How I Blew $30,000 In My Forex Trading Account In Just One Night

First of all, let me emphasize that I am no longer a fan of forex trading after blowing a whooping sum of $30,000 in a third world country. If you have $30,000 in the country where I live, you are already a millionaire once you exchange to the local currency.

It all started in 2007 during my internship with one of the biggest banks in Nigeria. I became obsessed with the hype of forex trading flying around everywhere. I told myself to give it a shot after reading so many stories of people constantly making money from trading on a daily basis. What finally made it to get all my attention was a tip from a friend that someone he knows was recently arrested by EFCC in Nigeria on an alleged accusation that he was into internet scam. It was said that when the guy got to their office, he explained to them about what he does which was basically trading forex. It was also said that he made $10,000 in one of his trades even right there at the EFCC’s office. He was applauded and released with apologies for their ignorance about forex trading.

I began to wrestle between my banking job and my potential forex career. I read all the articles I could see online knowing fully well that there were very few people I could turn to for further information as it was then very new in Nigeria. I got online, opened a demo practice account, and then I funded it with about $50,000 demo money. I immediately registered on a forex training website called babypips and printed out all the training modules from start to finish. I read those training material religiously.

I began to perfect my skills in trading by using tactics I have learnt in the training plus live fundamental analysis I usually get from some websites. I would combine my technical analysis indicators in order to predict the market direction but will soon find out that fundamental analysis is the chief mover of all markets and will make market to go its way no matter what the indicators say. After several practice with my demo accounts, I decided to go live with real money. I was still scared to invest hugely into the trading because of the volatility which could wipe any account overnight, so I decided to test the water a little further by opening an account with Marketiva who gave me $5 real money to trade and earn real profits. Surprisingly I turned the $5 to $10 within a week. I quickly said to myself this was it. I am now a master in trading.
Forex Trading Secrets: Trading Strategies for the Forex Market
Forex Trading Secrets: Trading Strategies for the Forex Market
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I applied to a fund management company that pools investors’ funds into various investment opportunities. The fact that forex was their major focus attracted me and I did not waste time to display my achievements and knowledge in forex trading during my application. Not so surprising, I was called for an interview and was offered to resume the next week. I rushed to the bank where I was working and told my boss I would be leaving as I got a better offer. I was questioned by colleagues why I would not be able to finish my internship in the bank knowing fully well that I had been shortlisted to be retained after the internship, but my answer was that I got a better place that would expose me to greater things. I was careful not to mention forex as I knew they would be quick to judge it as a scam. My resignation letter was finally approved and I left.

I resumed at my new office and was immediately given a client account of about $5000 to trade with. I quickly became a master in scalping as I used to be a great follower of Ben Bernanke, the former Governor of Bank of America. Many a times, technical analysis failed so I honed my skills in the way of pure fundamental analysis. After 1 month of trading full of losses and profits, I finally closed the account in profits making a total balance of $12,000. The company was proud of me and I also became proud of myself. ‘I finally unraveled the secret of forex trading’, I said to myself.

Great Online Articles Begin with Foresight

One of the keys to writing a successful online article involves choosing subjects that have not yet been extensively covered online. The ideal subjects to go with have some search traffic already, or are likely to get more search traffic in the future.

The best online writers look into the future to see what people will be searching for in the months and years to come- and write great articles on those subjects before anyone else does.

If you left your crystal ball at home, don’t worry- you don’t need special powers to find underdeveloped niches online that will soon grow in importance. You encounter them every day.

You find these subjects every time you…

Have to search around and piece together tips from several different online resources to get information on something
Hear about some new subculture, movement, or technology that does not have a lot of online coverage
Learn about a new trend before it has reached the mainstream

Each time you notice one of these subjects, take note! They will make for excellent Hubs next time you sit down to write. I will give some additional tips on writing fresh niche articles in the Pro Tips section of the newsletter below.

