Author Topic: The Way To Trade Foreign Currency  (Read 521 times)

Offline surveying cash

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The Way To Trade Foreign Currency
« on: October 03, 2016, 04:36:32 PM »
Many traders aspire to be successful traders, but few succeed.  An amateur trader looks at the
Trading platform, makes a trade and loses, makes another trade and loses more.  Traders lose
because the game is hard and they trade with emotions, lacking a purpose and discipline.  If any
of these relates to you, I write the book for you, for I too was in this position once!
Many traders keep making impulsive trades; they do not have any trading plans or a system, and
no money management rules.  To put it simply, an amateur trader will cut short his profits, and
let the losses run.  Professional Traders accept the importance of psychology, yet the novice
traders ignore it.  You have to practice sound money management and you should watch your
capital.  In my opinion the markets only exist because losers bring money into the market, which
is necessary for the Industry.
This book is unique in that it takes you the trader, to devise your own trading philosophy, build
your own methodology,-; a trading system which is your own, and not fed to you by the currently
?hot? guru-. , It guides you to develop your own trading plan.
To be truly successful you have to become intuitive, and this simply means that you become an
expert in what you are doing ? which will come through experience and learning from your past
mistakes.  You can be free, you can live and work anywhere in the world.  You can be
independent from routine ? This is the

Why traders fail
It is a sad fact that 90% of traders fail, and many very quickly give up.  Why? When I went
through a phase of losing trades I treated it as a temporary setback and went back to the
drawing board.  I analysed the reasons of my failure and I sought the guidance of Top Traders,
Mentors and Coaches to put me back on the path of success and profitability.
In my opinion the high rate of failure for a new trader can be related to the six major obstacles
that a trader faces, which are summarised as follows -
1.  Poor Skills
1.  Lack of adequate capital
1.  Setting unrealistic targets and goals
1.  Lack of Patience
1.  Lack of discipline
1.  High risk aversion.
If we look at the list, it becomes apparent that the failure is as a result of trading without having
in place a proper Trading System and a Trading Plan? One that includes mind training, quality
Forex education and strategies and sound money management rules.
So what are the Characteristics of a Successful Trader? All we have to do is to reframe the
liabilities listed above;
1.  Adequate trading knowledge and understanding.  You should seek services of good quality
mentors and a trading coach.
1.  Adequate capitalisation ? Don?t be fooled that you can earn thousands every week from a
starting capital of $500
1.  Realistic Goals ? don?t expect 100% profit each month, it simply is not possible.
1.  Have patience ? don?t trade if you don?t have to.  You should wait for a set-up according to
your trading plan and system.
1.  Have Discipline to follow your rules
1.  Understanding and Managing Risk
1.  And lastly the most important is having a Trading System and a Trading Plan.  Virtually
90% of Traders that I have coached have never had one!
If you look at the advice from the world?s most successful people or traders today, you will notice
that they follow the guidelines as identified above.

Trading system and what is all about

It seems that everywhere you look, you see advertisements for software promising accurate buy
and sell signals and profits with every trade.  Just have a look at some captions of the adverts I
have seen!
?I?ve Finally Cracked the Forex Code?
? Make thousand pips every month?
? Trade Forex with a secret formula that only a handful of Traders use?
The list is endless. .  These so-called killer systems don?t come cheap, costing you thousands to
buy.  However with just a little bit of effort, you too can ?crack this secret code? yourself.
Once again let me assure you, from my experience and knowledge of being a trader for the past
20 years, that there is ?NO Secret Code?, ?NO Killer Systems?, ?NO Holy Grail?, and ?No Unique
Discoveries?.
In my opinion most of these adverts are no more than scams.  It may not make YOU rich, but it
will certainly make the Vendor?s millionaires.  Most of these secrets and codes or discoveries are
readily available to you.  The only secret is that YOU don?t know how to use these simple
strategies! Or nobody has shown you how to use them correctly.
This is precisely what I am going to do in my book ? ? The way to Trade Forex?, I hope to hold
your hand and show you step by step how to create a killer trading system of your own.  However,
the fact is that many traders are simply lazy and cannot make time to plan or create a system.
YOU have a choice, either become a winning trader or continue to lose money!
What Is a Trading System?
A trading system is simply a group of specific rules, or parameters, that determine entry and exit
points for your trade.  These points, known as signals, are often marked on a chart in real time
and will prompt you to pull the trigger.
Here are some of the most common tools used to construct a trading system-
1.  Chart Patterns
1.  Moving Averages
1.  Stochastics
1.  Oscillators
1.  Relative Strength
1.  Bollinger Bands
1.  Elliott Wave
Often, two or more of these forms of indicators will be combined in the creation of a rule.  For
example, the MA crossover system uses two moving average parameters, the long-term and the
short-term, to create a rule:
Advantages
So, why might you want to adopt a trading system?
?It takes all emotion out of trading - Emotion is often cited as one of the biggest flaws of
individual investors.  By cutting down on these human inefficiencies, system traders can
increase profits.  Apart from going through lot of strategies in this book so that you can
construct your own Trading System, I am also devoting lot of space in psychology of
trading, without which a trader can simply not succeed.
?It can save a lot of time - Once an effective system is developed and optimised, there is
little to no effort necessary on the part of the trader.  Computers are often used to
automate the signal generation.
Developing an effective trading system is by no means an easy task.  It requires a solid
understanding of the many parameters available, the ability to make realistic assumptions, and
the time and dedication to develop the system.  However, if developed and deployed properly, a
trading system can yield many advantages.  It can increase efficiency, free up-time and, most
importantly, increase your profits.
Designing a Trading System
In my book ?The Way to Trade FOREX?, I discuss many of the successful and profitable trading
strategies that I have made use of from most of the Tools mentioned above.  In addition as a follow
up service, I am also extending a free 1 month mentoring so as to help you not only devise a
Trading system, but also help you in preparing a Trader?s Plan or assist with your Trader
Psychology.
Here are some of the key factors to keep in mind when designing a trading system in the
FOREX:
1.  The liquidity and the volume in the Forex market is huge, therefore making trading
systems more accurate and effective.
2.  Most brokers do not charge commissions in this market, only spreads Therefore, it's
much easier to make many transactions without increasing costs.  Some brokers offer a
very low pip spread.
3.  Compared to the amount of equities or commodities available, the number of
currencies to trade is limited.  But because of the availability of 'exotic currency
pairs'--that is, currencies from smaller countries--the range is not limited.
4.  The main trading systems used in FOREX are those that follow trends (a popular
saying in the market is "the trend is your friend"), or systems that buy or sell on
breakouts.  This is because economic indicators often cause large price movements at one
time.
 For more information check here hxxp: www. successtrade. online

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The Way To Trade Foreign Currency
« on: October 03, 2016, 04:36:32 PM »

Offline Grahamaus

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Re: The Way To Trade Foreign Currency
« Reply #1 on: October 15, 2016, 06:18:56 AM »
I guess, that broker Support service is a face of company. If it is bad, then traders choose another broker, even if trading conditions are good. That?s why I check Customer support, then I chose a broker. Freshforex offers very good Personal manager. It?s my experience. My manager is Jana Itovich, she always helps me. So, I was not surprised then Freshforex was recognized as a broker with best Customer Support Service.

Nigerian Best Forum . NBF

Re: The Way To Trade Foreign Currency
« Reply #1 on: October 15, 2016, 06:18:56 AM »

 

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