Under present economic conditions, the most common question of any common man would be how to make good money in such adverse situation? Today, when cost cutting is a general feature, expecting good paying job is like a dream that has very rare chances to come true. But then, is there not any option available by which a person can make good money?
The answer to above question is yes, it is possible and the name of the option through which it is possible is forex secret trading. As the name implies, it means earning money through applying some secrets in the forex trading. It is one such option where the only thing required is good knowledge of forex trading and some secrets that can do wonders for a person.
Unlike any other forms of businesses where it is required to have specific qualifications, that is not the case with this kind of option. Also, it is different from other options that initially require a very good amount of money to be invested as capital.
It is one such option where a person with small capital can start and can make good profits. It is because of these reasons, it is the preferred choice of thousands of prudent investors. As this trading involves buying and selling of currency to make money, all what is required from the person is to have full knowledge of the forex trading and the market trends. To make the things easier, there are some good software available as well that can make the work of person even simpler.
So by keeping an eye on the market conditions and fluctuations of currency, a person can make a very good amount of money through Forex secret trading. Isn’t this a smart way to earn good money?
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-secret-trading-why-it-is-so-popular-1340272.html
Wednesday, November 11, 2009
Guide for Forex trading
It is not difficult to find lots of information about Forex (Currency) Trading on the Internet. From technical analysis sites, to trading software, trading platforms, trading strategies, automated trading (robots), types of trading styles, etc.
From my own learning experience, I would suggest the following step-by-step guide that I compiled. I reside in Singapore, so some of my context would be more relevant for the locals.
1. Learn from someone who is good
It is critically important that you learn your basics from the right sources. There are simply too many courses (online or offline) that offers you too much gimmicks and zero value. There are however goof courses out there that teach you proper technical analysis, understanding of price action and proper trading strategies. Do you due diligence and find out more. If you can find experienced traders that are willing to be your mentor, that may be a good choice as well. You would minimum need to understand the nature of Forex, what is leverage and the different styles of trading Forex at this stage.
2. Charting Software
If you are doing self learning, the next thing that you would need to do it on your own is to find a charting software. I would suggest MT4 and there are many brokers offering free MT4. Moreover, there are many custom indicators that can be used that can improve your efficiency in trading.
3. Self Learning process
Regardless whether you took up a course or learn from someone who is experienced, you would still need to take a lot of time to do self learning. Understand the components of technical trading (I have a version of my own on my blog, see links below), and structure your learning process to understand each components. Have a overall understanding and slowly go in depth on each topic. At some point of this process, you should have a good level of understanding of the strategies that is being taught to you or developed by yourself.
4. Your Trading Strategies
After putting in the efforts to do demo trading, you should be able to have a feel of your trading strategies. I would suggest that you document them down. I find this very useful in my own learning process as the strategies evolved quite quickly as my trading skills and maturity rises in levels. The key message here is, your strategies do evolve over time. Be adaptable!
5. Money Management
By the time you want to go live, make sure you have understood what are the basic rules of money management. If you still can't, just make sure that every time you put in a trade, the risk (your stop loss) converted to dollar value is not more that 3% of your balance trading capital.
The above mentioned steps are the basics. There are a lot more things you need to do. I would document the above in more details in my blog for the coming days.
Links:
Components of Technical Trading - http://forexlyetrading.blogspot.com/2009/10/learn-technical-trading.html
Article Source: http://www.articlesbase.com/currency-trading-articles/how-to-get-started-in-forex-trading-1379666.html
From my own learning experience, I would suggest the following step-by-step guide that I compiled. I reside in Singapore, so some of my context would be more relevant for the locals.
1. Learn from someone who is good
It is critically important that you learn your basics from the right sources. There are simply too many courses (online or offline) that offers you too much gimmicks and zero value. There are however goof courses out there that teach you proper technical analysis, understanding of price action and proper trading strategies. Do you due diligence and find out more. If you can find experienced traders that are willing to be your mentor, that may be a good choice as well. You would minimum need to understand the nature of Forex, what is leverage and the different styles of trading Forex at this stage.
2. Charting Software
If you are doing self learning, the next thing that you would need to do it on your own is to find a charting software. I would suggest MT4 and there are many brokers offering free MT4. Moreover, there are many custom indicators that can be used that can improve your efficiency in trading.
3. Self Learning process
Regardless whether you took up a course or learn from someone who is experienced, you would still need to take a lot of time to do self learning. Understand the components of technical trading (I have a version of my own on my blog, see links below), and structure your learning process to understand each components. Have a overall understanding and slowly go in depth on each topic. At some point of this process, you should have a good level of understanding of the strategies that is being taught to you or developed by yourself.
4. Your Trading Strategies
After putting in the efforts to do demo trading, you should be able to have a feel of your trading strategies. I would suggest that you document them down. I find this very useful in my own learning process as the strategies evolved quite quickly as my trading skills and maturity rises in levels. The key message here is, your strategies do evolve over time. Be adaptable!
5. Money Management
By the time you want to go live, make sure you have understood what are the basic rules of money management. If you still can't, just make sure that every time you put in a trade, the risk (your stop loss) converted to dollar value is not more that 3% of your balance trading capital.
The above mentioned steps are the basics. There are a lot more things you need to do. I would document the above in more details in my blog for the coming days.
Links:
Components of Technical Trading - http://forexlyetrading.blogspot.com/2009/10/learn-technical-trading.html
Article Source: http://www.articlesbase.com/currency-trading-articles/how-to-get-started-in-forex-trading-1379666.html
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