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Know This And Keep Making Money Daily Trading Forex by loveyaa: 3:33pm On Jan 18, 2009
For Your Guidance - Beginners

Forex, an acronym for Foreign Exchange, also referred to as “FX” is the largest financial market in the world, with a volume of over $2.5 trillion dollars daily.

The FX market is unique in the world markets in that the market is open 24-hours a day with generally minor gaps on the weekend giving every individual the opportunity to participate at their own convenient time.

Can You Handle The Truth?

Ninety percent of traders (especially from Nigeria) loose money to their brokers, largely due to lack of planning and training and having poor money management rules.

Most traders come with the misguided hope of making millions, but in reality lack the skills, knowledge and discipline required to be a successful trader in the Foreign Exchange market.

Forex trading isn’t a piece of cake (as most broke instructors taking advantage of novice traders would like you to believe).Think about it, if it was, everyone trading would already be multi-millionaires. Drill this into your head. There are no shortcuts in forex trading. The only shortcut to making too much money in forex trading is found in learning the skills.

“Forex trading is not a Get-Rich-Quick Business.”

“FX trading is a SKILL that takes TIME to learn. Skilled traders can and do make a lot of money. However, just like any other occupation or career, success doesn’t just happen overnight.”

“A properly trained FX trader can potentially earn BIG PROFITS in every single day, week, or month (Of Course a poorly trained FX trader can suffer BIG LOSSES as well.”




Key to Making Good Money and Becoming a Successful Forex Trader.

HIGHLIGHT:

GOAL
Every business needs a clear and strong goal to be successful. Just to make a lot of money is not a strong goal at the start of your trading career. Money alone does not provide enough desire, fire and drive. If you have a strong desire to learn the skills, the money will come easily.

EDUCATION
The price of becoming a successful trader is extremely worth it. For those willing to take the challenge and follow through, professional trading can be a very rewarding business.

Trading involves adequate knowledge and proficiency in fundamental and technical analysis in order to understand market sentiments.

CAPITAL
The single most important killer among beginner forex traders is being undercapitalized from the start. Most people come with the misguided hope of making millions with very little start-up trading capital usually ranging from $100-$250, but in reality lack the trading skills needed to make profit.

Beware of broke trainers that appear in media stations and seminars using such magic words – “you can start trading forex with $100 and you can be making $100 daily”. Or telling you to use robots.You will go bankcrupt.
BE WISE!

TRADING PLAN

You can have all the trading tools in the world, but if you don’t have a plan on how you will use them, you will never be successful. Having a trading plan keeps you in the right direction.

Trading is a business and for every business to be successful, it must have a plan. Read your plan daily and STICK to it. Your trading plan should be your trading bible. Your plan MUST have a very simple trading system.

Take for instance, I combine both fundamental and Pivot Points to analyze and take my trades. I trade on ONLY one currency pair (GBP/JPY – one of the most volatile pairs).My SIMPLE trading system has repeatedly made me money because I have discipline to STICK to it always.

Don’t jump from one trading system to another. Remember, the power of success lies in thinking, doing, controlling one thing at a time, but it must be done to the best of your ability.

TIME
For you to make it to the top 10% in this business, you must have time when you analyze the markets and plan your trades, time to watch the markets to take trades and time to evaluate your actions during your trading day. If your daily priorities take up all of your time, forget about trading.

PSYCOLOGY
In this business of ours, NO ONE reaches the top without daring. If you don’t risk anything in life, you risk even more. For your life to get better you’ll have to take risks, otherwise nature will abandon you for your mediocrity and self-pity. Taking action, making mistakes and then correcting them is the surest way to learn. Broke people always avoid making mistakes in life, and that is the main reason they are still broke and will remain broke unless they awaken their adventurous spirit. Get WISDOM!

TRADING JOURNAL
FX trading is a business and just like any other business, if you don’t keep records you are through. Keeping records is every business owner’s most important asset. A proper record at the end of every trading day helps you identify your weaknesses, correct them and maintain focus.

After every trade, It’s highly recommend you record your average win and average loss per week and use it to determine your rate of success. Write down your trading system rules and stick to it. BE DISCIPLINED. Learn to find out your true trading personality through your trading journal.

MONEY MANAGEMENT
In order to be successful as a currency trader, you must learn how to control and manage risks effectively. Understanding and making good use of Leverage is the best way to achieve true success and protect your account from wreckage. Ignorance of this truth is the single most important killer in FX trading and the reason while several traders in Nigeria loose money to their brokers.

Your money management plan also involves learning how to convert your earned profit into other useful businesses to generate more money and create wealth.

GIVING IT BACK
The single most important secret while I keep repeating making profit trading forex is largely attributed to learning a skill called GIVING. Ignorant of this natural skill is the sole reason most traders find it difficult to repeat making profit.

If you forgot everything about this lesson, please don’t forget this truth. With your expertise and training, you’ll find it difficult to keep making profit if you’ve not found how to be generous.

Learn to be generous with what you have and the powers of nature will be generous with you.

Newton’s third law states, “For every action there is equal and opposite reaction.” This means, if you’re greedy, people will respond to you in kind. Give money and money will come back to you in buckets. Don’t give money; keep being broke all the time.

Learn to obey the creator in HIS natural laws and you’ll be a success in anything your hand finds to do.

In Summary:

With the right education and skills, FX trading offers every individual the opportunity to find their own financial fast track working from the comfort of their homes or offices.

Remember, business skills and experience is where the money comes from

Wish you all the best in your trading career!

CHEERS!!!

Need further guidiance/help/free stuff

Kindly meet me online @ yahoo chat every mon-fri,9a.m-10a.m

Yahoo ID scaliden@yahoo.com

Thank you
Re: Know This And Keep Making Money Daily Trading Forex by jacoco(m): 3:41pm On Jan 18, 2009
I would like to invite you to one of my seminar for students in Secondary School so that you can speak on this forex, contact me via email isaacayo2000@yahoo.co.uk for info.

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