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[FOREX TRADING]
Forex Trading: Cutting Thru The Smoke And Mirrors by John Eather “What is forex trading and how can I make money doing it?” You may have asked this question before, but getting a straight answer is easier said than done. The purpose of this article is to cut through any misconceptions and provide you with a clear and systematic way to turn a profit. By following these essential guidelines, you will assure your trades are consistent, savvy and successful! 1. Trade in Pairs, Not with Currencies – It is similar to any relationship in day to day world. You need to know both the sides. Success or failure in this currency market depends on knowledge of both the currencies, not only one. 2. Do Your Homework! (Fx Trading History) – Before you begin trading, make sure to learn the basics of the forex market. Forex trading is heavily affected by global news, both real and perceived. Knowing how to discern between the two only reinforces your success. 3. Trading for small profits: Many a times new traders place very tight orders in order to take small profits. This is not a good approach as one may get profits in the short term but he is surely risking his earning for the long term. Because with tight trades it is not possible for you to recover the big difference between the bid and ask price. 4. Fail to Plan, Plan to Fail! (Strategies) – A well defined strategy is one of the greatest “secrets” of the forex trading market. There are hundreds of profit making strategies to choose from. While most traders prefer a fundamental trade analysys, take the time to research a few and find one that you feel most comfortable with. 5. Business, Never Personal! (Stay Level Headed) – Forex trading, as with most business ventures, is a rational endeavor. If you are experiencing outside stresses or pressures unrelated to forex trading, you should consider taking that day off. Your pockets will thank you. 6. Technical analysis do work: Do not ignore the power of technical analysis as it has a good tool to give you buy or sell signals. You get the clue about the market whether it is over extended, long or short. You get the idea about it through the technical analysis. 7. Confidence makes it easy: If you have lost some good sum in the initial trading practice then it weakens your confidence despite different signals provided by the software. So do not enter in this business until and unless you are master with the basics. This is all about afx trading secrets a. You will enjoy the trading once you start getting profit. About the Author: Be sure you check out John Eather’s excellent free ecourse and reports about Online Forex Trading. Get the most recent info on the most up-to-date automated trading systems available on the market today. Go to MoneyMakingFxTrader.com to learn more.
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http://blog.eforexs.com Start Trading With A Litte As $ 1, Signup Join @ Facebook (Forex Trading Group)
[FOREX TRADING]