Online Forex Trading Simplified.

SmartWork versus HardWork in Online Currency Trading; Steps to placing successful trades.

First and foremost, let me tell you that for you to become successful in your trading experience, you need to be a smart worker. Most traders complicate issues for themselves. They confuse themselves with the indicators they use to predict the trend of the market. They keep long on their computer, looking for a holy gray trading system, that will give higher profit in their trades. But the sincere truth is that it doesn’t work like that. However, the few who would make a fortune out of trading, would display wisdom by working smart. And that is exactly what you need.

Now, we are going to consider what working smart and working hard are, in this context. These are the steps you need to take in placing successful trades.

SIMPLICITY – A smart trader will keep it simple. He wouldn’t need all the indicators in the world to carry out his analysis. He’s wouldn’t also going to bother himself about all the currency pairs on meta trader platform. He would focus his analysis on few currency pairs.. The word to describe his simplicity is being focused. This is one good attribute every trader should possess. If you don’t have it, it might not be easy to be successful in your trading experience.

MAP – Basically, the purpose of a map is to give direction. A trader needs to map out his strategy, which he would need to follow through diligently, as a guide or direction. As a trader, you need a plan that would serve as a guide or direction. One important reason why a large number of traders make losses in their trading experience could be because of lack of direction and proper planning. Traders need to plan their trades, and trade their plans. When you have a clue on what is happening in the market at a particular time, it will give a direction or an idea on what to do next, thereby helps to determine the right currency pairs to trade, and the right profit to target.

APPLICATION – This is where one has to rightly apply all he has planned in the previous step. Here, your full attention is required. You would have to give attention to every detail of your plan before it is carried out. This is where you would need to display a level of wisdom. And wisdom is defined as the right application of acquired knowledge. It means, at this time, you need to rightly apply all you have mapped out at the previous stage, for you to be successful at the end of the process. Invariably, wrong application of the mapped out plan would result in failure or losses. At this point, your trade is being executed.

RELAX – At this stage, your trade would have been placed. What is required of a trader, at this point, is to shut down your computer and take some rest. Only one would have to check those trades at intervals. Do not take any tension, at all. Your target profit and stop losses must have been set. Be confident enough to trust your instinct. The benefit of staying away from your laptop, for some time, is that it would keep you from being influenced negatively by your emotions.

TAKE your profit – At this point, your profit could have been taken, automatically. If you find out that the price movement has not reached the target profit set initially, and there is no tendency it would reach it, wisdom should tell you to close your trade at the current price, except if there is likelihood, from your analysis, that the market trend is still in your favor. Another experience a trader could have at this stage is that the price could have reached the stop loss, and you have been stopped at a loss from the trade. You don’t have to be discouraged at this, because losses are part of the game. If you have a good working system, you should be rest assured that your trades won’t result in losses all the time.

What you need to avoid in placing your trades

HASTY – You don’t have to be in a hurry to place your orders or else, you would burn your fingers. You would need to take your time to study the situation in the currency market, at a point in time, and use your findings to do your analysis. If there is no reason or need to place an order, you don’t have to be influenced by any sharp movement that occurs in the market.

ANGER – Don’t get angry based on the result of your past orders or trades. The implication of getting angry is that it makes you to react to the currency market, irrationally. Like I said earlier, losses are part of the game. Let it get registered in you that there is no trading system that will achieve a 100 per cent success rate. Those trading systems, so to say, also have their down times. So when you make some losses, calm down and re-strategize.

REPETITION – When a trade or a group of trades result in losses, there is a need to sit down and make evaluation on why those trades result in losses. The trader in such a situation would need to ask himself questions like “what did I do wrong?”, e.t.c Such an evaluation would prevent the trader from making same mistakes. You can’t continue to do something in the same way and expect a different result.That is talking about repetition. One would need to think of a better way of doing it to get a different and better result.

