Most forex traders lose and the reason they do, is they don’t understand the simple equation for forex trading success enclosed in this article. So learn it as part of your forex trading education and get on the road to currency trading success.
Here is the equation and we will discuss its significance in a moment.
Robust Logical System + Confidence in = Discipline to Apply = Forex Trading Success
Now that’s nice and simple - but most traders fail to understand it’s significance.
Of course, some traders simply get the wrong forex education, try and apply it and lose - here are some common beliefs of losing traders:
- Believing forex day trading or scalping works
- Believing prices move to a scientific formula
- Trying to predict forex prices in advance
- Trusting their money to a forex robot with a simulated, paper track record
Believe any of the above and you will lose at forex trading.
To win you must understand that having a logical robust forex trading system is not enough, you have to apply it with discipline.
This means you must have confidence in the logic, because you are going to have to apply it with discipline and remember - if you can’t apply your forex trading system with discipline, you don’t have a system!
Most traders hear about the word discipline but have no idea what it means and how important it is and it’s a hard trait to acquire.
You need to hold your discipline when your trading system is taking loss and after loss (this happens to even the best traders) and keep executing you’re trading system with discipline.
In a famous experiment, Richard Dennis taught a group of traders who had never traded before to trade and he did it in 14 days.
The trading system taught was basically simple (a long term breakout system) but Dennis didn’t just tell them to follow it blindly - he taught them to have confidence in the logic, so they would have the discipline to apply it.
The result was stunning - these traders made over $100 million dollars in just 4 years and went down as trading legends.
When Dennis taught the group, he knew the importance of mindset and sticking with a plan through short term losing periods, to make long term profits and you must to.
Discipline is not easy, but if you get the right forex trading education and have the right mindset, you can enjoy forex trading success and you will be doing what over 90% of traders fail to do.
The rewards in forex trading are huge and you can generate a great second or life changing income, you must however be prepared to take your losses to get your profits. All successful traders know this and you must to.
Mental + Risk & Money Management + Method = Success
Get the information, visit : http://betrastrade.blogspot.com/
Tuesday, June 22, 2010
Monday, June 21, 2010
Why Forex Trading is not Easy and How You Can Win if Your Learn This Fact
If you read a lot of the material online you would think forex trading is a walk in the park but the facts state that 95% of traders lose their Money. To find out if you have what it takes to succeed read on.
Let me first start with story which involves a group of ordinary people who were taught to trade in 14 days and then went on to make $100 million in 4 years.
The above was an experiment conducted by trading legend Richard Dennis. He wanted to prove anyone could win at trading and that traders were made not born and he did it in spectacular fashion.
Now how did this group become so successful and do it in 14 days?
What Dennis knew was that in trading - you CANNOT give someone success, success comes from within. Further explanation will make this clearer.
Dennis knew that he had a good system and it was very simple - but if he just told the traders to follow it they would lose - Why?
Because as soon as they hit a strong of losses, they would not have the confidence to keep executing the system and if you don’t have the discipline to execute a trading system, you don’t have one!
He therefore made them learn all about it and didn’t just ask them to follow blindly.
He showed them how it worked and why it worked, so they would confidence in it and have the discipline to trade through a losing period, until they hit a home run.
Contrast this with most of the people who start to trade forex. They tend to want to follow others and buy systems from vendors which are mostly junk - but even the few good ones out there; they can’t follow, because discipline breaks down.
Of course you need a sound logical method and to avoid all the myths perpetrated online, this is really only half the battle though, the other half is in your head - keeping emotions out and maintaining disciplined.
Many novice traders fall for the myth you can avoid losing periods or only have them now and again but any seasoned trader knows they can last for many weeks. Sure you can win, if you stay disciplined but this is hard, when the market is handing you loss, after loss and making you look a fool!
If you think discipline is easy, you haven’t traded! Its hard and discipline is really what separates the winners from the losers.
So the moral of this bit of forex education is - anyone can learn to trade (Richard Dennis proved this in spectacular fashion) but its not easy and you wouldn’t expect it to be, with the rewards on offer.
If however you understand the above and you are prepared to work smart, avoid the myths and get confidence in what you are doing, you will have the disciplined mindset to go and seek a great second, or even life changing income.
Forex trading is a challenge but the market doesn’t defeat the trader, the trader defeats himself.
So you can be a winner at forex trading if you want to and that’s great news for anyone who seeks currency trading success.
