposing money into the account. If the service provider does not have secure connections or they do not have some sort of firewall, this is another thing to consider before choosing their platform.
Forex market trading is already strife with things that can go wrong. Consider these three points when choosing a platform and you can at least avoid some of the most common problems that plague traders today.
Guaranteed 95.82% Accuracy, TOP [http://www.megadroid-forex.org]Automatic Forex Trading Robot
Forex MegaDroid Indisputably Proves A Robot Can Trade With 95.82% Accuracy In EVERY SINGLE Market Condition And At Least Quadruple Every Single Dollar You Deposit.
Get 75% Discount and Special Bonuses On [http://www.megadroid-forex.org]Forex Megadroid Software ONLY from Here!
The TOP Performing Forex Trading Robot Available (As seen on CNN, CNBC, Forex Traders) See Video, Download Software HERE.
Article Source: http://EzineArticles.com/?expert=Richard_J._Thomas http://EzineArticles.com/?Forex-Tips---Three-Things-to-Consider-When-Choosing-a-Forex-Trading-Platform&id=2764342
Saturday, August 1, 2009
Some Important Forex Trading Tips For Beginners
by Vahid
Thousands of online traders and investors trade the Forex market every day, and earn their living through it. If you are also aspiring to build wealth and take it up seriously for long term gains, here is a report that has simple essential tips on Forex trading.
Always Trade Pairs, Not Currencies - Meaning, try and gather in-depth knowledge and insight about both the currencies before trading. Success or failure in forex trading will largely depend upon being right about both the currencies. Only when you know how one impacts the other will you be taking the right decisions and make profits.
Remember Knowledge is Power - If you are starting out and are serious about pursuing a career in Forex trading online, it is important that you understand the basics of the market. It means keeping abreast of and a close watch on news and happenings in various economies.
Steer Clear of Unambitious trading & Over-cautious Trading - Many new traders will place very tight orders and take very small profits. This is not a sustainable approach in the long run. Likewise a trader who places tight stop losses with a retail forex broker is also heading for a doom. What I would recommend is that you have to give your position a fair chance to demonstrate its ability to produce.
Independence - If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you either of these two things:
Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);
Seek advice from too many sources - multiple input will only result in multiple losses. Take a position, ride with it and then analyze the outcome - by yourself, for yourself.
Lack of a Proper Strategy - A well laid out strategy is your map for how you plan to trade forex and make money with it. The strategy you have developed details the approach covering facets like, which pair of currencies you are going to trade, how you plan to manage your risk and so on. Without a proper strategy, you may be one of the 90% of new traders who lose their money and casually blame forex for it.
Likewise avoid greed, trying to make too much money too fast, don't trade too short, and avoid trading during non-peak hours. Don't let over-confidence or emotional temperament get better off you. And I cannot emphasize the importance of knowledge enough. Always be well equipped with knowledge and fine tune your technical analysis skills.
Copyright 2009 - Vahid is a forex trader and forex market analyst. His
website is the most reliable reference for advanced, intermediate and beginner
forex traders: Currency Market Analysis.
Join Vahid's program now and start making money and learning forex at the
same time. Earn while you learn: Online Forex Trading.
Article Source: http://www.articlesnatch.com/Article/Some-Important-Forex-Trading-Tips-For-Beginners/689589
Thousands of online traders and investors trade the Forex market every day, and earn their living through it. If you are also aspiring to build wealth and take it up seriously for long term gains, here is a report that has simple essential tips on Forex trading.
Always Trade Pairs, Not Currencies - Meaning, try and gather in-depth knowledge and insight about both the currencies before trading. Success or failure in forex trading will largely depend upon being right about both the currencies. Only when you know how one impacts the other will you be taking the right decisions and make profits.
Remember Knowledge is Power - If you are starting out and are serious about pursuing a career in Forex trading online, it is important that you understand the basics of the market. It means keeping abreast of and a close watch on news and happenings in various economies.
Steer Clear of Unambitious trading & Over-cautious Trading - Many new traders will place very tight orders and take very small profits. This is not a sustainable approach in the long run. Likewise a trader who places tight stop losses with a retail forex broker is also heading for a doom. What I would recommend is that you have to give your position a fair chance to demonstrate its ability to produce.
Independence - If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you either of these two things:
Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);
Seek advice from too many sources - multiple input will only result in multiple losses. Take a position, ride with it and then analyze the outcome - by yourself, for yourself.
Lack of a Proper Strategy - A well laid out strategy is your map for how you plan to trade forex and make money with it. The strategy you have developed details the approach covering facets like, which pair of currencies you are going to trade, how you plan to manage your risk and so on. Without a proper strategy, you may be one of the 90% of new traders who lose their money and casually blame forex for it.
