Hot Tips for Successful Online Forex Trading – Part 2
In the first article in this series, I passed on several tips to help you become a successful trader. Some of them are from my personal experience as a trader and a trainer, and some of them are online forex trading truisms. But a trader cannot succeed on tips alone. You need a well-developed online forex trading system that works for you. With a good system in place, and the discipline to follow it, you can use these tips to keep you on the road to trading success. Let`s start where we left off in the last article.
12. Don`t worry about missing out on an opportunity to trade. There will always be another good one just around the corner. If the trade you are considering doesn`t meet all your entry signals but it seems to good to pass up, remember, you`re never going to run out of trades you can make.
13. Don`t get too confident. No one can predict the market with 100% accuracy. You need to always expect the unexpected. If you become uneasy, or the market becomes choppy, exit your trades.
14. Don`t turn three losing trades in a row into six. When you`re off, turn off the screen, do something else. Often the best way to break a streak of consecutive loses is to not trade for a day.
15. But, don`t stop your online forex trading when you`re on a winning streak.
16. Measure your success by the profit made in a day, not on a trade. It`s even better to measure it over two or three days. A successful trader`s goal is to make money, not to win on every trade.
17. Scalpers reduce the number of variables affecting market risk by being in a position only for a few seconds. Day traders reduce market risk by being in trades for minutes. If you convert a scalp or day trade into a position trade, you probably didn`t analyze the risks of the trade properly.
18. There is no secret to understanding the market. You can spend much of your valuable time and money looking for these kinds of secrets. It`s better to take the time to create a solid online forex trading system, and realize that the secret to success is hard work.
19. Never ask for someone else`s opinion, they probably didn`t do as much homework as you did anyways.
20. When the market is going up, say it out loud. When the market is going down, say that out loud too. You`ll be amazed at how hard it is to say what is going on right in front of you when you want it the market to be doing something else.
21. If you were bored and started drumming your fingers while you read these tips you may share a couple of characteristics with other traders. You may have traded long enough to recognize that you (not the market) make mistakes, and you try to overcome them.
And last, but not least. If you wanted to check the market while you were reading this article, you have become a trader, and you will be happiest when you are taking part in the market. No matter where life takes you, you will always check the market and you will always be a trader. These tips, and a good online forex trading system, will help you be a successful one.
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Here some answer the question about online forex
Where can i find the BEST forex offer online?
Forex trading is the fastest growing market in the world. I have been training on demo accounts for morethan 2 months. But with so many brokers, i do not know where to open my real account very soon. I want a broker that offers clients a A LOT! So, where can i find the BEST forex offer online?
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July 19th, 2009 at 10:07 pm
The good thing about forex trading is that you can learn it risk free. Yes, risk free! All you need to do is open a demo account with any forex broker. You can do that in five minutes on the internet and start with forex trading. On the demo account, you will be provided with real time data that you can use to make buy/sell decisions but you will be using fake or virtual money. Since you are not using your real money, you are not going to lose even a single cent.
If you want to play tennis you need to practice. Same with forex trading, with a practice of a few weeks you will be confidant enough to start live trading.
The sites you can refer for forex trading tips, recommendations, news and updates are:
July 19th, 2009 at 10:43 pm
1. Open a demo account.
2. Practise on it for a month or two.
3. Get thoroughly acquainted with the platform, system and methods.
4. Try different demo acounts with forex companies online.
5. After you've trained with your demo account, move on to a real account for live trading.
6. Choose a good broker (eg InterbankFX) supporting the Meta Trader platform. Ask for one that offers a good leverage. It's your key to profiting from the forex markets.
July 20th, 2009 at 1:01 am
Oanda allows you to trade a number of what they call "exotic" currencies including the USD/CNY. The last time I checked though the spread was fairly high.
Good luck.
Paul Upp
July 19th, 2009 at 9:59 pm
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Doug
July 19th, 2009 at 11:24 pm
IF you need FAST FREE REFERRALS check out my videos
July 20th, 2009 at 8:51 am
July 20th, 2009 at 10:10 am
Wouldn't it be great to have one broker that does it all?
But a stock broker doesn't have a license to trade commodities, and vice versa.
And wouldn't it be great if you could afford the best in the business, the most advanced technologically, on the cutting edge of online trading?
TerraNova is such a broker. Now you can have your cake and eat it too, and trade anything you wish from one broker, albeit, not from one account. Obviously, the laws cannot be broken. Their subsidiary, or is it parent company, Townsend Electronics, is the one that electronified and digitized the NASDAQ, and I believe they're getting ready to do the American Stock Exchange next.
