Forex Trading - Poker Players Often Become Trading Millionaires

Author: Sonia Kristina

Article:
If you thought that poker paying couldn't teach you much about
forex trading you would be dead wrong. If you can play poker
successfully you can trade and win because there is a unique
mindset needed for both. Even if you don't play poker you will
learn the skills needed from this article.

Any successful poker player will tell you that to win you need
to know when to bet ( when the odds are in your favour) how much
to bet and when to quit, to preserve equity and the skills
needed are neatly summed up in the old gamblers saying:

"There's a time to hold them a time to fold them and a time to
get out of town fast"

The successful poker player relies on himself there is no one to
help him at the table (contrast this with most forex traders who
trust mentors gurus or junk robots) and they rely on tremendous
discipline to not trade at all, or quit and take a loss and keep
their losses small (contrast this with the forex trader who
hates admitting their wrong), now you can see why they make
great traders.

Trading relies on you - no one else can help you.

You must get the right education and have confidence in it and
then the hard part - apply your trading system with discipline
in the market. Just like in poker your playing the odds not the
certainties, many guru's would have you believe.

You have to have total confidence in what you are doing and the
equation for market success is:

Logical well thought out method + the discipline to execute it =
forex market success.

If you don't have the discipline to execute your trading system
- you may as well not have one!

The poker player will take loss after loss - but he will have
the confidence and discipline to know that his time will come,
when he can load up his trades and win big. Most traders simply
cannot take a strong of losses but that's part of trading and
you must do this.

You need to understand you have to lose to win.

Forex trading is actually quite simple anyone can learn to trade
currencies but 95% of traders lose. The reason is not because
they can't learn to trade, it's because they like to follow
others or want to win all the time.

They simply don't have the discipline, or mindset to win and the
poker player does.

So learn this:

You need to stand on your own two feet. No following others or
believing all the hype that forex trading is easy - its not.

You then need to have confidence in what you're doing, to give
you confidence and the discipline to preserve your equity by
taking small losses and wait for your opportunities and run them
to big profits, when they come.

So if you play poker successfully or for that matter blackjack,
then you already have the traits needed to win. If you don't
play poker you will see the logic of the material enclosed and
can incorporate it in your forex trading strategy and seek forex
trading success.

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Forex Trading - Commonly Held Views That If You Believe Them

Author: Sonia Kristina

Article:
Here are some commonly held views on forex trading that if you
believe them will see you lose and most traders do, so don't be
with the majority avoid these beliefs at all costs - here they
are...

1. Forex Robots Work

You have seen them, present great track records but there all
simulations in hindsight!

If you want to lose use one and you can do it quickly, by buying
a forex robot with a simulated track record!

2. Trade Short Term

Day trading and scalping is destined to lose as all movements
within a day are random. Again when you see a track record of
someone saying they win at it - look for the world "simulated in
hindsight" Day trading is a mugs game.

3. You Need to Predict to Win

If you think about this it's simply guessing and no one knows
what will happen next, so don't predict, trade the truth and
reality of price change only.

Before I forget don't be taken in by all the scientific theories
of market movement, if there was one, there would be no market
as we would all know the price in advance!

Forget predicting and trade the truth of change of price as you
see it in black and white on a forex chart.

4, Trading Breaking News

Waste of time - markets don't move on the news, they move on how
traders perceive it, that's why markets rally when there most
bearish and crash when there most bullish. If you think you can
make money trading news, think again.

4. You can Make Big Profits on $100.00!

The amounts that many brokers ask for today is tiny and with the
leverage and volatility in currency trading it's like tossing a
coin.

No one should consider trading less than $1,000 and preferably
$5,000.

5. Use Leverage Available

This is the one that traders hang themselves with. Brokers give
200:1 as standard and even 400:1 and most traders like to use it
- but volatility kills them.

Over leveraging wipes out the bulk of new traders 10 - 20: 1
leverage is enough for most traders.

6. All You Need to Win Is a Good System

Not true, its like having a high performance racing car, if you
don't have a careful disciplined driver, the car will crash.

In forex terms you can have a good system - but its going to
lose and you are going to have to stick with it and ride out the
losses. If you cant execute your trading strategy with
discipline in these periods, you will never hit the home
straight and win.

Think discipline is easy - think again, its not, even for
experineced traders its hard to stay on course, when your losing
money and the market makes you look stupid.

HOW TO WIN!

As you can gather you need to avoid the majority and get a
simple system that's logically and you can apply with
discipline. It sounds easy but its not you need to work at it
but don't be dismayed your effort will be well worth it and you
can soon be enjoying great forex profits on a regular basis.