Likewise avoid greed, trying to make too much money too fast, don't trade too short, and avoid trading during non-peak hours. Don't let over-confidence or emotional temperament get better off you. And I cannot emphasize the importance of knowledge enough. Always be well equipped with knowledge and fine tune your technical analysis skills.
Copyright 2009 - Vahid is a forex trader and forex market analyst. His
website is the most reliable reference for advanced, intermediate and beginner
forex traders: Currency Market Analysis.
Join Vahid's program now and start making money and learning forex at the
same time. Earn while you learn: Online Forex Trading.
Article Source: http://www.articlesnatch.com/Article/Some-Important-Forex-Trading-Tips-For-Beginners/689589
Monday, March 30, 2009
10 Tips for Preparing for a Profitable Trading Day
By: Mo Christiensen
Description : Every great athlete, musician and professional where the stakes are high, knows that warm up and preparation can make a big difference to performance. Here are 10 tips -trading advice for preparing for your best trading day.
Mental Prep
1. Harness the power of intention
As you become more and more focused as a trader and as you learn to clear your emotions the power of your intention will become stronger and stronger. Begin the day by setting the intention that you will be successful, that you will be profitable, and that you will be safe. If possible visualize it, or feel that it will happen.
If any feelings or thoughts come up contrary to that intention (e.g. I lost yesterday perhaps I'll lose today) go straight to the next point and clear that thought/feeling.
2. Clear limiting thoughts and emotions
Did anything happen yesterday or on previous trading days that is bothering you? Anything happening in your personal life that may be affecting your state of mind? Any recurring thoughts or feelings that come up during the trading day?
Read my blog post about emotional clearing - learn Core Transformation and clear that crapola out. And for any of you hardcore guys out there that are thinking this might be a bit touchy feely, I suggest you look at this in purely financial terms. Learning these techniques will help you get the success you want. And nobody needs to know!
3. Brain power
Make sure that you have exercised and eaten properly so that your mind is clear and fresh. Have the right snacks at hand so that you can keep your blood sugar balanced, so that you mind stays fresh and optimally focused.
Timing
4. Know when you are going to trade
You may say "How do I know when I am going to trade ahead of time?". In response I'd say, "if your trading system doesn't tell you when you are going to be trading ahead of time, then you are missing out on a huge advantage". As you'll see from the various blog posts I've written on cycle trading, I am convinced that time is as important a factor in determining entries as price. This is why I use a combination of cycles and harmonics in addition to regular technical analysis to determine entries.
Adopting this trading methodology was the single biggest contributing factor for me in becoming a consistently profitable trader, because I can calmly prepare for the times that I am going to trade and I can relax my focus during the times when I know I should be on the sidelines.
Practical Details
5. Are there any economic numbers being released today?
Know exactly what time they are and watch out if you are trading around these times as there may be some dramatic fluctuations in price movement. Unless your strategy specifically includes trading these numbers, many traders prefer to sit on the sidelines until the numbers shake themselves out.
6. Any significant business or world news today that may affect the markets?
Days when companies release earnings or when there are other significant events, make the market jumpy. You need to be forewarned so that you can decide either to sit out, or to be extra vigilant.
7. What happened in the markets overnight?
Same idea as point 4.
Discipline
8. Review your discipline committments
If you are someone that has problem over-trading or pulling the trigger, or if you have challenges following your system, make a list of discipline committments. List out those things that you commit to in terms trading discipline. e.g. I will only take trades on signals that my system gives me. Go through them before the trading day begins and refresh your resolution.
I had a lot of trouble with over trading in the early days. As I got absorbed in the market action it was like becoming hypnotized, my discipline went out the window. I actually had to set an alarm clock to go off and every 30 mins I would re-read my discipline committments to force myself to snap out of it, and refocus on following my trading rules.
9. Review you trades from yesterday and your trading journal
Reviewing you trades from yesterday is a great way to refine your skills and learn more about your strengths and weaknesses. If you had a day where you were able to execute your trades flawlessly based on your system (whether or not they ended up being profitable) you can consolidate the confidence that brings. If you had a day that left an emotional mark because of losses or mistakes you can go back to point 2 and clear them.
If you found that you were unable to execute your trades effectively its another opportunity to revisit your trading rules, your discipline committments, and refresh your intention that today you will trade your system.
Opening
10. Give thanks
Give thanks to your self, and to whatever power of the universe that you respect for the opportunity to trade - which is nothing more than an opportunity to master yourself.
The state of gratitude is a great inner state to approach the day. It buoys your optimism and invites to you the circumstances for success.