The package is Betras Swing Method. It works for me, it should work for you…
Get the information, visit : http://betrastrade.blogspot.com/
Wednesday, June 16, 2010
Forex Tutorial
Forex tutorial is the first thing that a beginner should look for before making real trades in the forex market. This is the most basic thing to do in order to succeed in forex otherwise; the chance of losing will be dominant. Forex training is an excellent foundation to learning everything about forex - how it works, how you can make money, and how to make real good trades. Without proper know-how about the inner workings of Forex, there is no way that you can prosper and make money from it. So, if you are serious about venturing in this lucrative market, be sure to get a good forex tutorial.
Through good forex training, a beginner can understand basic trading skills and strategies. More than that, he or she will be able to analyze forex currency trends and all other essential information. Getting a forex tutorial is important to anyone who wants to make it big in the forex trading world. However, the problem is finding the best forex training. With the many forex courses, tutorials, and forex classes offered out there, deciding which one can be a daunting task. So, it is a must that you take careful research on which forex tutorial will meet your needs and will provide you a solid ground in forex trading.
The fact that forex trading is a complex market; one needs a good forex tutorial to go about with real trading the most profitable way as possible. Forex market deals with real time and instant decisions are a must. This means that traders need to be armed with sheer knowledge and skill in order for him to make sound decisions and avoid losing massively. A forex training is not completely beneficial on its own. One’s eagerness to learn and intelligence play a great role in winning and earning in the forex trading market.
Most successful forex trader started from the basics of Forex Currency Trading. Anyone who wants to enter the world of forex must understand the ins and outs of the market. This is the key to profit and succeed in Forex. But how can you do this? Well, the answer is by taking a good forex tutorial. Get the best information on forex tutorial here. It is not easy to find excellent forex tutorial these days. This is the reason why we are here to provide you valuable information on the importance of learning forex basics thru tutorials. Get tips on how to choose a good forex tutorial and know what you can learn from them.
The package is Betras Swing Method. It works for me, it should work for you…
Get the information, visit : http://betrastrade.blogspot.com/
The Right Forex Education Really Pays Off
Currency trading can be a lot of fun and can make you a lot of money if you know what you are doing. Trading currencies is not only a nice alternative to stock investing, but it seems to be easier to learn and getting involved in. However, before your get into the forex market, you should seek out the best training possible.
While some people leap into FX currencies before they learn to crawl, you will make the most money by learning as much as you can before you take the real-world plunge. This training is the foundation to your success and will propel you forward into unlimited possibilities.
People are making a lot of money trading currencies. It is exciting to watch your investments grow as the currency values shift in your favor. However, it can also be an emotional rollercoaster ride when the currencies start fluctuating. Learning to managing your emotions is one of the keys to successful trading. This is something that all successful traders have in common.
Currency trading can be described as an activity in which people from different countries trade on the value of money. Each country’s currency has a different monetary value on the world market. As these values are influenced by world economics, the exchange rate also changes. If you are a trader, these differences can either make you money or cause you to lose money.
It is important to learn as much as possible before you trade real money. Start by searching the Internet on the subject of forex trading. You will find many websites devoted to teaching you all of the basics. Some are free to join while others may require a small fee.
Libraries and local colleges are also solid sources of information. Many community colleges have financial curriculums offering forex courses. Unlike the library that provides free sources of information, learning the forex market under the training of an instructor gives more advantages to learn the dynamics much faster such as Q &A and hands on training.
You forex training should cover all the basics of currency investing. This means learning the dynamics of the markets and how they change as well as what influences those changes. A good course should also teach you all the tools and strategies used by successful traders so you can manage risks properly. This involves learning how charts and signals work as well as the fundamentals of using these tools for maximum profits.
A good forex education should provide you with a demo account that you can use to practice on. Demo accounts are great for giving you experience in the real world of trading without using real money. Additionally, these types of account will teach you the basics of how to open a forex account. Once you are confident in your ability to trade, go live with real money. Start slowly and build up over time.
by Franks Nieves
Apply Knowledge When Taking Part In A Forex Trading
Taking a Forex trading course and what is involved are simple steps that can be taken to master strategies and methods in which a person can benefit and practice to build their trading business. Trading can be challenging, but any person can pick up the skills required to be successful, even though they were not born knowing how to trade.