You'll be amazed at their trading software. I've been using RealTick for over a year, and still haven't learned how to use all of the features.
It's all really incredible. I am just a Day Trader in index futures, and have no association with any of these companies, and have nothing to gain by applauding them; they simply deserve the applause, and you should take the opportunity to check them out.
July 20th, 2009 at 6:17 am
of course you can make a $1000 a day post videos on you know alot of people will watch it, and might buy it, but why do you say it free knowing people have to pay, so this is BS
July 20th, 2009 at 3:56 pm
I really liked your channel and this video. If you need any help getting this video exposed I use a site called tubeviews.(net) It has really helped like 20 of my main videos get to the top in position.
There is software im using to send atleast 30,000 text message a day advertising my online business…it is amazing. I think they have free demos to try as well.
autotextsender.(c0m) and autotextmailer.(c0m)
Nice.
July 21st, 2009 at 5:10 am
Danny B gave you a good advice. Besides that you can read review on that broker to know what traders have been experiencing with them. You can check for reviews on the following places:
http://www.forexpeacearmy.com/public/review/www.etoro.com
http://www.forextopten.com/forex-broker.html
July 21st, 2009 at 2:01 am
I really liked your channel and this video. If you need any help getting this video exposed I use a site called tubeviews (dot) net It has really helped like 20 of my main videos get to the top in position.
There is software im using to send atleast 30,000 text message a day advertising my online business…it is amazing. I think they have free demos to try as well.
autotextsender (dot) com and autotextmailer (dot) com
Have you heard of this program that actually send thousands of text m
July 22nd, 2009 at 7:58 am
THIS IS THE MAIL I RECEIVED A FEW DAYS BACK, TRY IT, ALL THE BEST
Dear Kalra,
Thank you for your recent request for information on FOREX.com. I'm pleased to provide more details on opening an account and looking forward to servicing your Forex needs.
Getting started couldn't be easier.
Complete Application
You can apply online or click here to download an account application. Many clients find the online application the most convenient method of setting up their account.
Once your account is processed, you simply need to fund and you can get started trading right away.
There are several options for funding your account:
Credit Card – the fastest and most convenient way
Wire Transfer
Bank or Cashier's Check
Personal or Business Check
Should you have any additional questions, please do not hesitate to contact me at (646) 649-8810 or jdash@forex.com. I'm looking forward to having you trade with FOREX.com.
Sincerely,
John Dash
July 22nd, 2009 at 2:39 pm
Ultimately, you can check with the Securities and Exchange Commission: http://sec.gov/
I use FXDD and they're for real.
If you already have a futures broker, you can also trade Currency Futures. I also trade the Forex, but I get better fills on the futures.
Actually, I trade the Forex through PermiereTrade software, and most of their customers (over 1,000 on the Message Board) trade through FXDD. But I can choose any broker.
If you don't already have charting software and a data feed, this may well be what you should be concentrating on. Of the legitimate brokers, they're all pretty much the same, if the spreads are comparable. You shouldn't pay over 2 or 3 pip spread on the majors, definately something to ask about.
On the futures, you pay a commission, rather than a spread difference, and they are in points, rather than pips. The currency futures are just like any other commodity. I use a very professional charting and trading platform called RealTick, through TerraNovaOnline; state-of-the-art stuff, technically oriented. TerraNova is the home of the Day Trader. I can trade currency futures for $11 roundtrip, which is not possible on the Forex. I pay $200/month for RealTick, but I think you can get their Investor package for free, which is RealTick just sized down to one screen. I use five 21" monitors. But Investor would be a good starting point. Check out their free trial offer.
http://terranovaonline.com/
Here is PremiereTrade's website:
http://www.premieretradeai.com/index.php
The great thing about PremiereTrade is their Message Boards and their Live Trader Commentary, and the ability to speak with their traders at any time. Keeping you informed is their business, and this is real unusual. They do not tell you when to trade, the software does that, but you are always informed; a definate plus.
Other Forex sites:
http://www.dailyfx.com/
http://www.forexnews.com/
Here's a good Forex educational site:
http://www.babypips.com/forex-school/market-hours.html
And here's another legitimate broker, this one international:
http://www.gftforex.com/land/index.asp?aid=500
July 22nd, 2009 at 11:55 am
Nice Video. Check out TubeViews (dotnet) If you need your video exposed, It has really helped me a bunch. Be blessed!
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