DISAPPOINTMENT – You need to avoid being disappointed. When you work hard to avoid others like hastiness, anger and repetition of bad trading attitude, automatically, you would avoid being disappointed.

Finally, I want to tell you at this point, that currency trading is not suitable for everyone. It is only for the people who can actually manage their emotion; greed and fear. The people who can take reasonable and calculated risks.

Candlestick Trading – Tips and Tricks for Reading Candlestick Charts

Candlestick were first used by the Japanese in the 17th century. They were refined and developed into the candlestick charts used today in the early 1900s. They have been given a resurgence with the trading strategy known as ‘Price Action’, which is a bare bones approach to trading where most of indicators are removed and ‘Price’ becomes paramount.

Like any trading system candlestick, while important indicators, should be used in conjunction with other indicators and methods that provide the context for decisions such as overall trend and lines of resistance and support for previous price movements.

There is a lot of information already available about Candlestick trading and ‘Price Action.’ This article summarizes and condenses this information as a guide to the novice trader who may be considering using candlestick charts for their trading.

It particularly focuses on how time intervals such as 1-day, 4-hour, 1-hour, 15-minutes and 1-minute affect the interpretation of candlestick charts.
What are Candlestick Charts?
The Candlestick Course
The Candlestick Course
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What are Candlestick Charts and How are They Used for Trading

A candlestick summarises the price data for one unit of time that you are interesting in – from 1-day to 1-hour to 1-minute. A candle is constructed using the opening price, closing price, and high and low prices throughout the time interval. The body of the chart is formed using the opening and closing prices. The long thin lines above and below the body are referred to as ‘tails’, ‘wicks’ or ‘shadows’. If the stock ranges above and below the opening price there will be a tail extending to the maximum and minimum closing price throughout the day. If the stock closes higher than the opening price the candle is referred to as a bullish candle. It is generally shown as ‘white’ or unfilled, or ‘green’. If the stock closes lower than the opening price the body is shown as ‘black’, filled or ‘red’.

Sample charts for BGPUSD are shown below using two time intervals: 15 minutes and 5 minutes. This shows how the timeframe affects the appearance of the candlesticks. More about this later. Both charts show a major reversal of the price on 28th of May.
Source
Source
Trading with Candlesticks: Visual Tools for Improved Technical Analysis and Timing
Trading with Candlesticks: Visual Tools for Improved Technical Analysis and Timing
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Major Candesticks Patterns Used as Trading Signals

There are more than 50, perhaps hundreds of candlestick patterns that have been identified and used for trading. However there are only about twelve 2-day, 3-day and 4-day patterns that a novice trader should be familiar with. These major patterns are discussed below.

What Does Changes in the Pattern over Several Days Signify?

It is important to understand that the candlestick patterns, like any other indicator, are followers of previous actions or events, namely how the price change in the last time intervals. The signals shown by the candlestick patterns are just that a signal that something might happen in the future based on what happens in the past. As you become more familiar with candlesticks you realise that you can only use them properly when you learn to look beyond the patterns and signals, to understand what has happened in the market to produce the pattern.

Essentially this involves learning to understand the internal forces of price, demand and supply which create the changes in price reflected in the candles. It is simplistic but most people describe the events that generate the candle pattern as a shift in the balance of power between the bears and the bulls, between those who are focused on price increases and those focused on price decreases.

Understanding how the candlestick pattern changes and what causes these changes is the key to using candlestick patterns and signals in trading. Like trends there is a very subjective side to it. Most traders develop a bias towards which way the price will move based on trends, lines of resistance and the candle patterns themselves. Traders continually reassess the bias an like trends are reluctant to alter that bias or beliefs until they get the right signals and other information to change their mind.One a reversal or trend-following patterns occurs traders are locked-in to this new bias and are reluctant to change their mind once again. This is what following a trend and bias, or belief, is all about. Market analysis is simply analyzing the new information and deciding whether it supports your existing bias or is adequate to change your mind as adopt a new bias.

