Forex Trading - The Biggest 6 Mistakes That See 90% Of Traders Lose

The mistakes below are common amongst novice traders and ensure 90% of them lose and lose quickly – while novice traders make these mistakes so do experienced traders.

If you make them, you will lose so avoid them and increase your chances of success dramatically.

Here they are all ways guaranteed to lose you money.

1. You Can Buy Success

Many traders think trading is easy and they can buy success in forex trading for a few hundred dollars – major mistake!

Most forex education sold on the net is sold by marketing companies or failed brokers and simply doesn’t work – if it did it would not be sold.

There is some forex education you can buy that’s good and the best way to ensure it is worthwhile is only accept the proof:

A real time track record of profits no hypothetical simulations!

To follow a trading method you will need to understand how and why the logic works – if you follow it without understanding it, you will not have the confidence to follow it with discipline.

2. Being Clever Will Make You Money

On the other hand there are people who think being clever will make them money and they have a right to win because their clever – Another major mistake.

In many industries you get paid for how much effort you put in but not in global forex – you get your reward for being right and that’s all.

Many traders devise complicated systems that are extremely clever and they lose.

It’s a fact that a simple system will beat a complicated system, as its more robust with less elements to break.

Don’t complicate your trading system or methodology, keep it nice and simple.

3. Knowledge = Power = Profits

While you need a simple trading system to succeed you also have to learn the right knowledge.

Knowledge for knowledge sake in forex trading won’t make you money.

In fact most of the accepted wisdoms of forex trading are no help at all when trying to make money and that’s why 90% of traders lose.

Lets take one example, online news sources will help you win, as your better informed.

Yes you are better informed but that won’t make you money, in fact it will help you lose!

Why?

Because those news stories are just so convincing.

Think about it, these guys are telling stories their NOT traders and most news stories are convincing but dead wrong.

This is just one example and there are many more, where traders focus on the wrong knowledge and lose.

4. Day Trading Makes Money

One of the biggest myths of all is day traders make money.

Try and find one with long term track record of profits and you will look for years and never find one!

Why?

Because it doesn’t work – great story but that’s all it is.

It doesn’t work due to the simple fact that all daily volatility is random and if the data is random, you can’t get the odds on your side – PERIOD.

5. You Can Get Rich Quick

Yes you can, but this is not the norm.

Many traders think making over 100% is easy and over leverage, trade to much and take high risk low reward trades and then lose their equity.

Be realistic about what you can earn, in your first year if you made 50 – 100% then you would be up their with the top money managers in the world.

Take it slowly and look longer term – if you compounded 50% for 10 years you would be extremely wealthy at the end of the period!

6. Discipline

You here it time and time again – discipline is the key to success, but very few forex traders actually know what it takes to be disciplined, so here is a simple explanation:

To be disciplined relies on these three personality traits:

1. You must have a desire to succeed and accept that you are on your own and learn the right knowledge by developing your own trading reality.

2. This leads to confidence that you can achieve trading success.

3. From confidence comes discipline, to follow your trading methodology through the bad times without throwing in the towel, to achieve ultimate trading success.

Final Words

Read and digest the above and don’t make the same trading mistakes in your forex trading.

If you avoid them you could soon be on the road to big profits – Good luck!

Swing Trading Systems - Buying One For Long Term Profits

Swing Trading is fun, exciting and can be very profitable and is one of the easiest forms of trading for a novice to master.

There are many swing trading systems that are sold by vendors via e-books and software, and courses or of course you can build your own.

Lets look at choosing a swing trading system that can be you some great capital gains – so what makes a successful swing trading system?

Let’s find out.

Firstly let’s give our definition of swing trading

The object of a swing trading strategy is to make money from the intermediate swings within the longer term trends and these typically last for a few days or a few weeks – this is not day trading!

You cannot make money day trading as there is no reliable data - so don’t try.

Ok let’s look at buying one from a vendor and points to consider

Here are some points to consider when buying a trading system from a vendor:

1.Understand the logic

If are swing trading forex stocks, or futures you need to understand EXACTLY how the methodology works and why it will be successful.

You must understand why the system will work because you are going to have to have the discipline to follow it through losing periods and this only comes from understanding and confidence.

So if you buy a forex swing trading system don’t follow it blindly, understand everything about it. You need the discipline to follow a trading system through losing periods, or you have no method in the first place.

Swing trading is essentially simple and the method should be easy to understand and apply.

2. Does it suit your trading personality?

Swing trading systems vary in terms of the risks they take and the drawdowns they incur - make sure that you buy a swing trading system that suits your personality and your risk tolerance.

