The Myth Why 95% Fail In Forex

A quick search on the internet in websites, magazines or forums might let you come to a conclusion that there are a lot of people out there who are making a lot of money from the forex market.

This is mainly due to the fact that there are a lot of traders out there that brag about their profits but they fail to tell people about their losses.

 In fact, merely five percent of all traders actually make money. Most people will be able to make money from forex trading but turning it into a consistent source of income is totally a different story.

Forex trading should never be a way of making a regular income and acquiring a financial freedom. It is a very risky business and that is why you must always have a safer source of income.

One might wonder if 95 percent of traders are not capable of making regular income, what is stopping them.

 Well, unlike the forex experts who shell out their entire dedication towards trading and trade on a large scale, most of the novices take it as a part time business, and therefore, do not pay a full focus to it.

A small-time investor will find it difficult to focus on the forex market because they would probably be exhausted from working 8 hours a day.

 This is probably why they fail in forex trading. To be a pro in forex trading and make consistent profit, one will need to have years of experience and practice.

It certainly will strain you and probably disappoint your family, but if you want to earn some money out of this business, you will have to give your 100%.

Is there anything you can do if you cannot afford the time for it?

Another popular myth regarding this industry is that if you are not an expert, stay away.

The truth however, is that you have to practice in order to become an expert but the practice should not be at the cost of money.

Always seek help and advice in order to get the right direction of the move. It is advisable to build a good connection with your broker as well a completing some seminar or course about it.

The idea here is to go all out and take any help that is required to minimize your losses, at the same time, teach you the basics of forex trading.

Being extra careful in your trading will make you money in forex even though it is a very risky trading option.

Try not to treat it lightly; but learn with patience so that you develop a safe way of trading. This may take you years but this will be much better than losing all of your money.

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Learn Forex Trading- Useful Forex Trading Forums

Where Should We Look?

The internet is like an endless space of information nowadays. We can basically find information on almost about anything that we are interested in.

Having said that, it can also be difficult to find information that is accurate. As for trhe topic of Forex trading, there will be tons of information.

Be it from forex brokers, traders or even those who are selling their forex systems.

You see, Forex trading is a hot topic or niche and there are a lot of internet marketers who are looking to make big bucks out of newbie traders who don not have a clue about forex trading.

I know this because I was in this position before. In total, I bought 4 forex products  from Clickbank and guess what? I requested the refund for all of them.

There are juts too much BS (excuse my language) out there that is cheating the money out of innocence people who are genuinely looking for a proper way to trade forex.

Forex Trading Forums Are Useful

This is where forex trading forums will be extra useful. With forex trading forums, you will be able to see what other traders like you are discussing about.

If you are interested in a certain forex product, you could see if there are any discussions about that particular product.

This way, you will have a better idea on how well that product is received out there in the market.

You could do the same thing with Forex Brokers. Don't know which one to choose? Do a bit of research in forex trading forums to get a clearer picture.

With these forums, you could save yourself some money and time too.

So, which forums should you look at?

Here are 3 forums that I use often

Forex Factory

Forex Peacearmy

Forex-TSD

If you have any sort of doubts or question you have in your mind about a forex product, broker or even trading method, you could visit these forums to look for more information.

Happy trading!!!!

Cheers.....

Want To Learn Forex Trading? CLICK HERE To Get a 21 Video Forex Training Course Start your Forex journey with JustFXTrading!

Get The Freedom You Always Dream Of!


Happy Trading!!!

Daily Forex Report- 9th April 2013

I will be posting daily forex forecast that I receive from my Forex Broker, Fx Primus in this blog.

It is just to spread the news so that more people will be able to have such information if they are looking for it.

 

It won't hurt to have more information right!

Source: www.askmariosingh.com

Economic Insights

China’s inflation cooled down last month

China’s March CPI rose 2.1% YoY, easing worries on recent surging food prices, reducing pressure on credit and monetary policy tightening in the near term.

Currency Insights

CADJPY – coming support at 97.20

Aggressive purchasing suggests that the JPY weakening trend is not over yet, since current account deficits are expected to widen.

Just go click on the link for the whole story...

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Learn Forex Trading -Forex Vs Stock

The main comparison that is made to the Forex market is the Stock market.

So, how to they go if you put them head to head against one another.

The image below will show you exactly the comparison.

The warrior on the left would be the Forex market and the one on the right will be the stock market.

That is in terms of the total volume of course because as you might already know, the Forex industry is a 4 trillion dollar industry.

 It will dwarf the stock market.

Now, let's head to another question, what would you trade?

In the stock market, you trade (buy/sell) stocks of companies.
There are approximately 4500 listed companies on the new York Stock exchange.

Then, there is another 3500 listed on Nasdaq. Isn't hard to choose which stock to trade?
Will you have the time an energy to monitor so that many stocks.

Well, stock traders monitor everything, they just monitor the ones that they favor on.
But what happens when he losses money?
Does he drop the stock and find a new profitable one? I am not sure of the answer.

As for Forex, traders will trade currency pairs and there are dozens of them to choose from there are 4 major pairs that is traded worldwide.

If you choose to trade that 4 major pairs, wouldn't it be much easier than keeping an eye hundreds or even thousand of stocks?

It is the simplicity of Forex that attracts me because all I have to do is focus on a few pairs.

You would think that there won't be much opportunities to get into the market if you only trade 4 pairs?

You will be wrong.

There will be plenty of chances to enter the market even if you want to trade every single day.

