Reasons why every trader is simply a work in progress - belajar forex trading demo

Reasons why every trader is simply a work in progress ~ belajar forex trading demo

Your first days as a forex trader promise to be tough. But you must not give up. You will probably spend the first month of your trading life holding your computer’s mouse with the cursor resting on the entry or exit tab of your trade station waiting to exit or enter a trade for no apparent reason. The first months of a trader’s life are hell because the transition from demo to live trading comes with the reality associated with handling real money.

It does not matter the kind of strategy you have, you will make some mistakes along the way. But woe unto you if you have no trading strategy at all. You will be part of that group of forex beginners that buy because a candle is bullish and sell because a candle looks bearish. The adrenaline rush will be common; you will probably spend the whole day staring at the screen imagining of how much you could lose in the next minute. Do not be afraid to lose- but lose only a little.

You must understand from the onset that forex trading is not for the fainthearted. You must have courage to accept when you are wrong and close the trade before your account is wiped out. You must have realistic targets so that you get to exit with profits instead of staying too long in a trade until the profits you have made are wiped out as result of a move turning against you. Trading is like a battle, and you must therefore have an entry and exit strategy for every currency pair you choose to trade.

The first days could however be less painful if you can master a few trading rules. The most important is to become a long term trader. Look only at the daily charts for the right trend. Once you have determined whether the trend is up or down, wait for a perfect opportunity to buy or sell. This should probably take place on a retracement with a buy limit or a sell limit. You must of course have a look at the economic calendar so that when a candle takes a particular direction you are aware whether its fundamentals are becoming stronger or weakening. This enables you to cover your profits or stay longer in a trade.

With most trending markets you could be able to cover your profits in the first three days depending on the volatility. But it should not matter how long you wait, once you have decided to trade nothing but the long term charts you will perform well as a forex trader. Problem with the lower timeframes is that they cause you to buy or sell against the trend most of the time and to trade every piece of news. These are some of the easiest ways to lose your entire investment fast.

Once you are trading the higher timeframes and are closely watching the currency’s fundamentals, you should ensure that you are in with the correct leverage. Forex brokers provide leverage as much as 1:500. This is especially the case with brokers not registered in the Unite States. Remember that you always have the option to adjust your leverage. And I should encourage you that in your first month of trading your leverage should not exceed 1:50. A higher leverage could be good, but more often than not it is the number one cause of capital draw down in your trading account. Do not get excited at the prospect of making much per pip; just consider having to refund the account because you received a margin call on a single trade.

Trading the higher timeframes, getting the trend right, watching the currency pairs’ fundamentals and entering a trade with the right amount of leverage puts you on the path to becoming a profitable trader. But you will gain even more confidence if you have a strategy that alerts you when to enter a trade. This entails learning the different kinds of candlesticks. Most candlesticks are good reversal patterns or trend continuation patterns. Learn about the morning star, the evening star, the bearish engulfing pattern, the bullish engulfing pattern, the hammer and the shooting star and from  them you will develop a strategy to enter or exit a trade.

Some candlestick patterns like trading on the hammer or the shooting star are probably the easiest to master. They simply require your dedication for a number of days and you’ll be good to trade on them. It can be good if somebody explains them to you but you will learn faster if you get a forex demo account where you can practice with virtual money. If you already observe the foregoing or if you believe you already have a strategy, why don’t you now open a live forex trading account with a small amount of capital to test yourself on the psychology of trading? Remember that you are a work in progress improving with each passing day and giving up so early in the day will be the wrong decision.
Do not lose your initial trading capital. Call us today on 0725 050 419 for the best forex trading orientation.

You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 

------------------------------
Call us today on 0725 050 419 for the best forex trading orientation.

Related Articles

Can forex trading be taught?

