My Expert Advice To Forex Beginners

The thousands of individuals who have decided to enter the Forex market should know that they should educate themselves first before they start. It is important to know the basics of Forex trading to get into profit, but this knowledge is no guarantee. You need to know more than the basics to even have a fighting chance of being successful.

There are many methods to learn Forex trading. You can join online services, enroll in a Forex trading school, attend seminars and workshops, purchase an course online, join a trading group, or visit your local book store or library.

From experience it is always best for novice traders to get training from a mentor or join a Forex trading team. You are going to benefit from experienced instructors who are already trading Forex in real time. You can compare notes, trends, charts, buy / sell decisions and more. You can check yourself against other people who have more experience than you. In this way, you are familiarized with real market trading. You are given the chance to see the actual processes and decisions which you can later employ.

In the end you will come up with your own strategy and trading methodology that works for you and is suited for your own risk level, temperament, trading goals and trading experience.

Here are a couple of guidelines that new traders can follow to achieve success in the Forex markets.

You need to know proper charting and mapping. Most Forex brokers will supply you with a charting platform, but you need to know how those charts work and how to interpret them. You will need to be able to read Forex market charts.

Discipline yourself. Traders who are disciplined by strictly following their developed methods even when losing period's strike, have a greater chance of making it in the long run.

Update your knowledge continuously. Successful traders are studying the Forex market night and day and are always looking for new advice and education all the time.

Trade in a team, this helps making decisions easier and could be the #1 reason you find success. If you are trading in a highly specialized team, you can measure yourself and your trading decisions against them and keep each other accountable for your trades.

Focus on what you do and do not jump around. This is probably the single biggest mistake that traders make. They jump from one opportunity and from one trading system to the next. They never stick with a single method and learn to trade that system well.

There are thousands of ways to trade the market with an infinite number of ways to combine signals, charts and trading methodologies. But do not try to trade and test each one of the thousands out there, stick with one that works and work it inside out until you can do it blindfolded. Once you are so familiar with it that you can do it in your sleep, you will start to learn when conditions for your system are right. You should be able to trade your chosen system with confidence and profit.

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Forex Trading Advice - Want To Try And Predict Forex Prices? Get Ready To Lose!

One of the biggest myths of forex trading is you need to predict where prices are going to go to win - You don't and there is a better way to win. Many Traders believe predicting as sound forex trading advice but its not - here's why...

The reason you cannot predict is because you are simply hoping and guessing and that won't get you far in life and certainly not in forex trading.

Humans are unpredictable and emotional and trying to work out what millions of them might do is impossible. To win you simply need to react to price change i.e trade the reality - before we focus on this, let's get rid of all the so called scientific theories that are sold online.

The Fatal Flaws with Scientific Theories

You have seen them and most are based around the theories of Gann, Elliot and Fibonacci. So they work? Of course not.

If forex markets did move to a scientific theory, we would all know the price in advance and there would be no market. Prices move because of uncertainty not certainty!

Also if a system is scientific, by definition it should work all the time and the above systems don't. By definition a theory is not scientific if it's not objective as well and the above ones are not.

So how do you win without predicting?

Trading the Truth

Quite simple really - You act on price change and wait for it to occur and one of the best ways to do this is to trade breakouts.

All major moves start from breakouts to new highs or lows and the odds favor a continuation, if the break is valid.

If you trade high odds breakouts, you can make a lot of money and you're not predicting. You are simply waiting for the move to occur and then trading.

Most traders hate doing this, they think they have missed part of the move and want to get in at a better price and wait for the pullback.

Of course, the pullback doesn't come and they sit and watch a huge trend develop and there not in.

Most traders simply hate missing a bit of the move and that's why breakouts are such a great way to trade.

Don't Look For Perfection Look to Make Money

In forex trading your not after perfection with your trading signal you will never achieve it - your out to make money and keep in mind, if you caught just 50% of every major trend you would be very wealthy!

So forget out predicting and laser accuracy with your market timing and focus on getting the high odds trades from breakouts.

Sure, you won't buy exact bottoms, or sell exact tops - but that won't stop you making a lot of money and enjoying currency trading success.

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Forex Mentors, Gurus, Advisors Should You Buy Advice?

There are plenty of people on the Internet keen to sell you advice and be your forex mentor or guru but most of the advice sold is not worth the money.

There is a huge industry in selling e-books, courses and systems, yet only a few are any good.

Let's find out how to separate the good from the majority that will simply help you lose.

1. The obvious first question to ask

Yet most forex traders don?t bother asking this question yet its critical!

If you want to get rid of over 90% of the Forex mentors, gurus and advisors ask this obvious question:

How much money has been made following your advice can I see the real time track record please?

Most sellers of information like to say how successful they are getting them to prove it!

Most will dodge this question or give you a few testimonials (lucky trades or from friends or a hypothetical track record.

A hypothetical track record is done in hindsight KNOWING the price history!

Well anyone can do that that's why you don?t see one that loses.

Ask for the real time track record that is all what counts real dollars made in the market.

It amazes me that people buy advice without checking if it has made money.

If there is no track record don?t buy the advice.

2. Look for the method to be simple and fully revealed

You should not simply follow a system or signals given to you.

You need to understand the underlying logic it is based upon.

Why?

Because if you don?t understand it, you wont have confidence in it and will lack the discipline to follow it through inevitable losing periods.

3. Look for a satisfaction guarantee

If you are buying something based upon sales copy you need to be sure that the hype matches the reality when you receive your advice.

Most reputable system or advice sellers will give you one that gives you the comfort that they are prepared to refund you if you are not happy.

Never buy a system unless you get one.

Finally

There is some good advice out there and there are some good systems that are sold but they're in the minority so take your time to seek one out that you understand has good support and above all - make sure it has made real money in the market before parting with your hard earned cash.

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