Forex Trading - The Vital Ingredient For Success All Traders Need!
If you want to win at Forex trading you need the vital ingredient we are going to discuss in this article and most traders never stop to think they need it despite the fact that 95% of traders lose! Do you have the vital ingredient? Answer the question enclosed and find out...
The question you need to answer is:
What is your trading edge (defined exactly) which you have confidence in and will allow you to enter the elite 5% of winners.
What separates you from the losing 95% which is a HUGE percentage?
The Following are NOT trading edges!
Most traders either don't think about the fact that only a small minority win and they need an edge - or their naïve and give the following answers, none of which are an edge! Here they are:
- I am going to follow a forex robot or expert advisor with back tested track record and win
- Forex scalping and day trading works and I have a system to win
- I work hard so will be rewarded for my efforts
- I am clever so I can win
- I follow a guru he knows best and can give me success
- I follow a scientific theory of market movement
- I like to predict tops and bottoms in advance
- I trade breaking news and I am on top of the action
All the above are answers given by naïve amateurs, who have no idea what it takes to succeed in currency trading and believe me, I teach forex trading for a living and hear those dumb answers over and over again.
The problem is most new traders, fall for the hype they read from so called expert advisors (most who have never traded in their lives) that forex is a walk in the park and of course its not! 95% of traders lose!
Traders who think they are going to walk in to the Forex game and win without the right education, proper mindset and a defined trading edge, they can apply, are going to get taught some manners by the market.
If you take forex trading seriously and view it as a business and prepare yourself, you can be on the way to a great second or even life changing income.
แสดงบทความที่มีป้ายกำกับ About Forex Trading แสดงบทความทั้งหมด
แสดงบทความที่มีป้ายกำกับ About Forex Trading แสดงบทความทั้งหมด
วันอังคารที่ 11 พฤศจิกายน พ.ศ. 2551
วันพฤหัสบดีที่ 23 ตุลาคม พ.ศ. 2551
About Forex Trading
About Forex Trading
by Ivan Tan
Forex trading is also known as foreign currency trading and is known to many as FX market. The market has only one commodity for sale and for purchase. Currency is sold and purchased in this virtual market. The FX market is thus the only market in the globe that sells and purchases the same thing. The forex market is thought to be undertaking more than 2.8 trillion dollars' transactions per day. This is much greater than the value of the total equity share transactions in the US in fact it is about thirty times more than the equity market.
The main traders of the currency are the central banks, the numerous commercial banks, other traders, private investors etc. The major share of the transactions related to forex trade is attributed to the commercial banks and the central banks. This trade sustains on the fact that the value of a currency does not remain stable. The value of a currency if increases can be sold out to buy other less valuable currencies and this activity in turn is profitable. The value of a countries' dollar stock is thought to be its strength. The country's central bank sells dollar when the value of dollar decreases; and in turn buy its own currency thus there is a margin of gain. This means that the value of the country's currency has risen; this is a positive for the country.
The fluctuation in the value of any currency is attributed to the socio economic factors related to the country. This means that when any significant change in the political climate can lead to the change in the value of the currency.
The forex trade is indeed unique in its own rights. The dealers display two boards in front of their desk these will be the bid price and the ask price. The bid price is the price for selling the base currency. The ask price is the price for which the base currency is sold.
While purchasing a currency the buyer has to pay an amount more than its original price. This increase in the price is thought to be the equivalent to the commission. No commission fee is charged for trading in the forex market. This is the hidden fee to the dealer or more correctly this is the profit of the dealer.
When taking the loss to gain ratio it is almost equivalent to 7:3. It is thus a highly risky affair. Majority of the moneymakers are the shrewd traders who operate from their houses. The majority of the looser category is the traders who are not bothered about the basics of the forex trading and who are the ones who are incapable of controlling their emotions.
The majority of the traders who gain money are those who are the ones who make accurate calculations and the ones who are more vigilant to the day-to-day happenings. The professional approach is the key to success of any forex trader. The majority of the winners are the ones who crave for perfection in their deals and the ones who are tireless at their work.
by Ivan Tan
Forex trading is also known as foreign currency trading and is known to many as FX market. The market has only one commodity for sale and for purchase. Currency is sold and purchased in this virtual market. The FX market is thus the only market in the globe that sells and purchases the same thing. The forex market is thought to be undertaking more than 2.8 trillion dollars' transactions per day. This is much greater than the value of the total equity share transactions in the US in fact it is about thirty times more than the equity market.
The main traders of the currency are the central banks, the numerous commercial banks, other traders, private investors etc. The major share of the transactions related to forex trade is attributed to the commercial banks and the central banks. This trade sustains on the fact that the value of a currency does not remain stable. The value of a currency if increases can be sold out to buy other less valuable currencies and this activity in turn is profitable. The value of a countries' dollar stock is thought to be its strength. The country's central bank sells dollar when the value of dollar decreases; and in turn buy its own currency thus there is a margin of gain. This means that the value of the country's currency has risen; this is a positive for the country.
The fluctuation in the value of any currency is attributed to the socio economic factors related to the country. This means that when any significant change in the political climate can lead to the change in the value of the currency.
The forex trade is indeed unique in its own rights. The dealers display two boards in front of their desk these will be the bid price and the ask price. The bid price is the price for selling the base currency. The ask price is the price for which the base currency is sold.
While purchasing a currency the buyer has to pay an amount more than its original price. This increase in the price is thought to be the equivalent to the commission. No commission fee is charged for trading in the forex market. This is the hidden fee to the dealer or more correctly this is the profit of the dealer.
When taking the loss to gain ratio it is almost equivalent to 7:3. It is thus a highly risky affair. Majority of the moneymakers are the shrewd traders who operate from their houses. The majority of the looser category is the traders who are not bothered about the basics of the forex trading and who are the ones who are incapable of controlling their emotions.
The majority of the traders who gain money are those who are the ones who make accurate calculations and the ones who are more vigilant to the day-to-day happenings. The professional approach is the key to success of any forex trader. The majority of the winners are the ones who crave for perfection in their deals and the ones who are tireless at their work.
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