As long as a person is willing to open a brokerage account and put up an investment of 100 dollars, the market of forex trading is open to anyone. Getting the education of trading will provide basic knowledge that will enable one to begin. When a new trader learns what should not be done in the markets, it will help prevent situations that could be detrimental to a growing career.
At the same time, training will give useful advice on what one should do, including practicing patience, studying, being humble and keep away from gambling. Those who take a trading course will grow in ways they never thought possible. Forex can be rewarding and exciting as well as materially enriching. Having power such as this takes some time to achieve, but it will happen for anyone desiring such advantages.
Even though many have little or no interest in currencies of different kinds, it is almost inevitable that the value of the U. S. Dollar will be a topic of conversation among certain groups of people. Chances are, many have participated in trading currencies without realizing it when one visits another country and has to trade their money in order to spend within the country they are occupying.
The Forex market is just another name for the currency market and is defined as being the comparisons of one money value to another currency value in different areas of the world. When traveling, one has to exchange their currency for another, making them traders already. They are also aiding in the quote creations that are provided through the media every day. International trading that banks are involved in are just the same as the trading that is done when a tourist exchanges their currency for another.
Reading price quotes in Forex trading will be one of the many important things one will learn by taking a course. Trading can only be successful when done in pairs or two different currencies. One currency cannot be funded by the use of the same currency. It must be different in order to be considered a trade. A successful trade will result in the creation of a Forex quote.
There are various types of currencies, which a student will be versed on in a trading course. When one learns how to read values, this information will be used to aid in their success. These values will change from time to time, depending upon the economic environment and government policies of a country. The art of detecting such factors will help considerably when trading.
Monies are divided into four classifications or categories. These include Commodity Currencies, Reserve Currencies, Exporter Currencies as well as High Risk, High Deficit and High Yield Currencies. Currencies from Turkey, Europe Brazil, Russia, Canada, China, Japan and South Africa are those in which both small and large traders take interest in. In taking a trading course, one will be able to decipher the differences in monies from various places.
Wise choices made when trading will be of the utmost importance and will have the best outcome by one who has taken a Forex trading course. Success and failure cannot be measured the same across the board. It will vary from person to person and whatever works for one should be the very route one should take. For some, who do not benefit by using certain formulas in trading, it would be best to stay away from those particular methods.
Some trader might choose to just become a mechanical trader that trades using only one very effective and reliable method with a strict discipline on the risk and money management. Even so, it is imperative for a mechanical trader to trade with sound basic knowledge in Forex. Those knowledge must be learnt and applied throught the trade activities. Decision making process for any trader should always have a concrete foundation in forex knowledge.
The package is Betras Swing Method. It works for me, it should work for you…
Get the information, visit : http://betrastrade.blogspot.com/
Tuesday, June 15, 2010
Prince of the Pit - Richard Dennis
Richard J. Dennis, a commodities speculator once known as the "Prince of the Pit,"[1] was born in Chicago, in January, 1949. In the early 1970s, he borrowed $1,600 and reportedly made $200 million in about ten years. When a futures trading fund under his management incurred significant losses in the stock market crash of 1987 he retired from trading for several years.[2] He has been active in Democratic and Libertarian political causes, most notably in campaigns against drug prohibition.[3]
He became an order runner on the trading floor of the Chicago Mercantile Exchange at age 17. A few years later, he began trading for his own account at the Mid-America Commodities Exchange, an entry-level floor where "mini" contracts were traded. To circumvent a rule requiring traders to be at least twenty-one years of age, he worked as his own runner, and hired his father, who traded in his stead in the pit.
Dennis earned a bachelor's degree in philosophy from DePaul University, then accepted a scholarship for graduate study in philosophy at Tulane University, but then changed his mind, and returned to trading. He borrowed $1,600 from his family, which after spending $1,200 on a seat at the Mid-American Exchage left him $400 in trading capital. In 1970 his trading increased this to $3,000, which he described as "compared to $400 ... a real grubstake", and in 1973 his capital was over $100,000. He made a profit of $500,000 trading soybeans in 1974, and by the end of that year was a millionaire, just short of twenty-six years of age.