3. The track record

While a track record does not guarantee future profitability, it does give you confidence in its ability to make money and what it is capable of.

Look for a real time track record of profits over a two year period of trading.

Don’t trust hypothetical track records these are done knowing the closing prices and really if you know the closing prices its easy to make a profit!

4. The vendor

Find out as much as possible about the vendor and their trading experience – many systems are sold by failed brokers or marketing people, who simply make up a hypothetical track record, so be wary before buying.

Look for a money back guarantee if possible. This will give you the comfort that you will get your money back if the swing trading system you are being sold does not live up to the vendors claims.

Swing trading is great for novice traders as it provides regular trades and plenty of action while hitting the high return low risk trading opportunities.

Trading opportunities also do not take long to complete and the result is quickly known – hopefully in the swing trader’s favor!

Making Money And Having Fun In The Process Is What The Trading Is All About

Choosing Reliable Forex Software On line Forex trading is here to stay. Every day, millions of persons engage in the act of buying or selling currency online.

It seems that when it comes to Forex software, just about everybody has their own set of programs they would love to have you utilize. Knowing that software is not necessarily created equally,this means you will have to make some decisions about what you expect from the trading software that you decide to go with. Here are some tips you should consider before committing to any one software package.

The first question you should ask yourself about any trading software has to do with usability. Do you find the software to be logical to your mind? Should you need assistance at any point in the process, does the software provide the ability to access a help section? Being comfortable, with the way that the software works, is a huge part of whether or not you need to consider that particular software trading package. If it seems too complicated, then pass on that selection and move on to another potential candidate.

When you have identified a software packages that you believe is for you, find out what other consumers are saying about this software and find one that would be easy for you to use and that have a proven track record of success.

By identifying potential trade software packages and performing due diligence to obtain the relevant comments that have been shared by other consumers, you'll go a long way toward finding the ideal software package. Once found you will be able to enjoy your choice of Forex software for a long time to come.

The time is now here to decide, which one you would enjoy using as your trade software of choice.

Making money and having fun in the process is what the trading is all about. As someone that has been around for a long time in this business I know that it is truly a traders dream to find a complete trading solution that is accurate, easy to use and at the same time profitable. Designing trading systems that can full fill these three elements is hard work. I came across this system purely by luck and since then my trading has been more fun and very profitable. I passionately believe in this product and I am convinced that it’s the best Forex trading solution on the market today.

Learn Forex - Is Forex Trading The Ultimate Home Business Opportunity?

That's true, you can be a trader at home. Forex, or Foreign Exchange Market is by far the largest financial market in the world. About $2 trillion are traded EVERY DAY. The Forex market is the currency market, where a currency is traded against another. Quick example : you buy a dollar and sell euros. Not that easy to understand. But can we do this from home ? Yes, we can. About ten years ago, you would need millions of dollars to start trading. Now you can start with a few hundreds of dollars.

What you need is your computer and an internet connexion. You can trade from the comfort of your home, without having to deal with any boss or clients. You will only deal with money. Then you can start selling dollars and buying euros and make a profit.

You have to find a broker, where you will open an account and funding it. You will also have the possibility to get a demo account and practice, with fake money but in the real time market. I strongly recommend you practice a few months before thinking of "live" trading.

It is not that easy, it is extremely risky if you don't know anything about trading. First rule : don't invest what you can't afford to lose.

Forex is not a game, there is a lot of parameters to take in account, and human factor is one of the most important in this business.

You may have already understood it, currencies are traded by pairs. The european Euro versus the US Dollar, The US Dollar versus the Japan Yen, etc. When you buy a currency, you want to sell it later at a higher price. When you sell a currency, you want to buy it later at a lower price. This is how you make profit. Think like you were buying a foreign company share. You always want to buy low, and always want to sell high.

What you are looking to when trading currencies is the exchange rate. This will tell you your next move. Buy or sell. Currencies are part of the economy of each countries. When the value of a currency is increasing, this means the economy is going better as before. The exchange rate can be viewed as the country's economy compared to another economy. This is why economic factors can help you to predict your next move. If you know that a currency will increase, you will buy it and expect to sell it at a higher price, a higher rate.

You can choose the pair you want to trade, but the most people trade the main currencies, Euro, Dollar, British Pound, Japan Yen. And you can only choose to trade one pair only if you want. You are the only person that will make the decision. Hope you are making the good ones, profit can be huge, as well as losses.

Like any business, forex trading has to be taken seriously. Lots of people are trading the forex and some are earning thousands of dollars every day. But it needs a lot of training, education and analysis before reaching such results. It can be the perfect business and actually it is for advanced traders.