samuel23

1. Learn the basics of Forex trading. It's amazing how many people simply don't know what they're doing. In order to compete at the highest level in the trading business and be one of the few truly successful participants you must be well-educated about what you are doing. This does not mean having a degree from a well-respected university - the market doesn't care where you were educated. 2. Forex trading is a zero sum game. For every long there is also a short. If 80% of the traders are on the long side, then the remaining 20% are on the short side. This means further that the shorts must be well capitalized and are considered to be strong hands. The 80%, who are holding much smaller positions per trader, are considered to be weaker hands who will be forced to liquidate those longs on any sudden turn in prices. 3. Nobody is bigger than the market. 4. The challenge is not to be the market, but to read the market. Riding the wave is much more rewarding than being hit by it. 5. Trade with the trends, rather than trying to pick tops and bottoms. 6. Trying to pick tops and bottoms is another common fx trading mistake. If you're going to trade tops and bottoms, at least wait until the price action actually confirms that a top or a bottom has been formed before you take a position in the market. Trying to pin-point tops and bottoms in the foreign exchange market is very risky, but exercising a little patience and waiting for a proven top or bottom to form can increase your odds of profiting and somewhat reduce your risk. 7. There are at least three types of markets: up trending, range bound, and down. Have different trading strategies for each. 8. Standing aside is a position. 9. In uptrends, buy the dips; in downtrends, sell bounces. 10. In a Bull market, never sell a dull market, in Bear market, never buy a dull market. 11. Up market and down market patterns are ALWAYS present, merely one is more dominant. In an up market, for example, it is very easy to take sell signal after sell signal, only to be stopped out time and again. Select trades with the trend. 12. A buy signal that fails is a sell signal. A sell signal that fails is a buy signal. 13. Let profits run, cut losses short.

I just hope the following tips can be some help for you: Trade pairs, not currencies — Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one. Knowledge is Power — When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments. The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility. Unambitious trading — Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit and this is much more difficult when you make small trades than when you make larger ones. Over-cautious trading — Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you don't place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade. Independence — If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you either of these two things: Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period); Seek advice from too many sources — multiple input will only result in multiple losses. Take a position, ride with it and then analyse the outcome — by yourself, for yourself. Tiny margins — Margin trading is one of the biggest advantages in trading forex as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders as it can appeal to the greed factor that destroys many forex traders. The best guideline is to increase your leverage in line with your experience and success.

Indeed dear, this is something really amazing and one should know about it to make sure the profits is around when trading forex. Hope this can be useful to others. Thanks for your comments.

Indeed Obsidian, to make this a profession it will surely takes a lot of time but nothing is impossible :haha:. We need a very good knowledge of forex and also always use fundamental and technical analysis in order to improve our trade. Hopefully somedy we will all become an expert traders, with big profits

Maybe you find the market quite difficult to manage gosu. I do understand you mate as this forex is not something easy to learn. However, i would not even encourage you to trade forex if you think that this is something not for you. I just hope that you limited time make you earn a little in forex.

We can learn many thing in this Thread. So much tips and ideas that we have shared along each other and so many discussion and debates. I just hope that we all can benefit from it.

Ya guys. I agree that forex is something not easy as not all traders can find success in this market. However, to become an expert trader we should be devoted in what we are doing and maybe then we will find success ahead. Anyway i just hope that this can be of some help :haha:

Forex trading has the great potential of becoming a profitable and fulfilling career that will let you have a lifestyle that few other lucrative activities in the world can offer to people from many roads in life and without asking any of those men and women for a diploma or some special certification. But Forex trading is not easy; it may be simple to enter and place your first trade but becoming a profitable trader is a different thing. You will need to acquire the right knowledge and techniques in order to understand and know when to enter or leave a trade always fulfilling the main objective every trader must have; making money. There are two kinds of analysis you can perform on the Forex markets. They are known as technical analysis and fundamental analysis. It is common that traders tend to divide themselves into "technical" and "fundamentalists". Each group devoting themselves to the main tools each kind of analysis gives them.

Nice to share these video andy, seems really good. I guess that we can trade well without indicators. It good you put that here so that we can learn from it and it can help others as well. If you have any other suggestions or ideas like this, you can share it here and we can all benefit from them.:haha:

Wow guys, i can see that you are very interested in your Forex Trading. Anyway that really good as i can see that you share really good information and nice comments about forex. Based on your comments i can see that you gave great tips and this will be really helpful to all of us. however, let stay cool and progress wonderfully in our trades guys. Thanks a lot :haha:

Good say mate, it will surely takes a lot of time to be an expert trader. But if you are devoted i can say that you will someday find your goal. Am trading forex for quite a time now and everyday am leaning something new and i dont know whether my learning will stop one day in this field. I presume that it the same for you as well or you are already an expert trader Sometime you are disappointed with Forex as it is not always the same. Here each day is different

Great to have such good advice here guys, i have read your post and seems really interesting. I will therefore apply it and see the outcome in my trade. I just want to thank you as you given good and precise information about your way of trading and also some disadvantages regarding Indicator. I will try to follow your instructions and see how it goes. if ever you have anything else to add or share, please do so as i will surely update my Threads as soon as i see more infos and new thing concerning forex. It can be of great help for us and other as for the moment i am happy to learn what you have share with me. Thanks again

