Forex Trading - Do not start any Forex Trading before you read this ...
The forex plays a vital role in the global economy and there will always be a tremendous need for the Forex. It is simply an Exchange where the currency or money of one country is exchanged for another. As long as there is international trade , there will be Forex. It has to exist so a country like Japan can sell goods in the United States and be able to receive Japanese Yen in exchange for US Dollars.
Forex trading needs no further elaboration here. Important thing to note is that when forex was deregulated in 1997 , independent forex traders like you and me , finally had access to the biggest trading market of the world !
Yes - all of us could trade forex online since then !
Good news ? No !
This was where the problems started , lets zoom in our lenses to find out more ...
Forex Trading - what problems ?
I decided to write this squidoo lens because I have seen far too many people who are desperately trying to make money from forex trading , fail miserably , and I thought that maybe this could help some newbies who are coming onto the forex world for the first time thinking it's easily done.I recommend that we cast aside the dream about "financial freedom" first.
Let's review the key factors as to why majority of the people did not fulfill this dream in the first place :
Here are my analysis of the situation :
- many people jump into this market without preparation.
- most people will not even bother to educate themselves before investing , because they think this is an easy game.
- There are far too many "gurus" out there who plain tell lies, and it's a sad fact that there are only a handful of people trying to trade forex using the power of the internet , who do actually make it a full time living.
- Forex trading is not as simple as it sounds. It involves trading psychology - other than just technical and fundamental analysis. Trading psychology is where most people took for granted , and this is where most people fail ...
- Forex trading needs skill. Skill comes only after sufficient practice with paper trading. Most people jump straight into live trading , and eventually suffer losses.
Forex Trading - key considerations ...
I am a non guru ( read my bio ) and by no means I am in a position to give any professional advice.It is only my pleasure to share with all lens reader here regarding my tough trading journey before I achieve trading success.
The followings are my list of recommendations before you consider taking up forex trading :
- Ask yourself if you really have the time , passion , and commitment to make forex trading a profession. Do not jump into it just because you are hearing people making lots of money in this area.
- Check if you can set aside some funds to get proper education in forex trading. This is one of the most important requirement. It is crucial that you invest in education before you invest in the market.
- You next need some capital that you can afford to lose , without impacting your personal life. In the beginning stage you may not attain consistency in trading results yet , so having sufficient capital to start off with is very crucial so as to avoid unnecessary stress during trading.
Forex Trading System
- my forex trading system
- This is the system that I am currently using to trade forex successfully ...
My opinion : No matter what seminars or what learning courses you may sign up for , eventually you still need a Mentor to succeed. This is like "hands holding" .. and trust me - it really short cut a lot of time and effort in your learning process.
Next you need a Mastermind Team to keep going ..
This team may be your fellow traders or classmates. Idea is to exchange failure or success stories , so as to take action to improve.
Forex Trading - Why should you believe in what I say here ?
I was in your shoes before. There are just too many information in this huge media called "the internet". Which ones should you believe ?I feel you should read this squidoo lens of mine for the following reasons :
- I am a trader , not a marketer of any sort.
- I express most of my trading thoughts in my blog ( see next module ). Trading is a lonely job. Blogging keeps me connected with the trading community and the world. My new found SQUIDOO site here is another means of staying connected with the world and sharing useful information...
- It is important that one share his or her success with others. There is nothing to lose and there is absolutely no competition in this market. So honesty and revealing experiences and knowledge won't hurt.
- Kindly add your blurb if you have any comments.
Cheers !
Read My Trading Blog
Trading is a tough journey. Keeping a Trading Blog is an good idea to keep moving. Express any thoughts or ideas you may have. The fact of writing makes you remember things better ... Share and enjoy your trading journey with fellow traders.
To your Trading Success !
Fetching RSS feed... please stand byForex Trading - Videos ( by Peter Bain )
Complete Set of Forex Trading Videos that I had personally used for my Trading Education ...
Key elements of Peter Bain's Forex Course
Some fellow traders I spoke to told me that they already knew all these indicators. My point to them is not how much or how detail one knows about each particular indicator.
The power of this strategy comes from the use of these indicators as a combination rather than as a stand-alone indicators. It works just like a combination lock.
It revolves mainly around Pivot Points and Price Action. In any trading , no indicators can beat Price Action.
- Pivot points
- Trend lines
- Chart Pattern - Candlesticks
- MACD - divergences
- COT - Commitment of Traders
- Watch this video ... to see how this combination lock is been opened.
- Below is a Forex Chart which shows how the various indicators and price action are working together as a trading system ...
Sample videos of Forex Trading ( by Peter Bain )
- pivot point
- Before the days of hand held calculators ( let alone computers and internet connection ! ) , when trading was done by people gathered in "pits" shouting and waving at each other , traders developed some simple calculations based on previous day's price action to help them anticipate current day's price action. Today , many traders are using this concept of Pivot Points for trading.