Dennis profited, as he bought successively new weekly and monthly highs in the trending inflationary markets of the 1970s, an era of repeated crop failures and the "Great Russian Grain Robbery" of 1972, when agents of the Soviet Union secretly purchased 30% of the U.S. wheat crop in the space of a few weeks. This set the stage for solid, sustained price trends in both directions for the next several years, a period in which "anyone with a simple trend-following method and a dart board could make a million dollars".[1][4]
In contrast to the vast majority of floor traders, who quickly scalped trades throughout a trading day, Dennis held positions for longer periods — riding out short term fluctuations and holding over the intermediate term. Dennis often pyramided his positions. In the late 1970s he bought a full membership at the more expensive Chicago Board of Trade and opened an office upstairs in order to trade more markets.
Dennis believed that successful trading could be taught. To settle a debate on that point with William Eckhardt, a friend and fellow trader, Dennis recruited and trained 21 men and 2 women,[5] in two groups, one from December 1983, and the other from December 1984. Dennis trained this, known as Turtles, for only two weeks about a simple trend-following system, trading a range of commodities, currencies and bond markets, buying when prices increased above their recent range, and selling when they fell below their recent range. They were taught to cut position size during losing periods and to pyramid aggressively - up to a third or a half of total exposure, although only 24% of total capital would be exposed at any one time. This type of trading system will generate losses in periods when the market is rangebound, often for months at a time, and profits during large market moves. Then he gave each of them a million dollars of his own money to manage. When his experiment ended five years later, his Turtles reportedly had earned an aggregate profit of $175 million.[6] The exact system taught to the Turtles by Dennis has been published in at least two books and can be back-tested to check its performance in recent years. The result of such back-test shows a drastic drop in performance after 1986, and even a flat performance from 1996 to 2009[7]. However, a number of turtles (eg. Jerry Parker of Chesapeake Capital, Liz Cheval of EMC, Paul Rabar) began and continued careers as successful commodity trading managers, using techniques similar but not identical to the Turtle System.
Dennis managed pools of capital for others in the markets for a while, but withdrew from such management in the spring of 1988 after his clients suffered heavy losses. In the Black Monday stock market crash of 1987, he reportedly lost $10 million,[8] with a total of $50 million reportedly lost in 1987-88.[2] In 1990 his firm settled investor complaints of his failure to follow his own rules, for over $2.5 million, without admitting or denying any wrongdoing.[9] He also managed funds for some time in the mid and late 1990s, closing these operations after losses in the summer of 2000.
Dennis has published op-ed articles in The New York Times, The Wall Street Journal, and the Chicago Tribune. He is the president of the Dennis Trading Group Inc. and the vice-chairman of C&D Commodities, a former chairman of the advisory board of the Drug Policy Alliance, and a member of the Board of Directors of the Cato Institute.
Reference : http://en.wikipedia.org/wiki/Richard_Dennis
Can you really get rich in FOREX Trading..?
Can you get rich in forex trading? Yes you can, anyone has the potential to learn to be a trader - it’s a learned skill but 95% of traders lose, so what do they do wrong and what do the elite 5% who win do right? The forex trading advice enclosed will give you the answer and the answer may well surprise you.
Let me start with a well known story which shows anyone has the potential to be a winner at forex trading:
In the 1980’s trading legend Richard Dennis set out to prove that anyone could be a winning trader and trading was a learned skill. So he got a group of people who had never traded before and taught them in 14 days. He then set them off to trade and the rest is history. They made Dennis over $100 million dollars in 4 years and went onto become trading legends.
So if it’s that easy how come everyone doesn’t win? Well first you need the right education - but you need something more which Dennis understood and you need to as well.
The trading method taught was simple ( essentially a long term breakout strategy with strict money management ) but Dennis knew it would be hard to follow it so he taught them everything about it, to have confidence in it and execute it with rigid discipline through long periods of losses to achieve long term success.
The missing link for most traders is discipline - they hear the word but have no idea of what it really entails.
Executing a system with discipline is tough when you take losses for weeks on end ( don’t believe all the rubbish you read on the net about little or no drawdown, it happens to ALL traders - even the great ones and can last weeks or months )
What you have to do is stick on your path and eventually, if your system is sound you will hit the big profits.
You will only ever acquire discipline if you know your system, how and why it works and why it will win.
Today most people buy junk forex robots off the net which lose, which goes with the forex trading is easy tag, put about by vendors who have never traded in their lives. As a trader that insults my industry, forex trading is easy to learn making money is harder, and you would expect it to be with the rewards on offer.
Of course, you can win and make even a life changing income, maybe not as much as the group Dennis taught but you have the opportunity and success is open to all, if they understand that their on their own and responsible for their destiny.