How much should one start trading forex with

Have courage to open a real forex trading account

More info for Reasons why every trader is simply a work in progress ~ belajar forex trading demo:

Why Kenya’s Makmende would be a bad Forex Trader - forex and dailyfx trading news

Why Kenya’s Makmende would be a bad Forex Trader ~ forex and dailyfx trading news

Kenya’s fictional hero, Makmende, can bring a moving train to a stop. Nothing stops him, he stops everything. Makmende is void of hesitation because he does not know fear. He has more lives than a cat. He is full of admirable strength. Makmende is Kenya’s hero in times of adversity. He can find the terrorist bomber and stop a flood.

But can Makmende fare well in the online forex market? His strength and character may tempt us to answer in the affirmative. But with a deeper understanding as to how the online forex market operates, any keen forex trader would answer in the negative. I highly doubt, whether, despite his innumerable strength and courage, Makmende would get a job as a hedge fund manager even if he had the best book qualification.

The online forex market has no regard to the strong or the week. The forex market has no sympathy to the week and it pays no respect to the strong. In the forex market everyone has the potential of being both a victor and a victim. Pro forex traders are not necessarily men and women of giant physique who take no nonsense. Neither is the struggling forex trader an emaciated little being living by the mercy of others.

The reason why Makmende would be a bad online forex trader is less to do with his physique and much to do with his character. Character plays a greater role in determining the level of our success in the online forex market. Character is never taught, it is the result of acquired habit depending on the nature of the environment. Makmende leaves in a Kenyan environment in which you often meet more than your own share of troubles and in which only the strong survive.

Unfortunately, in the online forex market, strength that is devoid of wisdom can destroy a forex trader. You must have the strength to execute a trade knowing at the back of your mind that it may be a loser or winner in the end. But you must also have the ability to choose only the best forex trading set ups. The size of your brain or body will be of no value if you fool yourself into believing that the online forex market will have regard to your physique. Your stop loss will be hit over and over until you get the discipline of successful forex trading.

Below are some reasons as to why Kenya’s Makmende would be a bad online forex trader.

Adrenalin Junky

An adrenalin junky does not know fear. He has little regard to the traps placed before him. Yet the forex market is a constant beehive of traps that stings whoever has no sixth sense or third eye on how to trade the forex market. Your adrenalin will serve you best at the battlefield but there is no need for it in the forex market. You cannot execute trades simply because you feel courageous enough to do so. There must be justifiable and sufficient reasons behind every forex trade you take.

Your adrenalin may drive you into overleveraging, but it cannot prevent you from the reactionary effects of an overleveraged forex trade. The adrenalin may push you into overtrading, but it may not insulate you from the grave dangers of overtrading in the forex market. Preserve your adrenalin for over things like approaching women. Online forex trading requires only pure wisdom behind every trade you execute.

Brains not Brawls

The single most prized possession in online forex trading is your brain. Use your brain to hunt for the good forex trading setups; use your brain to determine the best risk reward and the best leverage. Whoever masters how to use his brain first, has accomplished half of everything that there is to know in the forex market.

The brawls are left for the adrenalin junky like Makmende. Approaching the forex market with your brawls alone is an attempt at bulldozing the forex market which is simply impossible. The online forex market has no feelings- you won’t get a chance of throwing punches at it. Forex trading won’t stop simply because you approached the market with your brawls, leveraged your whole account, and lost all your forex capital in the process. The forex market cares less about how much of life’s adversaries you’ve overcome. It won’t care that your entire life savings is at risk. Use your brain then and avoid an early and sad exit from the forex market.

Sadly enough, for Makmende, he is an adrenalin junky who relies more on his brawls and little on his brains. He lacks the most important prerequisite to successful forex trading. the reason is because adrenalin junks are dispossessed of patience and as a result they mostly trade the lower timeframes in the forex market. They have the brawls to take the trade setups in the lower timeframes that are nothing but a trap from which to come out, they must lose part or all of their forex trading capital.

Are you possessing any of Makmende’s disastrous characters? If your answer is in the affirmative, then avoid the forex market as you would a scourge. Otherwise, you might end up a worse than you were on your first day of trading forex. Losses in the forex market are inevitable. And the market has little regard to your temperament, strength or physique. Whoever thinks that the three aspects are essential is simply deluded and the clock is ticking for the end of his days as a forex trader. Know yourself and trade forex successfully.