No sorry, i do not have grip about these stategies. However, i have myself learn it from my reading about forex and i wanted to share it here as maybe there will be some interested who can elaborate more about the Indicator Forex Stategies.:missy: I have make some researches about necessary tools that can enhance our trade. I have tried some of the tips and advices about Forex and this is quite helping me at the moment. I will welcome if there is other interested to join in this Thread and start sharing their knowledge so that we can be able to learn more about forex and use it in our daily trade. Hope to see more comments in the near future. Thanks

Thanks a lot as i have got many good advice from traders here. I will implement it and try to make my level best in forex as it was something not easy for me. I can see that many people is making forex their second work now and some is completely devoted in it and this is their way of earning money. Do you think it is reliable?

That great guys, many thanks for your comments and ideas. I have read all of them and i can say that all of you have different style of trading Forex. However, i have share these tips as it is helpful to me and i usually use this style to trade on daily basis. I wanted to see whether we have some similarities in trading forex and also i wanted to share it as maybe it can help some of you. Some of you did not agree with it and i can understand as you might trade differently. I just wish that we can share other thing as many here have the potential in Forex.

Thanks a lot Ayush, i have gone through the link you gave me concerning Technical analysis. It really helps Ayush. I will therefore study that and try to go ahead in my daily trading:missy: Wish you guys a happy trading and hope you earn big.

Hi mate, hope these tips help you: Trade pairs, not currencies — Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one. Knowledge is Power — When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments. The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility. Unambitious trading — Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit and this is much more difficult when you make small trades than when you make larger ones. Over-cautious trading — Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you don't place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade. Tiny margins — Margin trading is one of the biggest advantages in trading forex as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders as it can appeal to the greed factor that destroys many forex traders. The best guideline is to increase your leverage in line with your experience and success. No strategy — The aim of making money is not a trading strategy. A strategy is your map for how you plan to make money. Your strategy details the approach you are going to take, which currencies you are going to trade and how you will manage your risk. Without a strategy, you may become one of the 90% of new traders that lose their money.

Hey Obsidian, this is really funny. I totally agree with the thumbnail. Wow we always do like this and am sure for expert traders also it should be the same. Anyway i wish all of you a happy trading. Thanks for your comments )

Forex, FX and the Forex market are some common abbreviations for the Foreign Exchange market. Actually it is the largest financial market in the world, where money is sold and bought freely. In its present condition the Forex market was launched in the seventies, when free exchange rates were introduced, and only the participants of the market determine the price of one currency against the other proceeding from demand and supply. As far as the freedom from any external control and free competition are concerned, the Forex market is a perfect market. With a daily turnover of over trillions of dollars, the Foreign Exchange market conducts more than three times the aggregate amount volume of the United States Equity and Treasury markets combined. The Forex market is an over-the-counter market where buyers and sellers conduct foreign exchange business using different means of communication. Unlike other financial markets, the Forex market has no physical location or central exchange. Since the Forex market lacks a physical exchange, the market trades continuously on a 24-hour basis, moving from one time zone to the next, across each of the world's major financial centers every day. Trillions of dollars of foreign exchange activity takes place every day. From 1997 to the end of 2000, daily forex trading volume surged approximately from US$5 billion to US$1.5 trillion and more (according to various recent studies it has touched $1.7 trillion per day and dwarfs all other markets for trading in size and volume). It is really difficult, if not impossible; to determine an absolutely exact number because trading is not centralized on an exchange. But one thing is for sure that the Forex market continues to grow at a phenomenal rate.

Hi guys, tell me how you use technical analysis in forex market and quite confused with it. I did some reading in concern to that but still got some doubt. If ever you have some examples to share it will be great. Thanks in advance. waiting for your reply guys )

Thanks a lot guys. These have been really helpful to me. However, i am used trading with EUR/USD and sometimes i want a different challenge. Wha will you guys recommend me, shall i trade with it only or should i try a different stock. If you have any advice this will help me a lot.:helloooo:

wow... thanks a lot guys, i really appreciate your help as i did not know how to use it. I will check all the links and advice that you gave me and try to make the best of it. Thanks a million and if ever i need your help i will come back as i am really satisfied. :haha:

Many traders can't (or don't) take the small losses. They often stick with a loser until it really hurts, then take the loss. This is an undisciplined approach...a trader needs to develop and stick with a system.

Thanks a lot guys, i will apply all the good things you tell me in my day to day trading. Hope all of you get good profits in forex.

Market knowledge and ability to understand analysis will only get you so far in forex trading, but without the nerve to actively compete risking your own money in the process you can never become a successful trader. Wagering huge volumes of money in a market as susceptible to change is liable to cause a whole range of opposing emotions; fear, excitement and anxiety just to name a few. Battling against your emotions in order to complete a successful deal is one of the major hurdles, which must be overcome if you are to become a trader able to close huge deals and earn vast sums of money. If you can overcome or even use these emotions to make trades on the Forex then a successful career may be beckoning, but failure to do so will almost certainly cost you a substantial amount of money and end any lingering desires to progress in the busy world of exchange rate trading.