Recently, we took a survey among a relatively large group of forex traders who were involved in forex market anywhere from two months to five years.
Losing. Jumping from one forex robot to another, sometimes trying to trade on their own by following some complicated strategy, or even placing trades on a hunch…
Somehow managing to break even. Using one or two strategies, however not enough confidence to follow the rules. As they claim "the strategies were not consistent enough" so they would sometimes "break a rule, here and there"…
Placing long term trades, watching the news at all times, having trouble sleeping, as one economic report or change of goverment in some country would rapidly turn their forex position into a nightmare.
Making consistent profits day after day. Losing days could be counted on the fingers of one hand. Following one strategy and never ever breaking a rule. Sleeping well at night knowing that the next day will be just as profitable as the previous one. Taking long vacations. Living a happy life…
If your answer is D you have better things to do than hanging out on this site so please leave this site’s bandwidth to people who really need it.
We are not planning to explain to you here how big forex market is, trillions of dollars changing hands , you can quit your day job… Blah, Blah… You have already heard such stories and where did it get you?
You can find such "wisdom" on thousands of crappy forex blogs and sites that exist only to clutter search engine results.
You want to enter your trades with confidence. You want to have a reasonable certainity that the trade will move in your direction.
However, more often than not, the opposite happens. And you are desperately trying to figure out what are you doing wrong…
Forex trading is a zero sum game. In order for you to win someone has to lose. That’s why forex is such a cuttroath business.
You have probably read some books on forex, learned a bit about technical analysis, found out about some "winning" strategy, did a bit of paper trading and you thought you were ready…
You have stumbled upon some flashy website selling you a 100% accurate forex robot that will triple your money every month.
Is it about finding your inner self? Is it about understanding of how currency markets provide global trading equilibrium? Is it about becoming a better person?
Questions that are often asked by aspiring traders are: "What kind of trading approach should I use?
Day trading, swing trading, position trading? How many indicators should I use? Should I follow the TV news channels?…"
If you were attacked in a dark alley and you felt that your life was in real danger what kind of defense technique wouuld you attempt to use.
Or would you use some basic but brutally effective "knee to the groin", "thumb to the eye" technique that is easy to implement and that you are 100% certain will have an effect?
When you have your hard earned money riding on your trades maybe your life is not at stake by your and your family’s livelihood is.
And if you are going to play around with some fancy tools and indicators that you don’t even understand you can be assured that your hard earned money will be paying someone’s BMW lease payments.
Forex market behaviour is influenced buy such countless factors that no single person can comprehend and understand, let alone act on all of them. News releases, reports, geopolitical events, natural disasters, countless technical analysis indicators…
Do you think that Warren Buffett listens to all of that noise? If Jesse Livermore was still around do you think that he would be basing his trading decisions on CNBC commentaries?
It will provide you with a trading system that is based on fundamental principles of forex trading. Nothing fancy and complicated. It has to be simple so that you can trade it instinctively without doubts and second thoughts. It provides a real edge and after a short practice you will be ready for a big league.
Just enter your name and email address and you will be instantly subscribed to our FREE "Forex Trading Tips" Newsletter…
So what is the main factor that separates the five percent of traders that scoop most of the profits from the vast majority that is always on a losing side?
Do the winners have some insider knowledge that the others don’t? Is it about luck? Is it that they have a winning attitude…? a better computer and software?
The charts above are 5-minute candlestick charts for EUR/USD currency pair covering several hours of trading on two different trading days.
As you can observe the horizontal lines are… Read more…