Understanding the Context for Interpreting the Chart patterns

It is important to reinforce some of the key elements of the context for trading:

Resistance and Support
Trading with the Trend is important in various time frames
Predicting future Price Movement is a matter of improving the probability of what could happen, but there is no certainty. Likewise the addition of more chart pattern signals and other supportive evidence from momentum indicators and other signs helps to improve the probability of the predicted outcome.
Trading decisions shown never be based on interpretation of the chart patterns and signals by themselves. Always look for other lines of evidence that support the interpretation. This means using other indicators such as MACD, RSI, CCI and Williams – to name a few.
Risk management should be paramount for all trading decisions.

Chart Patterns for Recognising Signs of Reversals and Continuations of Trends

The images below provide a summary of the key patterns for recognising signals for making trading decisions. There are may excellent articles that describe these patterns. See this Introduction

The Profitable Clean Chart in Forex Trading

To be profitable in trading is something difficult, but I am sure there are traders that have gained profit everyday. They have acquired consistency in their methods & profits. So, is there any strategy or method that make us go into the right path in order to learn trading better?

Here, I want to share with you my method of how to help you to be a better trader. Actually, this method of trading has been used by many successful trader out there and they usually named with naked trading. Yes my method that I want to share more or less is the same and I want you to use this method too, because this kind of method will help you a lot in your trading.

Instead of “naked trading”, I will use the term “clean chart”. What is a clean chart? It is a simple clean chart without any indicators. You have to trade based on the trend and price action only.

Before dig down deeper to the clean chart topic, I will talk a little bit about patience because it is so important in trading. After years of trading, myself, learned that patience is one of the key parts in profitable trading. Without it you will only stuck in the market and making one profit for another loss. If you have mastered the patience you can override the greedy trading, prevent you from choppy trading, staying calm when you suffered from losses, and many positive trading attitudes.

We will need patience to trade this clean chart because as we know, the market often to be choppy. Many traders did not have the patience to wait for the entry setup to presents itself. The majority of us always want to make money as fast as we can regardless the condition of the markets. This become worst after we encountered losses because we want to gained our money back.

The patience for me is to be able not to trade everyday, maybe three times a month or so just to wait for a clear entry. How do we find a clear entry? Just wait the market is neat not choppy, the price must be trending, and the entry is easy to spot. If you can not see the clear entry, just don’t trade it.

Now look at the picture bellow. Maybe many of you who read this still using this kind of noddle method right? To many indicators will help you drain your profit, believe me. I’m sure you can not answer my question when I ask: why you use simple moving average rather than exponential? why you use stochastic with setting %K: 5 %D: 3? The point is that if you do not know why you use them, don’t use them.
Choppy Chart
Choppy Chart

Compare to the picture above, this kind of clean chart is much more better. You can easily know the overall trend, the high & low points, and the entry points. We know that the market only making a nice movement for about 20%, that is why we need patience to wait.

The basic method is to enter long at the high of the previous high and enter short at the low of the previous low. Of course you must know the overall trend.
Clean Chart
Clean Chart

To make it more understandable, I will provide you with examples of how we would enter trades based on the clean chart. Take a look at the pictures bellow.
Trade Example 1
Trade Example 1
Example 1

Lets look at the chart, in trade example 1. Trading this kind of clear chart will generate you a good amount of profit. You just have to trade on breakouts, in this case you just wait for a breakout followed by a pullback and place a stop order after the price retrace from its pullback. The red line is the support that has been broken and became resistance, and the opposite. This kind of trading is very relaxing, not stressful because your entry is very easy to spot.
Trade Example 2
Trade Example 2
Example 2

The key is you just buy when the market is bullish, and you just sell when the market is bearish. In trade example 2, the market is clear and you can easily spot the high and the low points to enter. Forget all the complicated indicators that you use right now.

