Common Forex Made Easy Tips
Contrary to popular belief, trading using the Forex Made Easy method is very easy. Before I try to deconstruct this whole Forex business (and you know it is a business, don't you?), I want to share some simple but critical Forex Made Easy bits of wisdom. I will refer back to this occasionally. They're important not just as you learn to trade the Forex markets, but because they are quality principles to live by.
If you've been around at all, you've heard or read how the boat load of money you can make from FX Trading (or Forex Trading), so what are the rules and strategies and tips you can use to make money from 4X Trading? Below are the seven tidbits of wisdom for trading Forex that the team of Forex Made Easy concocted to help make you lots of USD, Euro, and Swiss Francs in this crazy and rewarding field.
Forex Made Easy Tip #1: Don't get greedy.
This is surprisingly simple. When you're riding on a longish winning streak, it's easy to think that you won't be able to lose, but that's a dangerous kind of thinking. Trading is easy, but you can quickly lose your pants, shirt, shoes, socks, and your growing bank account. Greed can consume your entire being and deplete your trading account faster than you can say "Where'd it all go?" Greed can hurt you rapidly.
Forex Made Easy Tip #2:Get Educated
Making money in Forex does not take the talents of a brain surgeon. Who says you have to be a market genius to make money? Any body can learn to trade, and any person can make money. You don't need to spend a lot of time getting educated, but a trader with real world experience trading has a lot going for him.
Tidbit #3: Simple is Good.
This tip is perhaps the most difficult to conquer because we like tools and systems and programs and gadgets and indicators. The KISS method: Keep it Simple Stupid is still the best. The phrase is completely overused but it fits. Keep it simple: use a few indicators, and support and resistance. Don't get too complicated. Simple trading "systems" are far more robust (and less confusing) than complicated ones. If you aren't able to explain in a few sentences to a newcomer what the indicators are doing, then it's too much.
Forex Made Easy Tip #4:Make sure you have Risk and Money Management Rules
This Forex Made Easy tip is probably the least glamorous. Success is built on money and risk management. You need to learn about fluctuations and standard price deviation and if you have no idea what it is, there are plenty of resources online to educate yourself.
Forex Made Easy Tip #5: Discipline- Set the Rules and Stick to THEM
No matter how good you think you are, you will pile up losses over time. You need disciple. So, let me repeat that, you will lose occasionally and you will have losses. But you need to have discipline to ride out the losses and return to the trading table. Know the rules you've created for your trading style. Test them, then trade them. Stick to them. Leave nothing to your emotions. Write your rules down and follow them. I can't emphasize this enough, because if you don't follow what you created when there was no pressure on you at all, then you probably will lose money. It all depends on how far you deviate from your rules.
Forex Made Easy Tip #6: Have Fun
Trading the Forex markets can be rewarding and challenging. It can also be exciting. Don't take your gains OR your losses so seriously. Don't monitor the markets all day. Get outside. Relax. Spend time with your family. Watch a sunset. Play with your kids. The markets will always be there tomorrow.
Tidbit #7: Paper Trade First Until You "Make Some Money"
Practice Practice Practice. There are software programs out there (and some that we at Forex Made Easy will recommend) to help you so that you won't lose money quickly. You can test strategies, theories, and win a million dollars - all with no money changing hands! You need to do this.
We believe that anybody with even a little bit of courage and education can make money trading Forex. The effort you put in will be well rewarded. So don't forget this rule: simplicity is best; stick with the plan you created for your own style. Simple, steady, and well-executed strategies will earn you a significant amount of money in the FX markets. - 23221
If you've been around at all, you've heard or read how the boat load of money you can make from FX Trading (or Forex Trading), so what are the rules and strategies and tips you can use to make money from 4X Trading? Below are the seven tidbits of wisdom for trading Forex that the team of Forex Made Easy concocted to help make you lots of USD, Euro, and Swiss Francs in this crazy and rewarding field.
Forex Made Easy Tip #1: Don't get greedy.
This is surprisingly simple. When you're riding on a longish winning streak, it's easy to think that you won't be able to lose, but that's a dangerous kind of thinking. Trading is easy, but you can quickly lose your pants, shirt, shoes, socks, and your growing bank account. Greed can consume your entire being and deplete your trading account faster than you can say "Where'd it all go?" Greed can hurt you rapidly.
Forex Made Easy Tip #2:Get Educated
Making money in Forex does not take the talents of a brain surgeon. Who says you have to be a market genius to make money? Any body can learn to trade, and any person can make money. You don't need to spend a lot of time getting educated, but a trader with real world experience trading has a lot going for him.
Tidbit #3: Simple is Good.
This tip is perhaps the most difficult to conquer because we like tools and systems and programs and gadgets and indicators. The KISS method: Keep it Simple Stupid is still the best. The phrase is completely overused but it fits. Keep it simple: use a few indicators, and support and resistance. Don't get too complicated. Simple trading "systems" are far more robust (and less confusing) than complicated ones. If you aren't able to explain in a few sentences to a newcomer what the indicators are doing, then it's too much.
Forex Made Easy Tip #4:Make sure you have Risk and Money Management Rules
This Forex Made Easy tip is probably the least glamorous. Success is built on money and risk management. You need to learn about fluctuations and standard price deviation and if you have no idea what it is, there are plenty of resources online to educate yourself.
Forex Made Easy Tip #5: Discipline- Set the Rules and Stick to THEM
No matter how good you think you are, you will pile up losses over time. You need disciple. So, let me repeat that, you will lose occasionally and you will have losses. But you need to have discipline to ride out the losses and return to the trading table. Know the rules you've created for your trading style. Test them, then trade them. Stick to them. Leave nothing to your emotions. Write your rules down and follow them. I can't emphasize this enough, because if you don't follow what you created when there was no pressure on you at all, then you probably will lose money. It all depends on how far you deviate from your rules.
Forex Made Easy Tip #6: Have Fun
Trading the Forex markets can be rewarding and challenging. It can also be exciting. Don't take your gains OR your losses so seriously. Don't monitor the markets all day. Get outside. Relax. Spend time with your family. Watch a sunset. Play with your kids. The markets will always be there tomorrow.
Tidbit #7: Paper Trade First Until You "Make Some Money"
Practice Practice Practice. There are software programs out there (and some that we at Forex Made Easy will recommend) to help you so that you won't lose money quickly. You can test strategies, theories, and win a million dollars - all with no money changing hands! You need to do this.
We believe that anybody with even a little bit of courage and education can make money trading Forex. The effort you put in will be well rewarded. So don't forget this rule: simplicity is best; stick with the plan you created for your own style. Simple, steady, and well-executed strategies will earn you a significant amount of money in the FX markets. - 23221
About the Author:
Chan Boldene is a technical writer and has penned many articles on the Forex markets. Join him at Forex Tips for a few key pointers. Visit also Forex Rumors.
posted by X - Men @ 5:40 AM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home