Showing posts with label 1. Introduction to Forex Trading. Show all posts
Showing posts with label 1. Introduction to Forex Trading. Show all posts

Monday, August 24, 2009

What's up for Aug 09'?

I have not been updating my blog for quite a while. The market had been trading in range bound and I take this opportunity for a break by listening to free seminars relating to trading. This is to update myself and to sharpen my skills in trading. Of course to meet traders too. One must be willing to learn continuously to succeed in any field. That was very true when the presenter an ex-floor trader told us he was shocked to find out that a retired trader worth $16million is still learning and writing down notes in a previous trading seminar! He said the retired trader is very happy even with a 10% of new knowledge found in trading.

Just to share how I trade. For me, before I trade I will update myself on good blogs and websites such as Bloomberg, Forexfactory , CNBC, Kathy Lien etc. Talk about Kathy Lien she was at Invest Fair Aug 09' Singapore. Many people had the opportunity to learn from her as with her previous appearance at Asia Trader & Investor Conference (ATIC) March 09'. One thing for sure, her presence will be full house! A person success does not comes by chance but stood the test of time. Normally, tons of gurus will tell you tons of story and sell you products but of little use in trading.

Kathy is a person who is very relevant when it comes to trading, only a trader will know thy trader. I have been following her blog closely and was amazed 9 out of 10 times what she said come to pass. (Note : Some gurus claimed 100% accuracy but please beware.) Her free forex trading class is worth much more than paid seminars. She taught traders how to trade profitably. My skill in trading went up to another level and it was mind blowing for me.
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Tuesday, August 4, 2009

How to trade effectively

I happen to stumble upon this blog, follow for quite sometime and read on the success forex trading by Nick. This guy is what I believe doing things for passion and making real money. His trading success rate is 80%.
No! He will not charge you with a big sum of money like most others. In fact, he even shows his free weekly trading analysis in advance on how he will trade and sometimes show you in recorded videos using his live account how he trade! (Most failed traders only tell you history events, sell stuff or the usual disclaimer) However, you need to read his free e-books before making any trades.
Trading is a skill and it takes time and patience. He trades mostly on GBPJPY. Most successful traders will only trade a few currency pair. Each currency pair behaves differently and it takes time to know them well. I know some would claimed to be able to trade all the currency pairs. Just look at George Soros making $1billion trading GBPUSD. Way to go Nick!
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Wednesday, July 22, 2009

Are You A Novice or Profitable Trader ?

There are some very clear differences between the consistently profitable trader and the consistently losing trader. To know and learn more of yourself will lead you to be a better trader everyday.

Character of a new trader
  1. Do you tend to follow the crowd?
  2. Do you act on the advice of experts, market gurus, analysts, and your brokers?
  3. Do you tend to complicate the trading process with lots of indicators?
  4. Do you buy and sell after a move in price is well underway and do you buy into resistance and sell into support ?
  5. Do you have an average of 10% capital gain annually in a year or more?

Character of a consistent profitable trader

  1. Do you lead the herd?
  2. Do you do you own research ?
  3. Do you buy (sell) after a period of selling (buying) and into price support (resistant)?
  4. Do you have an average of 20% capital gain annually or more in the last 10 years or more?
Profitable trader can stood the test of time. As the forex market becomes more active, suddenly many 'experts' or 'gurus' evolved. Many have claimed they have traded forex since 19XX? Some claimed - 100% to 1000% return etc. If their winnings can be consistent throughout the years, they would be one of the riches man in the forbes list, just like Warran Buffet .

Some 'coaches' teach from their website while others coach personally. Just beware that most 'experts' or 'gurus' have not been really profitable in their trading career. Most make their money through expensive courses, softwares, signals, books etc. Have you ever wonder George Soros, Warran Buffet etc did not conduct courses etc like many 'expert' or 'gurus' ? I know the 'expert' or 'gurus' would give countless reasons. Have you read Millionaire Traders - most profitable traders are too busy making real money on their personal account by trading! Now you should know why I don't update my blog everyday but I do give really good content - *Hint*

In fact, real investors or traders can produce their earnings annual reports. Yes, and not just a certain day big earnings and cover the other losing days. Can anyone for the last 30 years have an average annual earnings of more than 20% - Warran Buffet!
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Monday, March 30, 2009

Which level of trader you belong?

Basically, there are three levels of trading :

Level 1 : The Beginner Trader
From here your focus is on studying, understanding, and beginning to established your trader's constitution, methodology, and trading strategy to match your personality. Master you trade in a demo account to familiar with the trading platform.

Level 2 : The Competent Trader
You acquire conscious competence. You begin to trade with real money, go through your emotions, and learn to trade with equity management rules to achieve a consistent financial return.

Level 3 : The Expert Trader
You acquire unconscious competence. You mechanically execute profitable trade with no emotion. Your decisions are based on your belief, educations, established rules, and experience to achieve a consistent financial return.

Be really clear of your goals and be persistent till it achieve. Keep learning from mistakes and made good progress daily. Know where you are and work from level 1 to level 3. There will be many circumstances that shows and hinder you during your forex trading journey but stay focus and look forward towards the joy of tremendous rewards.
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