Currency Trading Tutorial - Getting Started in Currency Trading
May 14, 2009 by Currency Trading Tips
Filed under About Currency Trading
This is a concise currency trading tutorial, which will give you all you need to get started in currency trading and develop a trading system for triple digit annual gains…
The first point you need to keep in mind is 95% of traders lose and only 5% win. While anyone has the ability to learn currency trading and win, most lose.
So what separates out the winners from the losers?
The real difference is mindset and currency trading is really 20% method aND 80% mindset and some explanation will make this clearer.
Discipline and Self Control
Anyone can learn a forex trading system but the key to success is, executing it with discipline when you are losing. It’s not easy to keep putting in your trading signals, while the market hands you losses and makes you look a fool. You need to be disciplined until you hit a home run.
You only get discipline from confidence and understanding.
This means, learning currency trading basics, on how and why prices move and getting the right forex education. You can then build a simple currency trading system.
Sheep Get Slaughtered
The traders who act like sheep and try and follow others, by buying forex robots or gurus and mentors never win.
Most of the forex advice just mentioned, is poor and even the minority which is good, a trader who doesn’t understand the markets will never have the discipline to follow it.
You must accept success is on your shoulders and comes from within - NOT someone else!
You must understand what you are doing and why it will be successful and this point cannot be stressed enough.
Getting a Simple System For Huge Profits
Any currency trading system that is successful is simple!
Many traders think the more complicated they make their system, the better the chances of it being successful - but this is simply not true.
Simple systems work best and always have as they have fewer elements to break in the volatile and brutal world of currency trading.
A simple long term breakout system, with a few confirming momentum indicators, is all you need and we have covered how to build one in simple steps in our other articles, so look them up.
Why Anyone Can Win
Its because currency trading is a learned skill - you just need to work smart and learn the right forex education and have the right mindset and now I want to tell you a story to inspire you…
Richard Dennis decided to prove anyone could learn to trade so he picked a group of people of all ages, both sexes and of varying levels of intelligence. The varied in occupation from a security guard to an actor and Dennis set about teaching them.
In 14 days they had completed their trading education and went on to trade, they quickly went on to make $100 million dollars and go down as trading legends.
So why did this group do so well?
They had a good teacher for sure - but he only taught them a simple trading system.
The key element he gave them was the confidence and discipline to apply it for themselves and in later interviews, many of the traders said:
Learning the system was the easy bit - remaining disciplined was hard.
So get a simple system you understand and the chances are, you will be able to maintain discipline and go onto achieve currency trading success.
Anyone can win at currency trading and the real lesson to take from this currency trading tutorial is:
That the market doesn’t beat the trader, the trader beats himself.
So work smart, have the right mindset and you could be making a great second income, or even get on the road to financial freedom and remember - success can be yours if you undrstand the points in this article.
Thanks to Kelly Price for contributing this article to our Currency Trading blog:
The first point you need to keep in mind is 95% of traders lose and only 5% win. While anyone has the ability to learn currency trading and win, most lose.
So what separates out the winners from the losers?
The real difference is mindset and currency trading is really 20% method aND 80% mindset and some explanation will make this clearer.
Discipline and Self Control
Anyone can learn a forex trading system but the key to success is, executing it with discipline when you are losing. It’s not easy to keep putting in your trading signals, while the market hands you losses and makes you look a fool. You need to be disciplined until you hit a home run.
You only get discipline from confidence and understanding.
This means, learning currency trading basics, on how and why prices move and getting the right forex education. You can then build a simple currency trading system.
Sheep Get Slaughtered
The traders who act like sheep and try and follow others, by buying forex robots or gurus and mentors never win.
Most of the forex advice just mentioned, is poor and even the minority which is good, a trader who doesn’t understand the markets will never have the discipline to follow it.
You must accept success is on your shoulders and comes from within - NOT someone else!
You must understand what you are doing and why it will be successful and this point cannot be stressed enough.
Getting a Simple System For Huge Profits
Any currency trading system that is successful is simple!
Many traders think the more complicated they make their system, the better the chances of it being successful - but this is simply not true.
Simple systems work best and always have as they have fewer elements to break in the volatile and brutal world of currency trading.
A simple long term breakout system, with a few confirming momentum indicators, is all you need and we have covered how to build one in simple steps in our other articles, so look them up.
Why Anyone Can Win
Its because currency trading is a learned skill - you just need to work smart and learn the right forex education and have the right mindset and now I want to tell you a story to inspire you…
Richard Dennis decided to prove anyone could learn to trade so he picked a group of people of all ages, both sexes and of varying levels of intelligence. The varied in occupation from a security guard to an actor and Dennis set about teaching them.
In 14 days they had completed their trading education and went on to trade, they quickly went on to make $100 million dollars and go down as trading legends.
So why did this group do so well?
They had a good teacher for sure - but he only taught them a simple trading system.
The key element he gave them was the confidence and discipline to apply it for themselves and in later interviews, many of the traders said:
Learning the system was the easy bit - remaining disciplined was hard.
So get a simple system you understand and the chances are, you will be able to maintain discipline and go onto achieve currency trading success.
Anyone can win at currency trading and the real lesson to take from this currency trading tutorial is:
That the market doesn’t beat the trader, the trader beats himself.
So work smart, have the right mindset and you could be making a great second income, or even get on the road to financial freedom and remember - success can be yours if you undrstand the points in this article.
Thanks to Kelly Price for contributing this article to our Currency Trading blog:
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Obscure FOREX traders are promising get rich quick returns, how legitimate are they?
May 12, 2009 by Currency Trading Tips
Filed under FOREX Market
Can you answer papadeisabella’s question about Currency Trading?:
Forex Traders promise high monthly returns and “stop-loss” provisions which suggest that you would never lose all of your money. On the other hand they talk about leverage which suggest that they will always have more to invest than they actually have and therefore all losses will be recovered. I have never heard of high returns and no risk, but this is what the so-called Forex traders are advocating. Is this some kind of scam?
How To Trade Foreign Currency
Forex Traders promise high monthly returns and “stop-loss” provisions which suggest that you would never lose all of your money. On the other hand they talk about leverage which suggest that they will always have more to invest than they actually have and therefore all losses will be recovered. I have never heard of high returns and no risk, but this is what the so-called Forex traders are advocating. Is this some kind of scam?
How To Trade Foreign Currency
I need someones judgment on currency trading taxes in the United States?
April 27, 2009 by Currency Trading Tips
Filed under More Currency Trading Answers
Can you answer college student’s question about Currency Trading?:
I have traded. Made profits and losses. My concern is what is taxed, the final outcome of my account (tax net profit?) or all the times I have profited at each trade. Do not know how these taxes work and need an internet source to look it up.
I have traded. Made profits and losses. My concern is what is taxed, the final outcome of my account (tax net profit?) or all the times I have profited at each trade. Do not know how these taxes work and need an internet source to look it up.
Regards.
Current Currency Exchange Rates