This kind of chart can be found on every time frame from the lowest to the higher time frame. I do prefer the higher time frame, anything more than 4 hour chart is very good. Just a tips, when you trading higher time frame, you will filter a lot of noises and moreover it will give you more time to think and adjust your position. If you trading lower time frame such as 5 minutes you will get so many fake breakouts and you have to spend a lot of your time in front of your monitor.
Detailed Steps

At this point maybe some of you are still unclear. Ok, to make it more detail I will explain the steps for trading this method. Although not all our entry will be resulted in profit but surely it will increase your probability of generating more profit than loss.

First, you have to find the initial breakout.

What is that? It is the first breakout that made the price reversed, the catalyst of a trend. A good strong trending market usually starts with a reversal breakout pattern.
Initial Breakout 1
Initial Breakout 1

Looking at the chart above (Initial Breakout 1), the blue area in this chart is the initial breakout. It formed a double top pattern then break lower and make a good bearish trend.

Take another look at the chart bellow.
Initial Breakout 2
Initial Breakout 2

The blue area shows the reversal breakout that leads into a good bullish trending movement. We must understand that not all the initial reversal breakout will generates a trend, but this is Forex, all we have to do is just try to filter our entry.

Second, you have to wait the price to make a minor retrace or a pullback.

Minor retrace means a pullback that is not break the previous support if you bullish and not break the previous resistance if you bearish.

Automated Trading Software – How To Become A Successful Forex Trader

Forex Market is consider as the biggest market ever. Many people feel like it’s only too difficult to take in currency in on forex. There are heaps of hype that has been soaring trough out the whole world regarding some ways on that you can trade without worry, hassle free of charge and numerous of all on autopilot. Trading in forex market involves a lot of thing and it is also risky. But sometimes people believes that if properties really ask for to make it big in this market properties should do most any concern to dig about the experience of the a good amount of successful traders. We came every where in a lot of website promoting a lot of weapons but do you ask yourself if they are just a propaganda or are this people telling you the truth. Later on, you is able to find yourself buying one system to another. And then later on at last found yourself buried providing a lot of information but lowering your way, don’t can make out where to start. You already at last found yourself wasting so much money on something that doesn’t give you profits. To boon you put an end to all the burden, that all the frustrated trader has carried on carrying for so long now, I resolved to at least give you an honest to goodness truths on somewhat that are able to assist you to succeed. I’m going to help you how to be a forex assassin and work out in the billion dollar forex market.

Nothing in life that is worthy of your attention, time and energy is free or easy. If you would like to make huge profits in forex trading you should at least learn some basics about the forex market. Lately, I came across in to a very informative site called “The Forex Assassin” maybe later on you would like to visit and read more about it. Based on the system, People wanting to buy ready made and of the shelf and a turn key solution. They just want to buy someone elses system and just implement it and make money without thinking too hard. If it were that easy no one would work and every one would trade. To be able to become a forex assassin and make a killer trade you must :

– understand the business. You must have a complete knowledge or at least the basic knowledge of forex market. You must remember that don’t go in to battle without any armor. You must know something about forex trading.

– have a well thought out business strategy and approach. Don’t make that common mistake and think this is all about finding a system to enter and exit trades. Remember forex trading is about being professional at what you do.

– you must have a finely tuned and constantly developing common sense. You don’t need a professional degree or a doctoral in applied mathematics to be a successful traders. You must need to know the importance of the following:

a. leverage, timing and randomness

b. technical, fundamental and relational analysis

c. cost averaging and multiple entries

– do some analysis, quantitative analysis and flow analysis. You must try to identify the trends with precise timing. You also have not taken for granted the importance of forex signal.

– consider the importance of forex broker. You should know that the best marketing wizard in the forex trading industry is the broker.

And lastly, bear in mind that in forex market information is money. It is proven that the more information you have the more chances to make it big in the forex market. I hope you can maximize your win, minimize losses and fatten your account with The Forex assassin. Tired of not making enough money, or worst, losing money?