Watch how the pivot point forex trading system works in the above video ... - 20pips
- Greed and Fear is one of the most talked about subject in trading. On a good day some traders could easily make more than 100 pips ! The idea to successful trading is not to maximize the profits in any given day. Consistency is the name of the game. I would rather go for 20 pips consistently instead of 100 pips in some days and losses in another day.
Watch this video on how to make average 20 pips consistently using this forex trading system ... - AM Review
- In the module Peter Bain provides daily AM Review that describes forex Price Action that I find particulary useful.
- Peter Bain Forex Course
- more details about Peter Bain Forex course in this link ...
Forex News
Geopolitics , News and Economic Fundamentals could be big mover of the forex markets. It is important that a forex trader stay tuned with global news.
While we may have a good trading system , it is important not to miss the forest for the trees ...
Fetching RSS feed... please stand byForex Daily and Weekly Summary
Click on the links for more information ...
- Daily forex
- Daily Wrap-up
- Weekly forex
- Weekly Wrap-up
Forex Trading Articles
Our trading journey begins with education , preferably learning under a Mentor. Then we learn and exchange ideas with fellow traders. Once we know the basic technique of trading , we then need to develop skills. Experience and skills can only be developed through continual learning.
There are lots of information available online for you to reference to. Lots of excellent forex trading lenses in this Wonderful Squidoo Community too.
Keep reading , keep learning , keep swimming ...
Fetching RSS feed... please stand bymore articles ...
- forex trading article 1
- forex trading tips
- forex trading articles 2
- An insight to forex
- forex trading articles 3
- Avoiding forex market risks
- forex trading articles 4
- Free Forex Trading Courses - Are They Worth It?
- forex trading articles 5
- Forex Trading Strategies in Forex Market
even more articles ... ( oh boy , stop me ! )
sorry for the information overload , if any ...
Alright , alright ... I stop now. I don't mean to let you suffer the same fate I gone through before. Information overload is a very common problem to anyone wanting to learn anything. While we thank the Internet for delivering rapid information , we also want to say that it has side effects.
When I started out , there was so much information at my disposal that I did not know how to put it in good use.
I guess the key is Focus and Do One Thing at a Time ...
Fetching RSS feed... please stand byForex Trading Blog
There are lots of good trading blogs online. When I first started blogging in Sept 2006 , my dog and myself were the only regular readers. Visitors came in rather slowly , since I didn't really put in effort to drive traffic. My focus was on executing good trades. But I am happy now - because I have more viewers and I do receive encouragement emails from secret admirers ...
I read others' trading blogs too and I am a secret admirer of this forex blogger.
Excellent posts !
Read his blog - click on the links and see if you agree with me ...
Fetching RSS feed... please stand bymore articles
Forex Trading Books
Essentials of Foreign Exchange Trading (Essentials Series)
Amazon Price: $26.37 (as of 07/11/2009) 
The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading)
Amazon Price: $44.10 (as of 07/11/2009)
Survive And Prosper In The Great Depression Of 2009-2012: A Step-By-Step Guide To Amassing A Fortune Trading Foreign Currencies
Amazon Price: $30.81 (as of 07/11/2009)
Economic Calendar , Interest Rates , News
All the info one needs to stay in touch with the events that will move the market.
Economic Calendar
Fetching RSS feed... please stand byInterest Rates
Fetching RSS feed... please stand byFundamental Market View
Fetching RSS feed... please stand byCurrencies News
Why news again ? Because it is so important if you want to trade forex !!
- currency link 1
- Yahoo Currency News
- currency link 2
- Bloomberg Currency News
latest currencies update ...
Repeat - News update is so important if you want to trade forex !!
Fetching RSS feed... please stand byShare your trading journey with me ...
Any comments and encouragement are welcomed !
Wishing all readers Success , Health and Happiness ...
If you love my lens , please give me a rating right at the top of this page so as to encourage me to do better. See , it is just like trading - I need to keep improving ...
Add this lens to Onlywire
International-Investor wrote...
Great Lense. 5 star. Make Money in Emerging Markets!
Posted July 13, 2007
FrooggyDotCom wrote...
Super Job. Allot of great information here to help me understand this more.
When your browsing around stop by Barter Dollars lens
Posted June 19, 2007
Abundant1 wrote...
Hey non-guru, Great lens. The info is good, and the images make this a beautiful read. (I'm still clueless, though. Don't look for me in the Forex trading circles, numbers seem to "dance" in my field of vision, instead of making sense) Great job on the lens.
http://squidoo.com/earn-online-1
Posted June 15, 2007
elishadavis wrote...
Nice Lens! Usefula and informative. Great job. 5 Stars indeed!
Posted June 14, 2007
Royloi wrote...
Good and impressive site Keep it up..
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Posted June 10, 2007
Bookmark - Share & Enjoy with others ...
Wishing all readers Success , Health and Happiness ...
If you love my lens , please give me a rating right at the top of this page so as to encourage me to do better. See , it is just like trading - I need to keep improving ...
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