You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
Call us today on 0725 050 419 for the best forex trading orientation.

More info for Why Kenya’s Makmende would be a bad Forex Trader ~ forex and dailyfx trading news:

How To Become A Successful Forex Trader - forex news trading deviation

How To Become A Successful Forex Trader ~ forex news trading deviation

What are the four ingredients in the recipe for forex trading success?

Ovidiu Garvasuc explains that in his article "The 4 Wheels That Take A Forex Trader To Success". According to Ovidiu, the most important requirements in order to be a succesful forex trader is not the knowledge of complicated technical indicators and proficiency at using them. Much more important are certain character traits, such as:

• will
• discipine
• self-control
• honesty

The most important piece of advice from Ovidiu - dont argue with the market... "Arguing with the market is very expensive. If the market is right and you are wrong it costs you money, and remember what I said about when the market is right?A L W A Y S...so..be honest: If you are not making profits the system should be improved."

Read more about what you need to be a successful forex trader.

Stan Hill
Technorati tags: forex, forex trading, forex system, forex strategy


More info for How To Become A Successful Forex Trader ~ forex news trading deviation:

United States Business Inventories Jump 1 0 in January (updated) - forex trading classes in hyderabad

United States Business Inventories Jump 1 0 in January (updated) ~ forex trading classes in hyderabad

USD Index Rise to 7 Month High

U.S Commerce Department Said on Wednesday that Business inventories jumped 1.0% in January to a seasonally adjusted $1.64 trillion. That was almost twice as much as Wall Street economists expected. Sales fell 0.3%. As a result, the ratio of inventories to sales rose to 1.29 from 1.26 in December. Decembers inventories growth was revised up to 0.3% from an initial reading of a 0.1% increase

More info for United States Business Inventories Jump 1 0 in January (updated) ~ forex trading classes in hyderabad:

Why I am not prying into the pro bloggers guild to make money - forex trading singapore demo

Why I am not prying into the pro bloggers guild to make money ~ forex trading singapore demo

Today I will be writing about the flipside of running a blog to make money with the imprint of the pro blogger in mind.

The moment you start a blog to make money, you are always reminded of the need to try and emulate the pro-bloggers. This is all good until you discover
that you are being inundated with information meant to
teach and discourage you at the same time. Keeping up with the pro-blogger or even attempting to view blogging through the pro’s watch tower can have a tragic bearing upon a developing psyche. The flipside of emulating the pro-blogger in an attempt at blogging to make money is that it may cause you to give up before you even start.

Blogging, especially with a degree of success to an extent that it generates money, has been glamorized by a few so that before you are inducted into the blogger’s hall of fame, you need to have forgotten about yourself by appropriating all your attention to a running of the blog. It is no longer a nocturnal adventure in which articles are produced once a while late in the night depending on the blogger’s desirability. To have success and run a blog to make money, you must produce articles at lightning speed, they say. You must observe the rules laid down by those who started blogging before you, the pros insist.

Because of that, many beginners attempting to blog to make money have ended up losing their style and originality and are instead trying to re-write whatever they see on a pro-blogger’s site. Most amateur blogs are a failing sample of the pro-bloggers’ blogs. The need to have a blog to make money which is simply a reconstruction of another person’s blog has seen the collapse of many bloggers because of the lack of a foundation. To have a strong foundation, newbies like me must learn to exercise the independence of mind.

That is the reason why I am less concerned about the pro’s view to my tortoise motion at producing articles. To follow the pro is to self activate the destructive code that has destroyed a huge chunk of the over 120 million blogs all over the internet. I am not prying into the pro-bloggers guild. Call it a stupid starter’s nonchalance towards the pro-bloggers if you like. But to make money blogging, I must discard what has been fed to the majorities of my kind who have nonetheless starved.

In blogging to make money, I refuse to have the pro blogger as the guarantor to my success. I did not obtain a loan to begin a how to make money blog so I won’t be suffering from collateral. That implies that I can easily exercise the option to be free and to think my own way and write my own style.  I am not seeking for approval and I’m therefore less concerned about the pros view of my style.