As the French say "Bon courage" - and have a safe and profitable day!
Article Source : http://www.talkinmince.com/
Author Resource : Mo Christiensen is one of the editors of the successful tradingadviceblog.com. The site specializes in high quality trading advice and profitable trading systems for new and struggling traders. Read the article in context at http://tradingadviceblog.com/intro/10-tips-for-preparing-for-a-profitable-trading-day/
Description : Every great athlete, musician and professional where the stakes are high, knows that warm up and preparation can make a big difference to performance. Here are 10 tips -trading advice for preparing for your best trading day.
Mental Prep
1. Harness the power of intention
As you become more and more focused as a trader and as you learn to clear your emotions the power of your intention will become stronger and stronger. Begin the day by setting the intention that you will be successful, that you will be profitable, and that you will be safe. If possible visualize it, or feel that it will happen.
If any feelings or thoughts come up contrary to that intention (e.g. I lost yesterday perhaps I'll lose today) go straight to the next point and clear that thought/feeling.
2. Clear limiting thoughts and emotions
Did anything happen yesterday or on previous trading days that is bothering you? Anything happening in your personal life that may be affecting your state of mind? Any recurring thoughts or feelings that come up during the trading day?
Read my blog post about emotional clearing - learn Core Transformation and clear that crapola out. And for any of you hardcore guys out there that are thinking this might be a bit touchy feely, I suggest you look at this in purely financial terms. Learning these techniques will help you get the success you want. And nobody needs to know!
3. Brain power
Make sure that you have exercised and eaten properly so that your mind is clear and fresh. Have the right snacks at hand so that you can keep your blood sugar balanced, so that you mind stays fresh and optimally focused.
Timing
4. Know when you are going to trade
You may say "How do I know when I am going to trade ahead of time?". In response I'd say, "if your trading system doesn't tell you when you are going to be trading ahead of time, then you are missing out on a huge advantage". As you'll see from the various blog posts I've written on cycle trading, I am convinced that time is as important a factor in determining entries as price. This is why I use a combination of cycles and harmonics in addition to regular technical analysis to determine entries.
Adopting this trading methodology was the single biggest contributing factor for me in becoming a consistently profitable trader, because I can calmly prepare for the times that I am going to trade and I can relax my focus during the times when I know I should be on the sidelines.
Practical Details
5. Are there any economic numbers being released today?
Know exactly what time they are and watch out if you are trading around these times as there may be some dramatic fluctuations in price movement. Unless your strategy specifically includes trading these numbers, many traders prefer to sit on the sidelines until the numbers shake themselves out.
6. Any significant business or world news today that may affect the markets?
Days when companies release earnings or when there are other significant events, make the market jumpy. You need to be forewarned so that you can decide either to sit out, or to be extra vigilant.
7. What happened in the markets overnight?
Same idea as point 4.
Discipline
8. Review your discipline committments
If you are someone that has problem over-trading or pulling the trigger, or if you have challenges following your system, make a list of discipline committments. List out those things that you commit to in terms trading discipline. e.g. I will only take trades on signals that my system gives me. Go through them before the trading day begins and refresh your resolution.
I had a lot of trouble with over trading in the early days. As I got absorbed in the market action it was like becoming hypnotized, my discipline went out the window. I actually had to set an alarm clock to go off and every 30 mins I would re-read my discipline committments to force myself to snap out of it, and refocus on following my trading rules.
9. Review you trades from yesterday and your trading journal
Reviewing you trades from yesterday is a great way to refine your skills and learn more about your strengths and weaknesses. If you had a day where you were able to execute your trades flawlessly based on your system (whether or not they ended up being profitable) you can consolidate the confidence that brings. If you had a day that left an emotional mark because of losses or mistakes you can go back to point 2 and clear them.
If you found that you were unable to execute your trades effectively its another opportunity to revisit your trading rules, your discipline committments, and refresh your intention that today you will trade your system.
Opening
10. Give thanks
Give thanks to your self, and to whatever power of the universe that you respect for the opportunity to trade - which is nothing more than an opportunity to master yourself.
The state of gratitude is a great inner state to approach the day. It buoys your optimism and invites to you the circumstances for success.
As the French say "Bon courage" - and have a safe and profitable day!
Article Source : http://www.talkinmince.com/
Author Resource : Mo Christiensen is one of the editors of the successful tradingadviceblog.com. The site specializes in high quality trading advice and profitable trading systems for new and struggling traders. Read the article in context at http://tradingadviceblog.com/intro/10-tips-for-preparing-for-a-profitable-trading-day/
Sunday, March 8, 2009
Forex Tips for Beginners - the 3 Indubitable Principles of Currency Trading
Author: Daniel S.
