Forex trading results cause controversy
I’m going to share some of my forex strategies for maximum profit. This is a tough business to be in and knowing exactly what you’re doing can help you get more profits, in less invested time. If you follow my advice, you’ll do much better.
1. Don’t Diversify
The idea of diversifying your finances is such broad, over generalized, mainstream advice. It’s not real advice to follow. The rich don’t diversify. The idea of diversifying is throwing you money into a bunch of different baskets and by the law of averages, some will do good and others will fail. What a strategy! I suggest you find out what is working and put your money in that. Take care of your money, get it out if it’s no longer profitable and put it where there is money to be made. This is how you make money. Remember, you’re here not to make money, not try to invest and break even like the rest of the world.
2. Follow the Pareto principle
The 80-20 rule is a great rule to apply to your daily tasks. You’re going to have a process develop for trading and making money in this business, but you’re going that just 20% of what you do will yield you your 80% of profit. That means all the other stuff really gets you nothing. Just stick with that small 20% that makes you a lot of money.
3. Forex Killer Software
This is a great software package that all traders should have. It is always important to have something watching the markets at all times looking for profitable trades. If that is not happening than you’re wasting your time.
Also you can see the video related to forex strategy
forextradingseminar.com A begginer Forex trading student with no previous trading experience shares results that cause disbelief among “professional” traders.
Here some answer the question about forex strategy
Is there a Forex strategy computer game? If yes, please provide details. Thanks?
About Author
Forex Killer is the best tool you can get to increase your profit margins and decrease the amount of time you have to watch over trades. It is definitely a smart move.
For more information on the Forex Killer software, check out Forex Charting Software.
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May 9th, 2009 at 11:02 pm
Take a year to learn as much as you can and then go very slowly. Anyone that suggests to you that there is a simple way to invest in FX that "works" is either not telling the truth or is ignorant.
Keep in mind that 95% of all new traders lose most of their money in the first 3 months of trading FX. Surely the success rate would be higher if there were any "formulas" that really worked.
May 9th, 2009 at 11:13 pm
Asking people for a simple Forex strategy is like asking people if they have a simple method for playing poker that will allow you to win playing poker experts. There is no simple Forex strategy that works.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game using a "simple" strategy.
Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap . com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you.
I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
May 10th, 2009 at 3:42 pm
A great forex system means you need to constantly have high probability trades. You also need to be concerned with the currency pairs in real time. Hopefully this blog can help. http://www.whatisforextrading.com Remember, no system will be full proof, so be cautios about the claims some trading systems make.
May 10th, 2009 at 4:25 pm
Forex futures trading is a fluctuating (exciting) game, but these are some currency trades I'm watching right now:
- USD / JPY
- AUD / USD
- USD / CAD
- EUR / JPY
- GBP / JPY
- EUR / GBP
For some reason (call it a strategy if you want) I'm watching GBP / JPY. EUR / JPY too has seems to be showing some interesting movements…. but I don't want to give anyone any ideas. Mine your data, use the right tools, and work fast.
The futures market is about speed (and profit). Factor in historical currency trends and the nature of the global political landscape. That's the best strategy in forex futures trading.
May 11th, 2009 at 10:47 am
May 11th, 2009 at 12:38 pm
http://www.FXCM.com
http://www.babypips.com/
Here is a couple good videos to watch,
http://www.forex.com/forex-seminars-developing-listen.html
http://www.forex.com/forex-seminars-developing2-listen.html
Here is a squido site for fxbootcamp that has several good video, if youll take the time to watch these you can learn a lot.
http://www.squidoo.com/fxbootcamp/
I like Oanda for a starting broker because you can trade with as little as 1 cent a pip on the line, of course youll only be making 1 cent a pip. then as you improve you can step it up a penny or a dime or what ever.
The only bad thing about them is 50:1 leverage and there spread gets very wide during news times.
I also agree with babypips good site.
a short but very good ebook
http://www.robbooker.com/books/Strategy10.pdf
Here is a good site to learn about the indicators. Just look all over it.
http://www.investopedia.com/university/movingaverage/default.asp
Use Oanda as a demo account. It doesn't expire so you will have as long as you need to practice.
http://fxgame.oanda.com
check out this guy: http://www.robbooker.com/
May 12th, 2009 at 8:48 pm
May 13th, 2009 at 3:55 am
Candlesticks are the best indicators in the world. They're good for candlestick formation, elliot wave formation, and trend-line breakout. By mastering these 3 things, you should be able to break-even in Forex. To really make money though, you'll have to master money management.