Dennis knew this and his students succeeded with a simple trading system, they believed in could have confidence in and could trade with discipline.
So the forex advice I would give you is:
Forex trading is a challenge, understand it’s not easy, but you can do it ( anyone can ) if you have the right mindset, right forex education and the discipline to pursue your goal.
Sure it’s a challenge but it’s an exciting one and its one where you can enjoy currency trading success if you put your mind to it.
Let me start with a well known story which shows anyone has the potential to be a winner at forex trading:
In the 1980’s trading legend Richard Dennis set out to prove that anyone could be a winning trader and trading was a learned skill. So he got a group of people who had never traded before and taught them in 14 days. He then set them off to trade and the rest is history. They made Dennis over $100 million dollars in 4 years and went onto become trading legends.
So if it’s that easy how come everyone doesn’t win? Well first you need the right education - but you need something more which Dennis understood and you need to as well.
The trading method taught was simple ( essentially a long term breakout strategy with strict money management ) but Dennis knew it would be hard to follow it so he taught them everything about it, to have confidence in it and execute it with rigid discipline through long periods of losses to achieve long term success.
The missing link for most traders is discipline - they hear the word but have no idea of what it really entails.
Executing a system with discipline is tough when you take losses for weeks on end ( don’t believe all the rubbish you read on the net about little or no drawdown, it happens to ALL traders - even the great ones and can last weeks or months )
What you have to do is stick on your path and eventually, if your system is sound you will hit the big profits.
You will only ever acquire discipline if you know your system, how and why it works and why it will win.
Today most people buy junk forex robots off the net which lose, which goes with the forex trading is easy tag, put about by vendors who have never traded in their lives. As a trader that insults my industry, forex trading is easy to learn making money is harder, and you would expect it to be with the rewards on offer.
Of course, you can win and make even a life changing income, maybe not as much as the group Dennis taught but you have the opportunity and success is open to all, if they understand that their on their own and responsible for their destiny.
Dennis knew this and his students succeeded with a simple trading system, they believed in could have confidence in and could trade with discipline.
So the forex advice I would give you is:
Forex trading is a challenge, understand it’s not easy, but you can do it ( anyone can ) if you have the right mindset, right forex education and the discipline to pursue your goal.
Sure it’s a challenge but it’s an exciting one and its one where you can enjoy currency trading success if you put your mind to it.
The package is Betras Swing Method. It works for me, it should work for you…
Get the information, visit : http://betrastrade.blogspot.com/
Monday, June 14, 2010
Forex Trading Education - Novice to Pro Trader in 2 Weeks Here’s How to Do it
Let’s look at the story first and it will make you think.
Novice to Pro Millionaire Traders in 2 Weeks!
Richard Dennis was a famous trader who set out to prove that anyone could learn to trade and he set about proving it in 2 weeks.
He got a group of people together, who had never traded before and they were a diverse group. They ranged from an actor, to a security guard SO, just ordinary Joe’s. he taught them to trade in 14 days, gave them money and trading accounts and they rewarded him - by making $100 million in just 4 years!
Now this might strike you as a bit of a paradox, as 95% of forex traders lose!
The reason is not because they can’t learn, it’s because they learn the wrong information, want to follow others, or have the wrong mindset.
Today how many traders start trading without really understanding how markets work? - The bulk of them.
You Need Confidence and Discipline to Win
Most traders want to follow forex robots that haven’t even been traded, or follow a guru or mentor. Their lazy and wont take responsibility for their actions and lose.
Taking Control of Your Destiny
Dennis knew that he could give them the system - but he knew they would get nowhere with it, unless they understood it and had confidence in it.
Only if they understood it and had confidence would they have the discipline to follow it, through losing periods until they hit a home run.
You Don’t Need to Work Hard You Need to Work Smart!
If you want to learn to trade forex and win you don’t need to work hard, you need to work smart.
That means a few weeks study - forget all the rubbish said about you have to keep learning - you don’t!
Once you have your system, your then down to 30 minutes a day work and that’s it.
You Don’t Need to be Clever to Win Either
In forex trading there is no correlation between how much effort you put in and how much money you make - you get rewarded for being right and that’s it.
The next point to keep in mind is you don’t need to be clever.
The simpler a system is, the more robust it will be and the more likely it is to be successful.
