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How to Make a Living in Forex...

Discussion in 'Forex Discussions' started by GM_securities, Sep 30, 2008.

  1. GM_securities

    GM_securities New Member

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    Step 1:

    Forex trading is quickly gaining grounds in popularity as day traders are slowly waking up to the advantages of trading currencies over trading stocks.

    For a newcomer, trading in forex is not going to be an easy path though. In part this is because there are not as many currencies to choose from as compared to stocks and shares.

    Therefore, whether you are a newbie or experienced trader, there are principles you need to follow in order to become successful at forex trading.

    Forex Trading Is Not An Income

    The key concept you want to keep reinforcing about forex trading is that: you cannot use it as a source of income. You have to treat it as an investment. And you need to know how to differentiate the two.

    Please do not trade forex as a means to support your family. You first need to have a steady source of income when you're starting out learning how to trade.
     
  2. GM_securities

    GM_securities New Member

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    now there are some of you who jump into forex wthout any basic preparation, forex isnt childsplay ya know, there're certain things you need to cover before jumpin' in

    - Forex:How to make own system (teach everything you need to know about forex)
    - How to use Fibonacci in Fx (learn how to use fibonacci to predict market movement)
    - Steps to trade News release (learn how to use fundamental element in forex to trade)
    - Candlestick basic (learn how master each form of candlestick to do naked trading)
    - Scalping (introduce you to one of the most preferred trading technique - mastering scalping technique)
     
  3. GM_securities

    GM_securities New Member

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    step 3:

    Next, you want your success as a forex trader be measured by the yearly returns on your capital. That's a more substantial and realistic approach than measuring it on a weekly or monthly basis.

    There are basically two types of traders. One is the type that is ever vigilant and careful, and as a result becomes consistently successful. The other is the type that consistently incurred losses that cancel out whatever profits he made.

    Clearly the winner is the one who can make enough profits to not only cancel off his losses but have enough leftover to chalk up a laudable gain to his capital.

    To perform this winning stunt year in and year out, you must always cut your losses early and know how long to let your profits ride. This is by no means an easy thing to do though it's easy to say.

    Most traders have experienced markets going against them which later turned back into their favor. Somehow this causes them to hope that the same favorable event can be repeated everytime the market went against them.

    They might get lucky a number of times but there's bound to be one time when the market would go all the way in the opposite direction and wipe out a big chunk of their capital because they waited too long to get out.
     
  4. GM_securities

    GM_securities New Member

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    step 4:


    for those who actually know how to trade however arent making quite well I suggest learn some strategies...
    Below I've listed 4 simplest yet most powerful strategy to get 80-200 pips everyday !
    - Time Builder technique (using "time trap" technique, focus on the right time setup)
    - Price Surfing strategy (teach you how to predict the next price movement before it happens)
    - "Cyclic Wave" system (everyday at certain condition, forex movement can be easily expected whether long or short, this system actually uncover the conditions & how to manipulate it)
    - "Rush" Technique (teach you one of the most simplest & fastest way of intraday trading - by jumping on market volatility every 30 second for 45 minute trading !! )
     
  5. GM_securities

    GM_securities New Member

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    Step 5:
    Tried and Trusted Formulas For Successful Trading

    You do not want a big loss to hit your account which may set you back for months to come, and which may cause you to play 'go for broke'. By first NOT acting prudently, you set yourself up to act dangerously later on, taking on riskier trades with a do-or-die stance. Definitely not the behavior of a successful trader!

    You better realize that it is not for you to make predictions about where individual currencies are headed.

    The economic and political influences converging on forex trading are simply too large and multifarious to be fathomed. You can only hope to better manage your capital through continual analysis.
     
  6. GM_securities

    GM_securities New Member

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    step 6 :
    In forex trading you cannot make coin-tossing decisions. Neither can you depend on luck. Both these will land you in the poorhouse.

    The only way to get to the very top is through understanding and applying the fundamental principles of sound money management.

    What is it about money management that actually enables you to make profits in forex trading?

    If you are truly able to observe the workings of successful forex traders, you should be able to distill the fact that each of them follows a set of real-world time-tested principles. It's down to that simple.

    That there's no place for emotions in trading has become an oft misunderstood truism. To become successful you need to approach it in a businesslike manner.