However, I recommend that you don't trade everyday.

Show up at your computer everyday but don't trade everyday. Only trade when you have crystal clear signals presented in front of you.

The thought of needing to trade every day in Forex is one of the biggest mistakes made by most traders out there.

So, now that you know the difference in what is traded in Forex and Stock, which one would you trade?

Well, the answer depends on what you believe... For me, I only trade 2 currency pairs and that's it.
I take 2-3 trades per pair in a week. That is enough for me.  :)

Want To Learn Forex Trading? CLICK HERE To Get a 21 Video Forex Training Course Start your Forex journey with JustFXTrading!

Get The Freedom You Always Dream Of!


Happy Trading!!!

Forex Trading Mistakes To Avoid

We all make mistake. It doesn't matter if the problem is huge or small, we all tend to make mistakes from time to time.

In forex trading, mistakes will cost you your money.

Losing money is never a good thing but if you learn from your mistakes, then the mistake that you made will pay off as long as you don;t repeat them once again.

I came across this article which I think will be useful for those who are learning forex trading.

Source: www.articlesbase.com/

It's true that Forex Expert advisors open new ways to trading Forex with automation and ease, but oftentimes new investors experience frustration when trying to find the right trading system.

Let's review 7 things to avoid in Forex Expert Advisors:

• Avoid systems that won't compliment your trading style and knowledge. You should try to find a Forex System that suits your needs and complements your trading. If you rely on intuition for getting good trades, an automated system would not be very suitable for you.

• Some Forex robots would use bad money management strategies, while others would have no strategy at all! Avoid those systems in which it's not clear what king of strategy is used by the trading system.

• Avoid companies with no tutorials, poor training material or bad testimonials and reviews on the support provided to customers.

• Also try to deal only with companies with good reputation and experience in the market, avoid those that leave you with a sense of uncertainty.

• Avoid systems that show no solid proof of successful trades or haven't been updated for a long period of time.

• If you want to have more control over your trades you need to be able to trade manually. Your system should allow some level of customization since Forex expert advisers can't handle errors or unexpected things easily. It's difficult for an automated system to deal with unexpected and crucial points in trading. Be prepared to face disappointments and handle this kind of situations. Traders and investors prefer to use both automated and manual trading.  You can use automated trading if you find manual trading difficult, while you can leave simple chart patterns to be done manually.  Here's why you would still need knowledge in manual Forex trading. Try to avoid trading systems that have no option for manual trading.

• Avoid buying the first system you see...Don't just believe that because a trading system has good rating and customer feedback, it's perfect. It could be good for many, but maybe it isn't your best bet. Check forums where you'll find the opinions about the software are tackled and information about the problems encountered by customers and how they managed to solve them. A downside is that automated Forex trading is truly popular over the internet, which is a good and a bad thing at the same time.  The good thing is that getting an automated system is easy, and you have a wide range of trading options; the bad thing is that the chances of finding scams are higher too. Make sure you have a solid money-back guarantee for the purchase before you go ahead.

So, you always need to be extra careful when trading Forex. Build up your trading habit with patience and discipline so that you only take crystal clear set ups that has a high winning ratio.

You Can  Make $1622 in 45 Minutes With This System. Download It For FREE HERE

Start your Forex journey with JustFxTrading

Get The Freedom You Always Dream Of!


Happy Trading!!!

Learn Forex Trading- Why Should You Trade Forex?

There are many types of investment out there and why should you trade Forex?

Well, if you are an expert in investing, diversifying your funds or investment is definitely something that you would do right?

Maybe you already have your hands filled with stocks and properties. Why not add forex as well?

There are many reasons why you should trade forex and here are some:

• No commissions

In Forex, there are no clearing fees, no exchange fees, no government fees, no brokerage fees. Forex brokers will make their money through the bid ask spread. The spread will vary depending on the currency pair that you are trading.

• No middlemen

There is no middlemen involve in forex trading. So, individual traders are allowed  to trade directly with the market responsible for the pricing on a particular currency pair.

• No fixed lot size

You can decide on the amount that you want to start with in forex trading. In most cases, forex brokers allow you to start with just $25 as your minimum initial deposit.

• Low transaction costs

The retail transaction cost (the bid/ask spread) is usually less than 0.1% under the normal market conditions. You can get lower spread  as low as 0.07% with larger dealers. 

• A 24-hour market

Forex is a 24 hour market. You can trade from  the Monday morning opening in Australia to the afternoon close in New York, the forex market never sleeps. This is awesome for those who want to trade on a part-time basis. You can trade according to your own time.

• No one can corner the market

The foreign exchange market is so huge and this means there is no single entity that can mopolize the market. This levels the playing feel.

• Leverage

In forex trading, a small deposit can control a much larger total contract value. Leverage gives the trader the ability to make nice profits, and at the same time keep risk capital to a minimum. This is by far the best benefit that I can enjoy in Forex.

Above are just some of the main benefits that you can get by trading Forex. There some more benefits but I am just lazy to write all of them here..

By now, you should have a good idea on how powerful the Forex market can be and the benefits that you can take advantage of if you choose to invest in Forex.

Go ahead and do some more reading on internet. I am sure you will be able to find more useful information that can open your eyes to Forex trading.

You Can  Make $1622 in 45 Minutes With This System. Download It For FREE HERE

Start your Forex journey with JustFxTrading

Get The Freedom You Always Dream Of!


Happy Trading!!!