The group Dennis taught were given a simple, long term trend following system, based on breakouts and this is always a good place for any novice to start.
Base your forex trading system on breakout methodology and focus on the long term trends. We have written on how to put together a system based on this methodology in our other articles so look them up.
Forget complicated systems they break and you need to keep it simple just a few rules and parameters is all you need.
The Hard Part!
The hard part as we said earlier is being disciplined. It sounds easy - but it’s not, as you have to keep on track while the market hands you losses and makes you look a fool and it’s hard even for experienced traders sometimes.
If you have built your system, understand how and why it works, discipline will be easier for you to achieve.
Now I am not saying you will get as rich as the group Dennis taught - but the opportunity is there, for anyone to learn forex trading and become a winner.
Sure it a challenge and sure you have to accept success sits on your shoulders but if you want success, the door is open for you.
Remember the market doesn’t beat the trader, the trader beats himself.
So have confidence and a burning desire to succeed and you can enjoy currency trading success.
The package is Betras Swing Method. It works for me, it should work for you…
Get the information, visit : http://betrastrade.blogspot.com/
Forex Trading Information - Facts All Novice Traders Need to Know
1. Forex Trading is Not Easy!
Before you start trading, you should be aware that 95% of traders lose. There are lots of vendors telling you that you will get rich with no effort but that’s not true in real life and certainly not true in Forex trading. You can win but first let’s look at the method most traders use when seeking Forex Profits and it’s the subject our next fact:
2. Forex Robots and Expert Advisors all Lose Money
Many traders think they will win by following a cheap robot or Forex Expert Advisor and they all lose their money. hese trading systems make grand claims but have no results that are verified to back up the claims. If every one could get rich by paying hundred dollars or so a lot more traders would win and they don’t.
3. You Have to Work Hard or Be Clever to Win at Forex
Hard work does not guarantee profits and neither does being clever. Forex trading is essentially simple and you don’t get rewarded for effort, you get rewarded for being right with your trading signal and that’s it.
4. Simple Systems are Best
This leads on from the above fact and it’s true. If you make your trading system to complicated it will simply have too many elements to break, simple systems are more robust and more profitable.
5. Money Management is the Key to Success
Most novice traders lose because they over leverage their accounts and don’t pay attention to equity preservation. To win at Forex you must have robust money management that protects your equity at all costs.
6. Discipline
Most traders can’t trade with discipline because they follow other traders systems and have no confidence when they start to lose or they simply can’t take losing, because it hurts their ego and their emotions get involved. If you can’t follow a trading system with discipline you don’t have one!
7. Anyone Can Trade and Anyone Can Win
Forex trading is a learned skill, if you take time to get the right Forex education and mindset, there is no reason you can’t make a great second or even life changing income.
To win at Forex trading, requires you get the right Forex trading information and get confidence in what you are doing. When you have done this, you will have the mindset to trade with discipline and will be on the road to long term currency trading success.
The package is Betras Swing Method. It works for me, it should work for you…
Novice Traders - Points To Ponder
Just wanna share a few important points with all novice traders like myself. I found it really helpful in fact.
It’s a fact 95% of Forex traders lose money trading and while anyone can learn to trade and make great profits, the novice trader makes a fatal mistake which is enclosed and should be part of any novice traders Forex education…
Forex trading is different in terms of the skills you need to make money in Forex to the skills you need in everyday life. Some explanation will make this clearer.
Let’s look at the fatal mistakes novice traders make.
1. Consulting an Expert Will Bring You Success
Most people who claim to be experts are not. You have seen them, the $100 buck robots and sure fire courses, offering you an income with no effort and guess what? They all fail.
In normal life we are taught to consult an expert, to fix your car or a burst pipe and they can give you a guaranteed result. This is not so in Forex, as your not dealing with certainties and mathematical formulas. In Forex you deal with the odds and your best off to get the right Forex education and do it on your own.
2. Hard Work will Give you a Reward
This is actually good news!
You can learn Forex trading in a few weeks and soon be making big profits but for this you work smart not hard. Avoid the myths, and making huge effort and expecting a result that may work in a 9 - 5 job but not Forex. Simply learn the right way and cut your work load. All you need is a simple system and the mindset to succeed which is covered in the next point.
3. Being Clever is an Advantage
A huge myth you would think the best group of traders had a background in mathematics or something else complex but the most successful group are actually ex poker players! Why?