Forex Trading School – How To Find The Best School For You

It can be extremely difficult to learn the ropes of forex trading if you try to muddle through on your own. Forex trading is not exactly something an individual can effectively teach his or herself simply because it is complex and real time experience is the only way that anybody could ever be prepared for what the marketplace has to offer! Forex trading school can provide an excellent introduction to the world of forex and is a far better solution for individuals looking to trade currency than self education. Finding a school, though, can be difficult if you do not know what you are looking for. By adhering to the steps below, you will soon find a forex trading school to suit you!

1. Do not take the Internet’s word for it – There are just hundreds of them out there, but only one forex trading school for you so it can take time to find it. This is especially true if you choose to believe everything certain schools write on the Internet. A forex trading school may be useless but brand itself innovative and dedicated. Nothing in cyberspace should be taken for gospel and enrolling in the first forex trading school you see could lead to a loss of money. Take everything you read about a forex trading school with a pinch of salt.

2. Only go to an accredited forex trading school – Actual brokers run certain forex trading schools and they are endorsed by numerous bodies because they all value the sanctity of forex trading. However, some forex trading schools will not be endorsed at all so stay away from those.

3. Research the company behind it – It is always worth researching a forex trading school before enrolling to make sure that they are offering whet they say they are, and to make sure that the forex trading school has a good reputation. Reputation is everything in the financial industry so never choose one that has been acknowledged as poor.

4. Assess the teaching methods – Personal preference should play a big part in the forex trading school decision for you. Some people respond well to academic pursuits, which encompass the theory, and some prefer to be practical and want to sit at a desk and try their hand, learning as they go. The choice is yours, but only go for a forex trading school that will help you to learn the best way you can!

5. Assess your own wants and needs – If you do not assess your wants and needs then you cannot find the forex trading school for you. The school you choose should be everything that you want it to be so make sure that you make your own decision without input, based upon what you want and need and you will not go far wrong!

Tips For The Forex Foreign Exchange Market

I want to help you be successful in the forex foreign exchange market. This market can be a bit intimidating since there are over $3 trillion in trades daily, but the market really isn’t that hard. You’re not competing against other trades, you’re just trying to follow the market, like everyone else.

How do I find a good broker?

Brokers can be hard to find, especially on the internet. Brokers hold your money and make trades on your behalf, so it is apparent that you have the best quality to meet your needs. I’ve heard many horror stories with brokers not returning money. When people try to call customer service, no one answers. They contact them by email and get a reply back a week later saying it was sent. It’s horrible, when you’re talking about your money. You wouldn’t put your life savings in anything less than a reputable bank, so you’re not going to do the same with your broker.

The best way to find a good broker is to goto forex forums where people constantly are talking about this. You’ll hear all the horror stories, but you’ll also hear about the good ones. The ones that deliver top of the line service. This is the kind you want.

Should I be constantly monitoring trades, so I can sell fast if need be?

I don’t want to tell you to not monitor your trades, but it really depends on why you’re doing it? If you’re indecisive with trades and can’t make up your mind, than no. There has to be a point where you’re going to stick with your decisions because that’s the only way you’re going to learn. The best thing you can do is think of a loss point before you trade. That’s the only reason you should get out of the trade.

This is my advice for the forex foreign exchange market. Just keep your mind open and keep the desire to learn and adapt.

Forex 101 – Forex Tips and Trading Guide For Beginner

Risk is the essence of success. Nothing can be gained with out losing. This is the kind of opportunity that is also offered by the Forex market. Forex market stands for foreign exchange market. It is like any other trade where in we buy at lower rate and sell at higher rate. The market is open 24 hours a day starting at Sydney and ends at Newyork, making it the most liquid and volatile market. However the risk can be mitigated through Forex tips. These Forex tips are offered by various broking houses. The Forex tips are useful in multiplying our money and reducing the chances of losing them.