Yes, I parade myself as a struggling blogger, especially in the spectrum of traffic, but at least I am free. The confines of my capability are not limited to what I read on another person’s site. At least my site is clocking forty and might as well see its golden jubilee. All that will be at my own pace. I did not have to write fifty articles in my first month as a blogger to have pageviews or ads on my site. I am glad I am not possessed with the pro-bloggers pace.

Here is the reason why you should discard what the pro-blogger tells you in his posts. Unlike the pro who because of his long stint blogging can afford to write on anything because he works on what he is given, you are always working with what you have. That limits your choice and the ability to have 50 to 100 quality articles in a single month is therefore out of the picture. The pro has been around for more than five years and trying to play catch up will not help in your cause.

It is all clear that frustration abounds among a large section of beginner’s blogging to make money because of the false belief that the path of the pro is the only viable avenue through which to have success in blogging to make money. Blogging should be about my personal ideas and views, and apart from visiting a few technologically based sites that tutor on how to tweak your html template; the rest should just come after you’ve grounded yourself and become your own man. Subscribing to how to blog successfullynewsletters should be the last in your to do list.

Trying to emulate the pro is a clear sign of an inferiority complex and the feeling that you do not measure up. How then will you be able to compete? You are a fake if all you are now is just a shadow of another. And you are lying on some deadly fangs if you think that the pro has your interest at heart.

If my aim was to have an article that generates a thousand pageviews a day, then so far no post on this site has been worth my while. Yet I won’t make the mistake of running to the pro’s guide for help. I will read their articles, but only as a past time. Right now I’m contented with being myself and struggling till it works. The pro-blogger is simply a narcissist who does not give a damn what happens to the amateur blogger.

To quote from the religious; man was not made for rules, rules were made for man. And no law is cast on a stone tablet. So feel free to go against the established tradition by upholding your style. That is the only way to survive and blog to make money. If you decide to be a text book student in love with the pro’s newsletter on successful blogging, you will pay the price of applying old tricks in a new age.

More info for Why I am not prying into the pro bloggers guild to make money ~ forex trading singapore demo:

AUDUSD (updated) Recommendation - trading the news in forex strategy

AUDUSD (updated) Recommendation ~ trading the news in forex strategy

AUDUSD is still on an upward trend. The Weekly trendline is in yellow colour and the daily trendline is in blue colour. The currency is current trading within it historical high. The descent has begun on the weekly chart. There is real possibility of further fall. The trading range between August 2010 to date is 1.00241 and 0.95092. In between there is a minor support at 0.98037.



The current fall on the daily is approaching the oversold territory. The recommended option for trading this currency is SELL using the daily RSI. BUY is very huge risk For clarity, I have indicated the sell zone in yellow colour on the RSI.



This is the time to WAIT. Wait until price gets back to the yellow zone to short.


Happy Trading!



See the weekly and daily charts above
More info for AUDUSD (updated) Recommendation ~ trading the news in forex strategy:

Open Sigma Forex Live Account - best iphone forex trading apps

Open Sigma Forex Live Account ~ best iphone forex trading apps

Open Sigma Forex Live Account

Thank you for choosing Sigma Forex!You are only a few steps away from opening your own account and beginning to trade with Sigma Forex;

- There is no minimum requirements or any maximum requirements for your deposit

- You will choose your leverage between 1:1 and 1:500

- Ability to trade Standard, Mini and Micro lots from the same account

- You will choose whether if you want to trade with dealing desk or be free to be directly connected to the market with the No Dealing Desk

- No swap, commission, interests or any kind of feesSigma offers the ability to set-up accounts denominated in the following currencies:

- United States Dollar (USD)

- Euro (EUR)

- Great Britain Pound (GBP)

- Australian Dollar (AUD)

- Swiss Frank (CHF)

for more information >>>

More info for Open Sigma Forex Live Account ~ best iphone forex trading apps: