THINK PERCENTAGES AND MONEY MANAGEMENT - best forex trading books amazon

THINK PERCENTAGES AND MONEY MANAGEMENT ~ best forex trading books amazon

This was the Email Response I got from the $236 video challenge and I loved it so much that I had to share it!

People dont realize that its not how much you have in your account that determines success. Whether you win or lose, its all based on percentages. Its still the same percentage of the account gained or lost on an account with $100 as it is with $10,000 or even $1,000,000. 5% gained is $5 on the $100, $500 on the $10,000 and $50,000 on the $1,000,000. The actual returns, money wise is different.. but the percentage gained is the same. People who say success isnt possible with a small account, dont know their percentages well.

You can successfully grow a very small account with proper knowledge and discipline. In fact, its smarter to start with a small live account until you can trade with discipline and confidence; that way you dont lose as much initially. A small live account is training grounds to build a larger account.

Whats the point in adding funds to your account if you cant build the little you have in your account already?? If youre losing and not gaining consistently.. putting more funds into your account is just going to ensure that you lose more! It is the consistency of applying a good strategy, not the account balance that gives a trader the advantage.Hopefully traders understand the value of thinking percentages, instead of account balances.

If you think in percentages, you also understand the value of money management so much better.

For example, if a trader loses 50% of their account, it requires a 100% gain (double!) to get to break even. Whereas, a 25% loss requires only a 30% gain (a mere 5% over the loss) to break even.

A good trading system combined with strict disciple, and good money management will lead to success for any trader, no matter what their account size!
HAPPY TRADING!!!

Thanks Steve!!!
LOVED IT!!!!!!!!!!!!!!!!(^_^)!

More info for THINK PERCENTAGES AND MONEY MANAGEMENT ~ best forex trading books amazon:

Read more

What is Forex - all about forex trading book review

What is Forex ~ all about forex trading book review

Forex is short for Foreign Exchange, they took the for in Foreign and the ex from Exchange to created the word forex. Forex is a place to exchange one currency for another. The Forex market is larger than all of the other stock and futures and commodity market of the world combined. According to the Bank for International Settlements, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion.

The Forex market, unlike other markets is an OTC (over the counter market) and has no physical location, which means that the entire forex market is run electronically. It is available 24hours a day Sunday evening to Friday afternoon EST. With a computer, a little capital, and a high speed connection, almost anyone can become a forex trader.

What is the lure of Forex? Lots of actions, and quick gains. It is a fast pace, exciting environment that can keep you glued to the computer monitor for hours.

New World Currency Video New World Currency

As a retail trader the odds are stacked against you, due to limited capital, market manipulation, and just lack of information.

You need to be aware that 90% of all first time traders lose all of their capital.

There are reasons for this:

Lack of information; The stuff given to you by your broker will eventually get you killed, if you dont understand how to properly use it. They only give you enough information to make you confident enough to get your tail handed to you. Get on youtube, where real traders are making videos that can help you better understand what is going on. Or other sites like this one that are made by real traders who want to give something back. You must invest in your own education, otherwise you will be just another sheep to the slaughter.

Over extending on too little capital, is one of the biggest mistakes new traders make. You start a $ 50, 000 practice account where you are trading full lots, then you open an account with $2,000-$5,000 and you continue trading full lots. It is a recipe for suicide. On that little capital, you should only trade mini-lots.

Broker trading against clients. Many broker trade against their customers stacking the odds heavily against their customers for big paydays.

Never add to losing positions thinking that the market will turn around in your favor and you are going to get a windfall. 99% of the time that is a false expectation that will break you real fast!

Happy Trading!!!

If you need me you can write me at:


TradersFriend@yahoo.com




This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.




More info for What is Forex ~ all about forex trading book review:

Read more

Guest Traders Syndicate - must read forex trading books

Guest Traders Syndicate ~ must read forex trading books

ADVICE:

Hi, Gypsy here.... 8^)

Most of us who are successful traders went broke at one time or another; but if youre still trading, chances are, you have learned the valuable lesson of money management. One thing I want to point out that is just as important and goes hand in hand with money management is over trading!!!!!

Even if you have the best money management skills, and over trade chances are, youre still going to end up as broke as the day you were born....as time goes on....I will share more with this blog..for now institute good Money Management and dont Over Trading your account.. Have a wonderful evening, and good luck in your trades......

Strategy:

For the beginner day traders out there. One of my favorite most basic trades is when the market has an extreme move, it will almost always drift back towards the pivot point as we get near the end of the day.

For example, if the market rallies big, around 10:30 -12:30 Ill short the SP selling usually an hour before the close. Rarely the last 45 minutes as we almost never trade the last 45 minutes or the first 30 minutes of any session.
Crude O.

Advice:

Create a game plan and act accordingly. Preserve wealth, drill and rehearse on your demo account. Find a better way to trade, through continual education. Under no circumstances do you ever truly give up FOREX. If you need help, find it! There are advisers out there who are willing to help you be successful. NEVER GIVE UP!!!!!! NEVER SURRENDER!!!! REST IF YOU MUST!!!!!! PRACTICE DRILL AND REHEARSE ON A DEMO, BUT DONT QUIT!!!!!!!!!!
Micheal C.


Free e-mail trading course:
http://www.ino.com/info/447/CD4033/&dp=0&l=0&campaignid=6



YOU CAN BE SUCCESSFUL AT FOREX!!!!!!

This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.
More info for Guest Traders Syndicate ~ must read forex trading books:

Read more

7 Reasons To Start Trading On The Forex Currency Market - learn forex trading charts

7 Reasons To Start Trading On The Forex Currency Market ~ learn forex trading charts

If you have time or money, there are lots of ways to earn additional income like from active involvement in multi-level marketing, website development, property investment, residential construction security, etc. Trading in Forex (foreign exchange) is also another way of making that extra income.

In the Forex currency market, you have the flexibility of trading from any location (home, hotel, etc.) and at any time as long as you have a laptop and internet connection for your portable computer.

There are no specific requirements or experience necessary in this particular online income generating trading business. Just by attending a Forex training course should be adequate enough for you commence trading in Forex. Why trade in Forex?

Below are 7 reasons why people should trade in Forex:

1. Forex trading offers monetary leverage. Meaning that you can trade with a low capital outlay to control a large currency position. You can trade a standard of $100,000 currency lot by investing with a small capital of only $1000. However, some Forex brokerage firms permit even less that that by giving you up to 200 times the leverage. That is, with only $100 capital outlay you can control a 200,000 unit currency position.

2. Online Forex trading has low transaction charges even though if you have a mini account or trade in small volumes.

3. Forex market transparency is an advantage since there are no hidden figures. You get what you see and thus there is no unexpected surprise. Therefore, it enables you to manage your risk and you can execute your order within seconds if you want to stop further losses in a particular trade.

4. You can trade by buying or selling in the Forex market in either direction, i.e. when it is going up or down.

5. Flexible time is one of the advantages in Forex trading. The Forex market never shuts as it is an incessant electronic currency exchange taking place globally. Since it is worldwide, involving in diversity of currencies of various nations that float their currencies in the world Forex market, it operates 24 hours daily, allowing you to enter or exit a trade whenever you like. In this regards, you can trade whenever you have the free time and as long as there is an internet available anywhere.

6. As you accumulate your personal experience you can earn you extra income by profiting from this sort of online trading in foreign currency. If you trade smartly with the use of technical analyzing tools, you can profit from a trade by predicting the outcome of a trade based on observing the changing trend of a currency which normally repeatedly shows up in predictable cycles.

7. There is unlimited earning potential when you participate in Forex trading for it has a daily trading volume in excess of 1.5 trillion. That makes it the largest financial market worldwide when compared with the equity and futures markets of 50 billion and 30 billion respectively.

More info for 7 Reasons To Start Trading On The Forex Currency Market ~ learn forex trading charts:

Read more

Discipline - books on forex trading for beginners pdf

Discipline ~ books on forex trading for beginners pdf

What makes forex trading so hard????????? Is it Fibonacci, MACD, Elliott Wave, EMAs, Stochastic, or a host of other indicators???????

No, if it is not that, what is it? As traders we watch every webinar, read every available trading book, go to every seminar and attend expensive classes. We know all of the rules, so why is it that so many of us fail as traders?

I think the number one reason we fail as traders is lack of discipline.

If you are like me; you want price to hurry up and get there, so you can put in your trade.....Sound familiar?????

The market is always slower or faster than you want. Sometimes you wait for hours for the right set-up, get a phone call or go make a sandwich and by the time you get back to your screen your big move is all over. Then you know you will have to wait for a while before the next good set-up comes along.



I remember one day, Id waited about two hours for price to hit the mornings resistance and I got distracted somehow. When I got back to the computer, I had missed my much anticipated scalping opportunity. You may as well have put me in a straight jacket. I was so angry I could have chewed nails. I was to upset to trade the rest of the day, so I was out.

As a person who was born Type A, I still struggle with waiting, so I had to make some changes in my overall approach to my trading and I want to share somethings that I hope will help you.

#1. Write it down. Always come to your platform with a written plan. You are a business professional in a very competitive market, so it behooves you to have a game plan. Your completion is ready. This is not flag football; it is full frontal tackle. Suit up and be ready to play!

#2. Follow your game plan!!!!!!! It helps to tame some of those nail biting emotions that you are likely to encounter when the market begin to fluctuate.

#3. Stay out of the market, unless you have identified a clear trend. SOMETIMES THERE IS NO TRADE!!!!!!!!!!!!!!!



This one is connected to the same thought as in #2, but it is important enough for a line of its own: RETRACEMENTS WILL GIVE YOU THE ILLUSION THAT YOU HAVE MISSED OUT, OR THAT YOU ARE ON THE WRONG SIDE OF THE TRADE. Having a clear game plan will help you not to panic so when you see price hiccups and retraces. Every price hiccup is not a loss. Remember that price never moves straight up or down. It bounces all day long, that is why you have to identify the major trend. You can read more about that at my blog:
http://tradersbud.blogspot.com/2009/09/trend-lines.html.

#4. Dont try to trade distracted! Come to your platform with a clear head, if you do not, you will leave with your butt thoroughly handed to you.

Here a a few tidbits that I hope will help even further.

Identify the longer term trend, and then use a shorter time frame for a good entry in the direction of the trend. This may take some time, but in order to enjoy success as a trader, it is essential that you learn to wait. You dont have to sit in front of your screen all day, but you do have to wait for a good set up. If you trade longer term charts four hours or more, this is easier, because you can come and go checking the chart at intervals.

Find your support and resistance levels. Many times I just used my high and low from the previous day, or week or month depending on my trading and profit objective. You may want to use pivot points, and you should be able to get those from your broker on your trading platform.

You want to buy around your previous support level, with a proper confirmation, and sell around your previous resistance level with a proper confirmation. If you dont get a confirmation, DO NOT BUY/SELL!!!! You want to trade when the odds are mostly in your favor!!!!!!!!!!

Know your reversal signals!!!! Know your reversal signals!!! Know your reversal signals!!!!

If you use an MA it often time will confirm a change of a trend. This tool confirms best in a trending market

After a loss take a break. Revenge trading often kills new traders. If you take a loss, especially a big one, your confidence has been shaken. Step away, CLEAR YOUR HEAD, review your game plan, refine it if you need to. After you have worked through your emotions, come back fresh and ready to trade. The emotional train-wreck of a big loss, compromises you and you can not see things as clearly or objectively.

Stay out of consolidation/deliberation (when price is in a tight trading range) on a short term time frame. There is a time for the market to rest, you need to rest with it. You are not a fortune teller, you are a trader, allow the market to show you which direction it is going to move in.

Oh this is a biggie. LETTING YOUR WINNING TRADES RUN AND CUTTING YOUR LOSSES SHORT. If you have had trades that started out as winners and ended up as losers , it can chips away at your confidence, often causing you to close your winning trades as soon as they come into profit. On the other hand you will allow your losing trades to run wild, hoping, waiting and praying for a reversal, instead of cutting the legs off of that diseased monster.

Staying in losing trades for extended periods of time cost you not only potential capital, but it also keeps you from entering other profitable trades.

A properly placed SL (stop loss) is your Friend and will help you save your capital. There are traders who trade without SLs. I would advise you to use SLs on your practice accounts often so that you get comfortable with them. There will be times that you will miss it, there is no need to punish yourself by going broke. You missed it, suck it up and move on.