    That you need to create your very own distinctively winning system that has been tested and proven against market data. That you need to have an alert system so well in place that you already know what decisions have been made for you before your trading ever began.

    And that if you stick to these decisions, you will be able to steer away from potential dangers and capitalize on profits you are making.

    That if you do not have this long string of rules to follow you may not be able to play the game well. And when you are not able to gain a strong foothold in capital accumulation, you are standing on shaky grounds, ready to be swept away from the ever fast-moving markets.
     
    #6 GM_securities, Sep 30, 2008
    Last edited: Sep 30, 2008
  7. GM_securities

    GM_securities New Member

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    step 7:


    How to trade Forex automatically? (using script)
    now if you're newbie and not good at trading yourself why not let a robot program to trade for you.... I've listed some of the best auto trading robot program for you to download below , together with the reviews:
    1. Profit Hunter (No Experience Required, built based on 5 year battle-tested system with proven result & can Be Tested Without Any Risk Or Capital.)
    2. Instant Forex ( Require no trading experience. Only 5 minute per week of your time (you just run the software on Monday to know exactly how to trade in the week).No complicated indicators or whatsoever. No software installation. No configuration. All you need is to run the executable file and click the ‘Make Decision’ button)
    3. "Hitman Bot" (Perfect for 9-5 job. Proven to generate as much as $1100 from a single trade.Doesn't require you to have a ton of startup capital, low risk with high returns (up to thousands a day))
    4. Forex Auto Pilot (Analyze the market to place odds in your favor. Sharpen your skills on our demo account. Define the trend. State-of-the-art money management programming that allows the individual trader to turn a profit even under unfavorable conditions on the market. The system never gets angry or greedy allowing trader investment to operate at 100% efficiency. With the secret ‘Fibonacci Formula’ that determines the most beneficial time to enter and exit the market.)
    5. Roboteer (the script uses a 3 system Trading Array which aimed at Leveraging Optimization techniques used by Trading competition winners. With auto optimization service and designed to Run Unattended )
    6. Forex Beater (Use Wave system trading. No Technical Experience req, 1 Hour/day. )
    7. Silicon Bot (Autopilot 24h/Day. Traded With Only US$100.Works With Any MetaTrader4 Broker. Can Be Tested With Virtual Money 75% Long-Term Win/Loss ratio. Plug-And-Play In 5 Minutes.No Trading Experience Needed.It Can Be Switched On/Off At Will )
     
  8. GM_securities

    GM_securities New Member

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    step 8:
    Another very important principle to take note is: harboring an ambitious intention to make a killing in the market can be detrimental to your trading success.

    You don't want to go out every day wishing it'll be the day to reap a gigantic windfall. Instead you want to ensure how you can be quick to lock in your profits once a predetermined percentage is reached. Every day if you can take your profits and run, they will add up quickly.


    step 9:
    Summary:

    You should learn to treat forex trading as an investment and not a consistent income source. As such there are risks and you need to be thoroughly well prepared to trade along time-tested guidelines. Since it can be unpredictable, you must have a primary source of steady income to fall back on. That said, when you successfully set yourself up in forex trading, you will be able to move in and out of markets and rake in a good secondary income.
     
  9. anute

    anute New Member

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    Yes, it's really true! Evry newbie have to know it before to start a real trading!
     
  10. Dantist

    Dantist New Member

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    Indeed good steps to success. Thank you.
     
  11. masterbroker

    masterbroker New Member

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    es it is possible to make a living trading the forex market.

    BUT it is very risky - and its only recommended for people who can accept taking (calculated) risks.

    As with the issue of getting rich from it, only a few have been able to accomplish this - many get burnt.

    Good Luck
     
  12. daniellefr

    daniellefr New Member

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    Thank you for sharing these important steps in forex trading. It is definitely not easy for a beginner to instantly find the right way to learn forex and to be organized. These steps will help many newbies to figure out how things should be done without shortcuts. Once again, great post!
     
  13. taylordaniel95

    taylordaniel95 New Member

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    Good info to face reality about this business. I think this is a good alternative to support my economical situation, off course now it is not because I just stated but I know people who really have in FX the 50% of their economy earning. :sad2:
     
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