Because they know that a simple plan, playing the odds is the way to win which leads me onto the next point. Simple systems work best and always have and that a fact, make a system to complicated and it will have too many elements to break.
4. Mindset is More important than Method
Yes it is! - Because you have to apply any method with discipline and even the best Forex trading system, will fail unless you do. Most traders cannot trade through periods of losses and keep them small, all systems have them and you must get through them.
You don’t just get discipline though without effort, it’s based on education and confidence in what you have learned. If you want to win, you need to stay on track through losing periods until you hit a home run.
If you can’t trade your system with discipline you don’t have a system! Trading discipline is the big variable between success and failure.
The Real Way to Make Big Gains and You Can Do It!
Forex trading success is open to all but many try and apply the wrong logic as we have seen and you will lose.
If you want to win all you need to do is get the right Forex education and have the discipline to apply what you have learned. It sounds simple and it is - but most traders simply won’t do it. They don’t get the right education and or they are simply lazy and want to follow others.
If you understand the message of this article, you can win and generate a great second or even life changing income.
The package is Betras Swing Method. It works for me, it should work for you…
Get the information, visit : http://betrastrade.blogspot.com/
My Story
I am not an expert in Forex trading. I can tell you that. I started practicing trading Forex using dummy account from two famous Forex brokers using just one indicator given to me by a very sincere friend who have shed me some light on how to trade in Forex online. Being an amateur, the indicator was quite a good one actually and it does help me a lot in predicting the market fluctuation. During my trading using the dummy account, I doubled my equity in just three days, amazingly remarkable indeed, but then, lost it in the week after, sigh.
Then I started again training myself as well as trying to understand the Forex market fluctuation attitude. I started changing pairs in attempt to find a few performing pairs to trade, of course I didn’t actually know what is backtesting back then. Then, I started to develop my own style and tried to establish my own so called “Trading Plan”. It was a very simple one really; no stop loss and no take profit. Whenever the market jump on high (bull) or low (bear), I get onboard and of course, the volume of lots put was based on what I believe will maximize my profit without calculating the risk. Risk management was absolutely next to nonexistent. You can see how nasty it was trading without knowledge. I never knew how to trade base on any whatsoever technical analysis. Fibonacci, RSI etc was so alien to me and it still is until now. I have no formal training in whatsoever way to actually trade in the Forex market as it does to any other traders. One indicator and that’s it.
Even so, I started my real live trading exactly in December 2009 with a very modest capital of USD500.00. To be very frank, I lost all of my money in less than 1 week. The emotional and psychological state at that time is unexplainable. Depression hit me and I finally know the reality of Forex trading. But the lost didn’t stop me from keep on finding a better way to trade. Bear in mind I have no knowledge in doing any of the technical analysis stuff. I put in more equity to my account, and this time I put in USD1,000.00. Using the same indicator and a few changes on the “Trading Plan” I started to trade again. Giving myself full commitment of 24 hours of my time to trade, I lost all of that equity in just two weeks. Whoa..!!!
At that time, I realize that I have no other choice but to learn and upgrade. I then went to see my friend, the one who gave me the indicator, trying to seek some advice on the issue. To my surprise, he actually has developed a complete package for Forex trader that covers all of the things any Forex trader ever needed. This is great..!!
He then explained to me on what actually any trader need to trade. Three things he said, Mental, Money Management and Method. Hmmm… Very interesting indeed..
I started to use his package in February 2010, and the result was amazing. That month my trade achieved a stunning 73% winning rate trading with two pairs. I maintained the same pairs on the subsequent month with a winning rate of 67%. Using the method he developed, I managed to do a real and reliable backtesting to track good performance pairs. By the end of May, my winning rate dropped to 33%, I believe it was due to the Greece debt crisis, but even so, the overall equity is still positive. In June, I started to trade 5 high performance pairs and to date the winning rate is still at 85% with 2000 accumulated pips.. Not bad for someone who doesn’t even know how to do basic technical analysis I would say…
Me, an expert Forex trader, nah… But now, I trade with accurately calculated risk, I have a trading log that tracks all of my trades, doing backtesting is ultimately more reliable than ever, trading is never so confident, and above all, I can now actually trade with a peace of mind…
The package is Betras Swing Method. It works for me, it should work for you…
Get the information, visit : http://betrastrade.blogspot.com/
And that friend is none other than Mr.Romzan Miskon… Thank you my friend…
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