About the author:
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urrency Trading System visit our website at: target="_new"
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Forex Day Trading and the Road to Financial Freedom and a

Author: Sonia Kristina

Article:
Forex day trading seen as the road to financial freedom by many
traders and the appeal is obvious take small risks and build a
fantastic second income. If you are a day trader not making as
much as you think you can or a novice trader looking to start
read this article...

Fact is day trading and forex scalping will lead you to
financial ruin should you decide to base your forex trading
system on them. The reason will become clearer if you ponder the
problem below and it's a hard one and one day traders cannot
solve no matter how clever they think they are.

Think of how many traders all around the world and how different
they are, in terms of their makeup, in terms of strategies they
use, education they have and the degree to which they are all
influenced by their emotions.

Your task (should you wish to accept it!) is to guess or predict
what they are going to do in a matter of minutes or hours - is
it possible?

No!

In days gone by the floor traders made money day trading and had
an advantage over the bulk of retail forex investors, as he had
the news ahead of the crowd and could react quickly - but today
we all have the information in a split second, in all corners of
the world and the edge has gone and you don't hear of this now
as we live in a world of electronic currency trading.

Daily movement of price is random and as you cannot use support
and resistance in these periods, you can apply technical
analysis and tools that work in longer time frames cannot by
there very nature work on random data - you may as well toss a
coin.

You can be lucky for a while - but at the end of the day the
market will sooner or later take your money.

What about all the forex day trading and scalping systems that
have great track records?

Well take a read of the following snippets that normally
accompany these stellar track records and it will make you think
and see them differently

"CFTC RULE 4.41 - Hypothetical or simulated performance results
have certain limitations. Unlike an actual performance record,
simulated results do not represent actual trading.

And the following will also be seen

Simulated trading programs in general are also subject to the
fact that they are designed with the benefit of hindsight. No
representation is being made that any account will or is likely
to achieve profit or losses similar to those shown".

Would you trade a system which had that written on it? Rather
you than me.

The day trading myth is you make profits but the reality is
different. Forex day trading is the road to ruin not financial
fredome

So get the right forex education and get a forex trading
strategy, based on data that can put the odds in your favor and
this will allow you to get on the road to financial freedom.

About the author:
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in at Forex Trading visit our website at: href="http://www.learncurrencytradingonline.com">http://www.learn
currencytradingonline.com.

Reasons For Having a Trading Plan

You can fill your mind with plenty of information, but without a good trading plan and the discipline to stick to it, you will never be profitable.
Think of your trading plan as your map to success. It will be a constant reminder of how you will make money in this market. Of course it’s not required, and if you can make your living by trading without a plan, i will bow down and hail you as the Market Zeus of the Forex.
So you can trade without a plan if you want, but before you make that decision, let me give you a few reasons WHY you should have one.
Reasons For Having a Trading Plan?
Reason 1: It keeps you in the right direction
Consistency is very important to have in your trading routine because it allows you to truly measure how successful you are as a trader. If you have a sound trading system but always break your rules, how can you ever really know how good your system really is? Your trading plan will keep you on target. Read it every day and stick to it.
Reason 2: Trading is a business and successful businesses ALWAYS have plans
I have never seen a successful business not start out with a plan. Do you honestly think Walmart was just created on a whim and then magically became successful? Or what about McDonalds? I’m sure almost anyone can make a better hamburger than McDonalds, but the difference between them and the individual is that they have a successful business plan that guides them to success.
In the same way, you can relate the McDonald’s story to your trading career. Whether it’s by luck or experience, everyone can make money in the forex. However, the difference between a losing trader and a successful trader is the PLAN. If you have a good trading plan and you are disciplined enough to stick to it, you will be successful!
Now you know why you should have a trading plan.

Types of Trading

There are 2 basic types of analysis you can take when approaching the Forex:
1. Fundamental analysis
2. Technical analysis.
There has always been a constant debate as to which analysis is better, but to tell you the
truth, you need to have the knowledge of both. So let’s break each one down and then
come back and put them together.

Technical Analysis
Technical analysis is the study of price movement. In one word, technical analysis equal
to charts. The idea is that a person can look at historical price movements, and based on
the price action, can determine at some level where the price will go. By looking at
charts, you can identify trends and patterns which can help you find good trading
opportunities. The most IMPORTANT thing you will ever learn in technical analysis is
the trend! Many expert traders have a saying that goes, “The trend is your friend”. The
reason for this is that you are much more likely to make money when you can find a trend
and trade in the same direction. Technical analysis can help you identify these trends in
its earliest stages and therefore provide you with very profitable trading opportunities.

