What You Need To Know About FOREX Trading You are not alone. As our economy has weakened considerably and the stock market has seemed to have lost its liquidity, an increasing number of people all over the world are becoming more curious about FOREX trading. There are many different reasons why. Let's explore some of them: • • •
In times of economic recession, FOREX has proven to be a more stable investment as it is based on worldwide economic trends, and not a trend within a particular economic market. With the proper strategies and correct approach to training, FOREX trader can earn considerable profits in a short period of time. FOREX is based on currency, not “theoretical money on paper,” and because it is used internationally and more often than anything else, there is always considerable movement and more predictable trends.
With this in mind, it only takes one false move, one bad decision, or one unforeseen trend which can cause a FOREX trader to a significant amount of money. In order to become a successful trader, you must be sure to trade intelligently and deliberately, not rushing into anything you are not familiar with, and backing up your trade decisions with up-to-date, relevant knowledge. Because all of the trades and exchanges in the FOREX market occur and manifest themselves in an instant, even the the most seasoned of traders and even bankers are challenged daily in making the best, well-informed trades. Every single trade a FOREX trader considers should only be executed after carefully considering all of the factors and trends which directly effect the Return On Investment(ROI). In the past, before the heyday of the internet, only the world’s largest financial institutions were permitted to trade openly in the FOREX market. Things have changed remarkably since the inception of the internet. If you have an internet connection, you are now able and permitted to try your hand at FOREX trading. Most people who are actively involved in FOREX trading are in it because the market at this time unusually liquid – even in a recessed economy. If you were to ask an experienced, seasoned trader, they would probably tell you that it is relatively easy to participate in the FOREX market – but, if you're a novice just getting your feet wet in FOREX, it can be extremely confusing, nerve racking, as there are many things you need to consider before you even get started. According to the most reliable statistics, it is said that most new traders lose their initial investment in the FOREX market, due to improper research, lack of knowledge, or plain impatience, in general. The remaining 10% is apparently still split into two parts: • •
5% are the “break even” traders 5% are traders maintain continuously, profitable results
Why are 90% of all FOREX traders unsuccessful, you may ask? Try these reasons on for size: • • •
Beginners ' Discouragement Lack Of Education about FOREX Not Devoting Time To Understand Trends In FOREX
• • • • •
Risking Too Much Capital Too Early On Giving Up After Bad Judgements Not Fully Understanding or Ignoring Risks in FOREX Fear and/or Greed Late Entry
As you can see, the percentages of successful FOREX traders is indeed much smaller than unsuccessful traders. There are many factors which cause this, but, because of this fact, many people are still somewhat timid to get started in the FOREX market. In fact, how many people do you know that actually trade in FOREX? If any, I'm sure the number would be quite small. If you want to get involved in FOREX trading because you would like to make great profits, FOREX is indeed the best place for you. But be warned – as a trader, it is your job to successfully manipulate the odds consistently, earning money in the process, improving these odds through your understanding and continuously developing expertise in the market. I cannot stress this enough, and let's face it – education is absolutely essential and vital to your success FOREX. FOREX does not lend itself to “hands-on” training, nor does it allow for hurried, undisciplined decisions. It is, therefore, of utmost importance that you possess the necessary knowledge concerning the market, its trends, and fluctuations – every detail you can absorb as completely as possible serves as a lifeline and an insurance to your investment. While FOREX is not a “hands-on” system as I mentioned before, the learning process is always on a continuum – that is, with every trade, your attentiveness should be at its highest level, as every tansaction – whether it be successful or unsuccessful – is a learning experience in itself. As you progress in FOREX, this selfeducating aspect becomes gradually more evident as you analyze every aspect and condition of each trade you involve yourself in. An experienced trader has his/her unique strategy and/or trading system – not copying that of other mentors, teachers, or experts. Any mentoring or training you receive should certainly be a framework for you to adapt and build your strategy on with your own creative twists – creativity and uniqueness is what sets apart the successful traders from the “quitters.” It is also important to realize the various rules and guidelines which apply to FOREX trading – if you approach the FOREX market in a nonchalant, indifferent manner, it will soon be evident that FOREX is not the place for you. This point is key: The only way for you to succeed in FOREX and continuously rake in above-average profits is to adhere to your particular trading system and strategies to a “T.” An unwavering and dedicated system will take you a long way. In time, you will develop your own system, many times after only a few trades, and ONLY after proper understanding and education of the FOREX Market. Besides having your own trading system and strategies, you need to develop your awareness and analysis of the erratic price behavior of the FOREX market. Due to many factors we will discuss later, prices tend to change rather quickly – preparation and education in this area must be maintained at all times. Unexpected trends and changes in the FOREX market can occur at anytime, and it is completely natural – preparation for these instances are absolutely necessary as well. It is important to understand that psychological issues such as fear in local economies or consumer doubt, influence the buying and selling habits in FOREX. At any given time during a trade, all traders are not necessarily at their zenith of rational thinking at the time of the transaction – learning how to take advantage of this aspect of FOREX is an important part of building a successful, effective strategy. In knowing and realizing such things, you can easily and intelligently decide when enter or get out of a trade.
A disciplined mind is also essential, as managing your money in an intelligent manner will insure success in the future. Your trading account must be adequately funded at all times, and never at any time should you enter into any transaction, without any background of the trade or the adequate funds to do so. Now that you know a little more about FOREX trading in this quick overview, do you feel it is now the time that you take action and get involved in the FOREX market? As with any other investments, there are undoubtedly several risky factors – if you can handle them, and remain comfortable, the potential for you to earn huge profits and attain rapid, future success in the FOREX Market.
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