Friday, March 13, 2009

Learn Forex Trading Online with Realistic Goals

Everyone has heard of the infamous trader who turned $10,000 into over $1,000,000 in one year. Well to spill light on this myth it has been done but the question isnt if it happened or not it is: do you really believe you can do it? Youve probably seen the ads and websites, that scream huge rewards and returns and claim to be able to turn you into a million dollar trader. Ask yourself, is this the norm or is it just someone basing their business off a lucky guy they once knew?

Youve heard the claims made by forex trading system sellers, I consistently have 50 winning trades in a row with no losses let me show you how, or the trader that will show you how he makes thousands per day from his beach front home while spending quality time with his family and pets. A true system will explain to you that trading takes concentration, time and a lot of hard work. Learning forex is learning a profession. You cant just jump in and be successful over night.

Setting goals is huge part of trading, but knowing how to set useful goals is vitally important. You need to be specific and measurable when setting your goals. Dont say I want to make lots of money. Instead set something like I will make $xx.xx per day. Base your goal on the size of your account. For example $5 on a $500 account $10 on a $1000 account per day. This equates to $1250 and $2500 per year on each of these accounts. These numbers may seem small but they are realistic, attainable and measurable. They will keep you trading from day to day, rather then losing your ability to trade all in one emotional day.

Another way to look at is you will only trade 2% or 5% of your account at a time. And there is also: you will always set a stop loss on every trade. These are realistic goals, they are goals that will drive you to be a successful trader who is making money rather than losing.

Promotional material like that makes high unrealistic claims shouldnt be a driving force in your trading. It only does damage to the average trader because it sets expectations so high. After reading enough of these things it becomes easy to believe, (maybe not consciously), that these sorts of returns are normal. Be very careful what you buy into when you learn to trade, always remember that realistic will get you farther than hype.

About the Author:
Learning Forex is a powerful tool in your arsenal of skills. It can prove to be a very profitable venture if you attack it with a reliable Forex Training and realistic goals.

What's In Your Forex Trader Toolbox? MetaTrader 4 Platform

MetaTrader 4 is a web-based trading platform which designed for the use of futures traders, CFD and Forex traders. MetaTrader 4 offers the convenience of an online interface for trading from the administration and support to the trading itself. MetaTrader 4 is a comprehensive trading platform.

The MetaTrader 4 features being involved with the potentials of the profitable Forex marketplace and currency exchange. You have access to Expert Advisors or EA's and use your automated trading program on this platform.

This platform also features setting up a Forex robot to trade on your behalf night and day, whether you want to buy, sell or place stop-loss orders according to your preprogrammed specifications.

The platform gives you a wide array of market analysis tools that you can use to gain insight into the patterns of the market that are hidden from most people's eyes--including most investors' and traders' (even brokers').

MetaTrader 4's market analysis tools make use of "ancient wisdom" of the investment markets to help you make accurate forecasts about the market and see longer-term trends that act as your keys to making big profits and minimizing losses.

The platform is programmed to understand that: movement in the market is always driven by total consideration of psychological, political, and economic events; there are trends in the market and these trends are discoverable and dictate how prices move; and, what we learn from history is that we don't learn from history--I.E., human psychology is such that most people do the same thing over and over but expect different results, so that history is constantly repeated.

Technical analysis of the markets has got nothing to do with "timing the markets". It is assumed by platforms such as MetaTrader 4 that opportunities for profits exist in any given time frame in the Forex market, as long as an appropriate strategy for buying and selling within that timeframe is put into play.

In order to take profits this platform can analyze support and resistance. Buyers are called bulls and sellers are called bears, therefore support is the place found in the movement of an assets price where buyers take control of the price and do not allow it to fall further. Resistance is that point where sellers take control of the assets price and does not allow it to progress higher. By analyzing the trading history of an asset reveals the rhythm of its price fluctuations and trends. This allows you to profit at just the right time while increasing your profits greatly.