Fundamental Analysis
Fundamental analysis is a way of looking at the market through economic, social and
political forces that affect supply and demand. In other words, you look at whose
economy is doing well, and whose economy sucks. The idea behind this type of analysis
is that if a country’s economy is doing well, their currency will also be doing well. This is
because the better a country’s economy, the more trust other countries have in that currency.
For example, the U.S. dollar has been gaining strength because the U.S. economy is gaining strength. As the economy gets better, interest rates get higher to control inflation and as a result, the value of the dollar continues to increase. In a nutshell, that is basically what fundamental analysis is.
Based on experience and research, both technical and fundamental analyses are to gaze at
when you want to trade, each trade swings its focus more to one of the two; I will
basically say that economic news release is more fundamental, while session opening is
more technical. Therefore, watch out!
Fundamental Announcements provides some of the absolute best trading opportunities in
the FOREX markets, and it account for most of the considerably large market moves. In
general (but not always) the markets move relatively slowly when not affected by FA,
thus giving small profit opportunities. Immediately, and for a while after a significant
Fundamental Announcement the markets move strongly, thus providing great profit
opportunities.
Usually Fundamental Announcements are released at a scheduled time. This means that
you can know days in advance when a potentially great opportunity will happen… to the
minute! This could be found on some websites like www.forexfactory.com,
www.fxstreet.com. Focus on the Fundamental Announcements of the country or
economy that you are proposing or already trading their currency pairs for more profits.
Some of the major Global Economic Calendars (indicators) are state below and could be
very volatile and profitable. You cannot watch all the indicators because they change in
importance base on time and condition. Watch out for more insights of different
techniques and strategies of trading the FA indicators.
1. Trade Reports
2. Gross Domestic Product (UK)
3. Unemployment
4. Interest Rates Reports
5. Core Durable Goods (USD)
6. Retail Sales (USD)
7. Consumer Confidence
8. Trade Balance (USD)
9. ISM manufacturing Index and Prices (USD) (comes 1st of every month)
10. Non-Farm payroll (USD) (being announced every 1st Friday of the month)
11. Employment Change (it will happen the same day with non-farm payroll but an
hour before non- farm payroll).

As I stated before, the pros watch only six major currency pairs. Here they are:
The U.S. dollar vs. the Japanese yen
The U.S. dollar vs. the Swiss franc
The U.S. dollar vs. the Canadian dollar
The Euro vs. the U.S. dollar
The British pound vs. the U.S. dollar
The Australian dollar vs. the U.S. dollar

How to Open a Forex Account

What you need to put in place before trading Forex online are:
1. Domiciliary Account
2. Utility Bills
3. Means of Identification (International Passport, National ID Card or Driver’s
License)
4. Download the trading platform
5. Demo Trade
6. Open a Forex Account with a broker.
7. Fund the account base on your capacity.

HOW TO FUND A FOREX ACCOUNT
Funding your Forex account is so simple but some hidden charges need to be clear to you
before funding the account. And there are ways of transferring from your domiciliary
account to your Forex account in abroad.
The most reliable means of funding a Forex account is through Bank wire transfer i.e
through your domiciliary account. This means is safe and since there is no third party in
Forex, your money is secured.
Also, understand the transfer and withdrawing charges of your Bank before your make any transaction.
STEPS:
1. Get transfer form and details from your broker’s website.
2. Make the transfer and inform your broker so that your Forex account can be
funded.

HOW TO WITHDRAW FROM YOUR FOREX ACCOUNT
1. Simply download and fill the withdrawal form (usually available on your broker’s
website)
2. Signed the completed form and send either by Fax or E-mail)
3. The funds will be wire directly to your domiciliary account (within 48hrs).
NB: You can’t transfer or make withdraw into any other person’s account but yours as
there’s no third party in Forex.

How to Open a Forex Account

What you need to put in place before trading Forex online are:
1. Domiciliary Account
2. Utility Bills
3. Means of Identification (International Passport, National ID Card or Driver’s
License)
4. Download the trading platform
5. Demo Trade
6. Open a Forex Account with a broker.
7. Fund the account base on your capacity.

HOW TO FUND A FOREX ACCOUNT
Funding your Forex account is so simple but some hidden charges need to be clear to you
before funding the account. And there are ways of transferring from your domiciliary
account to your Forex account in abroad.
The most reliable means of funding a Forex account is through Bank wire transfer i.e
through your domiciliary account. This means is safe and since there is no third party in
Forex, your money is secured.
Also, understand the transfer and withdrawing charges of your Bank before your make any transaction.
STEPS:
1. Get transfer form and details from your broker’s website.
2. Make the transfer and inform your broker so that your Forex account can be
funded.

HOW TO WITHDRAW FROM YOUR FOREX ACCOUNT
1. Simply download and fill the withdrawal form (usually available on your broker’s
website)
2. Signed the completed form and send either by Fax or E-mail)
3. The funds will be wire directly to your domiciliary account (within 48hrs).
NB: You can’t transfer or make withdraw into any other person’s account but yours as
there’s no third party in Forex.