If you were a trader who once lost money to the market, you can change to become an informed profitable trader. You are no longer that scared trader who was always losing and it is time to develop and approach the market with a whole new confidence!

If your confidence has been shaken, use your practice account a lot. Look for trade set-ups on the short and long side of the trade and rebuild your confidence. When you start trading your live account again, then start off small with smaller margins.

Lastly, LEARN TO WAIT FOR PROPER SET-UPS AND NEVER STOP LEARNING!!!!!!! Patience and knowledge will be your best friends in the market!!!!

Happy trading My Friends!!



Get 10 Trading Lessons FREE Click Here

Forex Aussie Analysis See Video NOW

This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.


Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.
More info for Discipline ~ books on forex trading for beginners pdf:

Read more

7 Profit Multiplying Trading Strategies Of Successful Traders - forex trading monthly charts

7 Profit Multiplying Trading Strategies Of Successful Traders ~ forex trading monthly charts

Would you like to see your trading profits multiply? Are you struggling to squeeze out small profits and reduce losing trades? Here are some tips to help you make better decisions each and every time you trade.

One of the first and foremost strategies of the successful trader is actually having a strategy in the first place! Many new investors mistakenly make decisions based on one day of trading or the release of just one economic indicator report. The more successful traders develop a long-term strategy for their investments and trade only when certain criteria are met. Traders who go back and forth from one strategy to another are sabotaging their chances for success. These erratic changes make it much more difficult to analyze which strategy works and when.

To boost profits, you must employ careful research and long-term planning. Just because the strategy is long-term does not mean you cannot participate in day trading or swing trading. The long-term strategy means developing investment goals and making sure that each trade adheres to these goals. You will also want to develop specific criteria for your trades. Use historical prices as a starting point in developing when you will buy and sell. Write down your entry and exit strategies. Then stick to them at all times and track your results. Lastly, modify the plan as needed to produce the greatest percentage of winning trades as possible.

Successful traders analyze the level of risk that they are willing to assume and their trading strategies are built around this risk level. Evaluate your individual financial needs. A 25-year-old male is much more likely to be willing to assume a higher level of risk than a 40-year-old female with two children to support. Determining the level of risk you are willing to undertake will keep you focused when developing your trading plan.

Research is another power tool in the successful stock trader’s arsenal. These traders utilize stock charts, press releases, news articles, and other sources to detect trends in various industries as well as to make individual stock predictions. They also do not make their trading decisions based on biases. Make sure that you are relying on solid financials, from a reputable source.

Successful investors stay smart by being aware of the trading scams that abound on the net. From bogus stock purchase programs to promises of doubling or triple didgit returns, there are always dishonest people willing to use the allure of huge profits against you. Don’t get scammed out of your hard-earned money. Make sure to avoid any site selling or relating to high yield investment plans, or ”HYIP” for short. If it seems too good to be true, it most likely is.

Finally, understand and being able to utilize current technologies that will help your bottom line in the trading game. New online software and systems can give your trading strategy a boost. If you refuse to learn how to use this technology and availability of information, you are undercutting the profits you stand to make. You could buy many trading courses and still be ahead if you found just one that enables you to multiply your profits and become a successful trader. Keep in mind that the ones that don’t work for you will most likely have a money back guarantee.

Lastly, making investment decisions based on emotions is one of the poorest decisions a trader can make. Don’t let the emotions surrounding a loss keep you out of the game. If you are truly interested in investing to make a profit, suspending your emotions and making fact-based trading decisions that follow along with your set trading plan. If you don’t stick to your plan, then how can you determine whether it was faulty and a new plan should be formed?

More info for 7 Profit Multiplying Trading Strategies Of Successful Traders ~ forex trading monthly charts:

Read more

A FOREX TRADERS LIFE - best forex trading audio books

A FOREX TRADERS LIFE ~ best forex trading audio books

THE DISCIPLINED FOREX TRADER

THE UNDISCIPLINED FOREX TRADE

ANY QUESTIONS????????

More info for A FOREX TRADERS LIFE ~ best forex trading audio books:

Read more

CONFIDENCE ! - forex trading learning books

CONFIDENCE ! ~ forex trading learning books

Confidence, is a key ingredient in successful trading.