As I look back on my career in the forex market, I really had no clue what I was doing when I first got into it. I had a few ideas, but when the professionals is the market at the time told me that I had to have the right mindset about things, I really didn't understand what they meant. Well after years and years of successful trading, I have developed exactly what these individuals were trying to clue me in on. I just wish I had the forex tips laid out for me that I am about to share with you.
If you want to learn how to trade forex right, you will have to realize that there are three indubitable principles that are the key to being successful in the forex market. They are mindset, risk management and strategies. Get a grasp on all three of these early on in your career and you will find that you have a much better chance of being successful.
Mindset is the first and probably the most important of the three. Having a mindset that you are only in the trading market to make a lot of money is absolutely the wrong thought process. Of course, we all know that is why you are ultimately in the market, but having the mindset that you are going to be in the market to set up profitable deals rather than a set amount of money is a much better approach. By having this approach, the profits will come naturally and you will not necessarily be obsessed with a specific amount on your deals.
Once your mindset is straight, you need to adapt a good risk management philosophy. You have to set up a range that you are willing to risk on each and every deal that will set the boundaries for your trades. Personally, I like to use a 5% line. If I take a loss at that point, I know I have to get out of the deal and get my money to work somewhere better. Establishing a good risk management philosophy is a large key in protecting you when you make a mistake in a deal.
Finally, your forex strategy is the last of the three keys that you need to have in order as you enter the forex market. One example is forex scalping, where you look to get in and out of a deal quickly and make a quick profit.. The forex strategy that you implore is going to take advantage of the way that you analyze the market and get involved in deals. This is actually a bit of a culmination of your mindset and risk management philosophies. You are going to find that patience will be your biggest asset when developing good forex trading strategies. Following these three keys will have you way ahead of any new trader jumping into the forex market. Understanding why these are important is just about is necessary as developing good philosophies. Take the time to get your head straight and you will have no problem being successful in the forex trading market.
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-tips-for-beginners-the-3-indubitable-principles-of-currency-trading-769611.html
About the Author:
To learn how to trade forex successfully using a simple, time-tested and proven forex trading system, download my FREE 56-page "Forex Trading To Riches" ebook at http://www.forextradingpower.com.
The author, Daniel Su, is the founder of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel Su specializes in teaching real people how to trade the Forex market for long term financial success.
As I look back on my career in the forex market, I really had no clue what I was doing when I first got into it. I had a few ideas, but when the professionals is the market at the time told me that I had to have the right mindset about things, I really didn't understand what they meant. Well after years and years of successful trading, I have developed exactly what these individuals were trying to clue me in on. I just wish I had the forex tips laid out for me that I am about to share with you.
If you want to learn how to trade forex right, you will have to realize that there are three indubitable principles that are the key to being successful in the forex market. They are mindset, risk management and strategies. Get a grasp on all three of these early on in your career and you will find that you have a much better chance of being successful.
Mindset is the first and probably the most important of the three. Having a mindset that you are only in the trading market to make a lot of money is absolutely the wrong thought process. Of course, we all know that is why you are ultimately in the market, but having the mindset that you are going to be in the market to set up profitable deals rather than a set amount of money is a much better approach. By having this approach, the profits will come naturally and you will not necessarily be obsessed with a specific amount on your deals.
Once your mindset is straight, you need to adapt a good risk management philosophy. You have to set up a range that you are willing to risk on each and every deal that will set the boundaries for your trades. Personally, I like to use a 5% line. If I take a loss at that point, I know I have to get out of the deal and get my money to work somewhere better. Establishing a good risk management philosophy is a large key in protecting you when you make a mistake in a deal.
Finally, your forex strategy is the last of the three keys that you need to have in order as you enter the forex market. One example is forex scalping, where you look to get in and out of a deal quickly and make a quick profit.. The forex strategy that you implore is going to take advantage of the way that you analyze the market and get involved in deals. This is actually a bit of a culmination of your mindset and risk management philosophies. You are going to find that patience will be your biggest asset when developing good forex trading strategies. Following these three keys will have you way ahead of any new trader jumping into the forex market. Understanding why these are important is just about is necessary as developing good philosophies. Take the time to get your head straight and you will have no problem being successful in the forex trading market.
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-tips-for-beginners-the-3-indubitable-principles-of-currency-trading-769611.html
About the Author:
To learn how to trade forex successfully using a simple, time-tested and proven forex trading system, download my FREE 56-page "Forex Trading To Riches" ebook at http://www.forextradingpower.com.
The author, Daniel Su, is the founder of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel Su specializes in teaching real people how to trade the Forex market for long term financial success.
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