You can take advantage of other financial market principles when using the MetaTrader 4. These include, moving averages, trendlines, supply and demand, traders remorse, accumulation and distribution, the MFI or money flow index, Andrew's Pitchfork and various others.

Today one of the greatest online money making opportunities is dealing in the Forex market. However, you must know what it is you are doing and you will need all-encompassing analysis. Software that aids you while participating and should seriously be considered by any individual who is interested conducting online currency trading.

About the Author:
Richard U. Olson recommends the incredibly accurate Forex Robot Software that he uses to make consistent profits in the Forex markets. Grab his FREE e-course on Forex Trading Tips to achieve your financial freedom. Grab a totally unique version of this article from the Uber Article Directory

Forex Trading Education- 3 Powerful Strategies

If you want to catch the serious profit in forex trading you need to w the forex trends which are medium term. Here we are going to give you a 3 step simple methods which if you use it correctly, will help you catch most forex trend sand lead you to long-term term currency trading success.

Most beginner traders don't bother trying to follow the trend that has come about long term - instead they try to trade by forex scalping or day trading.

These methods focus the trader on small moves and they hope to catch small profit however as most short term moves are random, this leads to equity eliminate and sending the trader broke.

Also make sure you are using the Best Forex Broker when trading, which a good broker should have great charts so that you can look at the short term movements as well as long term trend lines.

The other alternatives are swing trading and long term forex trend following and this article is all about the latter method. If you look at any forex chart, you will see long-term term trends that last for months or years. These moves can and do yield serious profit - present we will outline a simple method to get them.

Breakouts- Trading on Confirmation of Break outs

By far the best way of catching the serious moves is to use a forex trading strategy based around breakouts. A breakout is simply a move on a forex chart where a new high or low is made and resistance or support is broken.

It's a fact that most leading moves start from new highs or lows. Right this an sit it next to your computer so that you don't forget it.

While it might appear that you are not buying or selling at the greatest level, you are in terms of the odds of the trend continuing. Most forex traders make the mistake of waiting for the breakout to come back and get in at a better price but these traders never get on board. The grounds for this is if a breakout occurs, then you have a new strong trend and a pullback is not very likely to occur. So you will the boat and therefore profits.

Most traders don't buy or sell breakouts and that's exactly why it's such a powerful method.

The only point to keep in mind is a support or resistance which is ruined, should be valid and that means at least 3 points in at least 2 different times frames. The more tests and the greater the spacing between the tests the more valid the level is.

Confirmation- Don't Guess it, Confirm IT

Of course not every breakout keeps and some reverse, these are false and can cause losses. You therefore need to confirm each move. All you need to do to achieve this is to put a few momentum indicators in your forex trading system to confirm your dealing signal.

These indicators give you an estimation of the strength and velocity of price and there are many to choose from. We don't have time to discuss them here (simply look up our other articles) but two of the greatest are - the stochastic and Relative Strength Index RSI

Stops and Targets

Stop points are easy with breakouts - Simply behind the breakout point.

If you have a serious trend then you need to be careful but you can milk it, so don't move your stop to soon and keep it outside of normal volatility. If it is a huge move, trailing stops should be held a long-term way back and the 40 day moving average is a good level to use.

You have to keep in mind that when the trend does eventually turn you are going to give some profit back. You don't know when the trend is going to end, so don't predict it.

It's ok to give a little bit back, as that's the nature of trading forex. Keep in mind if you got 50% of all leading trend you would be very rich. When you are long-term term trend following you have accept giving a bit back and taking dips in open equity as the trend develops - this is noise and does not affect the long term trend.

The above is a simple way to trade forex and catch the high odds moves that yield the serious profit. If you are learning forex dealing and want a simple method that is robust and will help you get every major move, then you should base your dealing on the above method.

Now that you have all the winning strategies, you now need to have a winning broker, recently the CFD FX Report has reviewed these brokers and have come up with Best Forex Broker to find out this visit the website or email us

About the Author:
CFD FX REPORT the forex and cfd report that traders need. We help you find the best forex brokers and cfd brokers in the market. Visit us today



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