What do you need confidence in????? You need confident in your ability, and you need confidence in your strategy.

But I have gotten it wrong so much.

So what I went broke, it is ok. You can do this!!!! (^_^)

How do I start to rebuild??????

You start by taking a deep breathe, taking a break and investing in more education.

I have already gotten education till my head is going to fall off, and I still cant get it right. I JUST WANT TO QUIT!

That is exactly why you need to take a break, if you quit now, you will miss out on how good it feels to win.

Let me explain something, the market will give you plenty of opportunities to make profit. Every trader has losing trades. The successful traders have more winning trades. You just have to learn to take trades that are going to put the odds in your favor. You only have to win most of the times. If you lose, the market is generous and will give you another chance to try again

Trust me, you can do this. Part of your biggest challenge is overcoming the feeling of hopelessness that comes from the idea that you have failed.

YOU HAVE NOT FAILED, you didnt meet your goal, but it is ok. You just discovered how not to do things, and now you are ready to learn a better way (SMILE). I know it is hard now, but if you hang in here with me, I assure you that it will be ok.

Do you still have money in your account?

Yes, but it is just a little.......

Great, leave it alone. I want you to open up a demo or practice account, and practice on it.

I already did that 2 months before I opened my real account.

I went broke two times and almost three, so trust me here. Even though I am very profitable now, I still open a practice account to practice new strategies.

I want you to go to your library and pick up Steve Nisons books:
Beyond Candlesticks and/or Japanese Candlestick Charting Techniques.
Either book is a good place to start.

If you cant find it yet, go to my youtube channel and look at my favorites. I have uploaded lessons there on candlestick trading, it is a good place to start, but the books are better.

http://www.youtube.com/user/TRADERSFRIEND

Do you have an understanding of a lot of your indicators?

I understand them pretty well. I know you dont really use them, do I need to stop using them?

No, they are important for giving you an idea where price might go. Just dont over do it.

I want you to start where most traders should start and that is with the basics, it is so critical for traders to understand where price might reverse on them.

Yes, I can see now that is how I ended up with losing trades, because I would start out good many times and ended up losing and it would make me madder than hell.

We dont want you to be madder than hell, we want you to win at this game. Forex is a zero sum game, it has no mercy, winner take all. YOU CAN BE THAT WINNER!

Once you learn your patterns and understand more of the market psychology, then I want you to practice only on your demo account until you build your confidence back. Forex is like Poker, in that, it is a game where the ones with the confidence will go home with the pot!!!!!!!

I also want you to remind yourself often that you are not that same losing trader, and that you have grown. You have got to tell yourself that or those ghost (of your losing days) in your head will scare you to death. Those past fears will keep you out of good profitable trades which you end up kicking yourself for later.

Listen to me. YOU CAN GO LONG, YOU CAN GO SHORT!!! YOU ARE NOT JUST A BULL OR A BEAR, YOU ARE A CHAMELEON AND CAN CHANGE WHEN THE MARKET CHANGES!

YOU ARE NOT THAT SAME TRADER. YOU ARE BETTER AND MORE INFORMED. YOU CAN DO THIS!!!!!!!

Once you understand your reversal patterns, then you can combine them with what you already know. The practice on your demo account will only lend to your confidence.

When you are ready, you can start back on your real account; but make small short trades. Since you dont have much money left, trade mini if you can.

I only have a mini account.

Great, then we are in business!

Take small trades on reversal signals, but only in the direction of your trend. This will help your confidence, and help you realize that this game is not rocket science, though it can be tricky. YOU CAN DO THIS!!!

Finally come to your platform well rested, if you are fighting with your love, dont trade because a more well rested focused trader is going to take your money.

In order to trade successfully you must identify your trend, be able to read your chart, wait for proper market set-ups, recognize reversal patterns, have confidence in your ability to trade successfully and be focus. My dear Friend, never stop learning and growing the market is always teaching a new lesson

You know where to reach my if you have any questions and I will help you all that I can, I promise (^_^). It will be ok, we can do this together.

HANG IN THERE!


This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.
More info for CONFIDENCE ! ~ forex trading learning books:

Read more