Forex trading is often considered to be difficult and involves higher risk factor however with the correct guidance and Forex tips a road to success can be built. The Forex tips are very useful for the novice traders. To begin with one should decide on a methodology and strategy to follow. If we decide to buy the share of a particular company and follow the instinct of the owner we are putting our hard earned money at risk. Hence we should adapt a methodology which can be developed through various Forex tips available online or through broking house.

If a trader does not have proper guidance and tips available, he can begin with opening a dummy account offered by several website. They are virtual Forex websites. The websites also provide the user with dummy money as well. These replica websites enables us to practice and follow market trends. We should also learn about the different Forex charts representing the fluctuation of the currencies. Charts help you to take the decision of buying and selling. For example to begin with we should learn about the daily Forex chart which provide us the details of the trend of the Forex market for the period of 24 hours, hence help in taking decision about the trading of next 24 hours. In a similar fashion hourly and 15 minutes charts are also available to get us closer to the action.

Few investors follow the technical analysis of the market in trading. Technical analysis is typically defined by the price chain of the currency i.e. the trend of the value of the currency over the period of time which is influenced by various market factors. Here we are making an assumption that each and every kind of factors affecting the value has been already considered and the history will repeat itself. Hence the trader is trying to be smart and safe by evaluating past trends, Forex tips and making them the basis of its future trading decision. One can also base their decision on the study of different economic and political situation of the country; whose currency is being traded.

Hence we saw that the Forex trading can be made easy with the help of different kinds of methodology and Forex tips available at our disposal through internet.

Article Source: http://EzineArticles.com/3342073

Forex Tip Trading For the Shrewd Player

The Forex market is considered to be one of the toughest markets to crack by trading experts all over the world. The reason for this is that the Forex market is not a regulated market and tends to flow with the trends. Therefore, if you are looking to enter the Forex market you need to keep certain things in mind. The following is a Forex tip trading list that you can utilize to earn more.

1. Forex brokers:
There are many brokers on the internet that have tall claims and unbelievable advertisements. You should be aware of the fact that every Forex trading broker online is not reliable, and that their claims of impending success without any investment of effort must be taken with a pinch of salt. Instead of going for the cheapest and the most attractive advert of the Forex trading module, the first ‘tip’ in Forex tip trading is that you should do thorough research into the best modules available online and only then go for any particular one. It would be especially beneficial for you if you discuss the pros and cons of the best modules with someone who is experienced in the field.

2. Discipline:
The second tip for Forex tip trading is that you should never lose control and go all in. Forex trading is not gambling and hence must not be treated like poker. It is common for new people to fall into the trap of treating Forex trading like a gambling game and start trading on the basis of their instincts. Forex trading is almost a science in itself and requires the trader to calculate and measure before investing. You will have access to charts and graphs which must be studied in detail before you decide on any one investment option.

3. Leveraging:
The third tip with regards Forex tip trading is related to leveraging. The majority of brokers will allow you to leverage your deposit to a ratio of almost 200 to 1. However, if you go so far out with your leveraging then the most positive outlook would be that it will eat into your profit margin. Over leveraging your deposit also has much more dire consequences, with the worst case scenario seeing you lose your whole deposit. Biggest tip here: Manage your capital!!!

4. Strategies:
You should try not to make your strategies too complex or too stringent. Instead, try to simplify things and go for the current trends in the market. Falling in line with the trends in the market is a way for you to ensure that you have the best chance of making profits by the end of the day. Furthermore, if you are new, this is one of the safest ways for you to get the hang of Forex.

In addition to each and every aforementioned examples of Forex tip trading, there are many more that seasoned Forex traders can equip you with. Therefore, in order to learn as much about Forex trading as possible, you should find a mentor who can help you with Forex tip trading on an everyday basis.

Article Source: http://EzineArticles.com/4810105