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Start Today Earning Thousands as a Successful Forex Trader

Everyone is talking about the Forex. The foreign exchange rate has changed dramatically or the last ten years. The change has taken place due to the internet and technology. As a forex trader you can trade 24 hours a day except on weekends (from 22:00 UTC on Sunday until 22:00 UTC Friday). The trading can be done anywhere there is an internet connection.

It is often said that a trader?s psychology is the most important aspect of profitable trading. ?Patience?, ?discipline? and ?having a system? are just some of the most commonly touted characteristics of great traders.

But while most traders are aware of these traits, many fail develop them. Why? Is it really that difficult to just sit there and have the patience to wait for a favourable trade setup? Is it hard to avoid entering into unnecessary, low probability trades?

I think the answer is no, it?s really not that difficult at all? but only if your aim is to make money.

Unfortunately, many people don?t trade to make money.

?What Are You Talking About??

Yes, you heard me right. I don?t think many people trade to make money at all. They THINK they?re trading to make money. But in actuality, they?re just looking for excitement in the market. They?re searching for entertainment.

You see, a majority of the traders in the market are bored with their lives. They wake up in the same bed, drive the same car to work, sit in the same office and push the same papers around. Then they go home in the evening, change into the same t-shirt and shorts, eat the same microwave dinners, and watch the same TV shows before going to sleep? only to wake up to the exact same day tomorrow.

They?re bored with their lives. They?re bored with the same old clockwork routine day after day after day.

Suddenly, the exciting world of Forex trading is made known to them, and they embrace it like a child in an amusement park. As humans, we all need a little emotional stimulation. Unfortunately, this craving for stimulation often turns into an addiction in the Forex market. People get addicted to the dizzying highs of a winning trade; and also to the feelings of loss and anger in a losing one. Of course, it doesn?t really matter to them if they win or lose; they?re only there for the excitement. They just won?t admit it, that?s all. But once you?re in the market for excitement, you?re finished.

You must understand that trading to make money is boring

That?s the best way I can put it. Truly, making money in the Forex market is a boring job.

If you?re looking for excitement, get a Playstation or Nintendo Wii. Maybe go down to Vegas for a quick, sinful gambling splurge if you?d like.

But don?t confuse excitement with profitability in the market. It?s not worth it.

Here we will outline how you can learn to become a Forex trader in just two weeks and start enjoying currency trading success in around 30 minutes a day…

My idea for writing this article came from a famous experiment conducted by trading legend Richard Dennis. Dennis taught a group of people with no trading experience to trade in just 14 days and they went on to make several hundred million dollars.

Now I am not saying you will be as successful as this group – but it just goes to show that anyone can learn to trade and learn quickly.

Here are your simple 4 steps to Forex trading success.

1. Don’t go with the Crowd

95% of traders lose money and most think that Forex trading is easy, before the market gives them a lesson in the form of an equity wipe out. Most traders think they can buy a Forex robot and enjoy success – but these robots never produce the gains they claim they can and neither do the other sure fire systems sold.

In Forex trading if you want to make big money, you need to learn skills and how to apply them there is no short cut – but for the effort you need to put in you will be well rewarded.

2. Work Smart not Hard

There is a myth you have to work hard – but you don’t. You get rewarded for being right not the effort you put in. The good news is you can learn Forex trading and build your own trading strategy for success in a few weeks.

The best way to do it is to learn Forex charting and get a system to catch and follow trends which we will look at next.

3. Use a Simple Trading System

In Forex trading simple systems work best and always have; as they are more robust, with fewer elements to break than complicated ones. In the experiment conducted by Richard Dennis, the traders used a simple, long term breakout system and this is an excellent choice for any novice trader.

Breakout trading is simple to understand, easy to do and if you focus on the big moves and trend follow, you can make some great long term profits.

4. Get the Right Mindset From the Start

Learning to trade Forex is easy but of course there is a hard part and that’s why the rewards are so high.

The hard part is trading your system with discipline.

In Forex trading you have to learn to lose and keep your losses small to win longer term and this is hard, as the market wrong foots you and hands you losses. It hurts our egos and our emotions can get involved but if they do, you won’t be able to apply your system with discipline. Without the discipline to apply your system, you simply don’t have one.

Of course if you have done the basics, have confidence in what you’re doing and really want to succeed, you will forget your ego and understand that taking your losses cheerfully and unemotionally, is the only way to win.

The Challenge you Can Win

You can learn to be a Forex Trader and you can enjoy currency trading success. Anyone can win with the right Forex education and the right attitude, so if you want to make a great second or even a life changing income, learn Forex trading the right way and win!

As part of your Forex Education you need to be aware of the facts enclosed before you start if you understand them they can put you on the road to Forex Success and if you don’t, you will join the losing majority…Here are the essential facts you need to make part of your Forex Education; there in no particular order of importance there all important.

1. Forex Trading Is Not Easy!

Of course you wouldn’t expect it to be with the rewards on offer and the fact its not easy is shown by the fact that 95% of traders lose; this isn’t because they cant learn to win, anyone can but because they fall for myths or follow vendors, with junk systems which leads on the next point.

2. Forex Robots With Back Tested Results Will Wipe You Out

The industry is huge but all the heavily promoted robots have a problem – they have never been traded! They produce meaningless, back tests on paper and they never repeat. Any trader who thinks he will get rich by spending a $100 is na

Forex trading is the hottest, most lucrative trading market worldwide. It has seen phenomenal growth in recent years since being opened up to smaller, individual traders. With online capabilities you now have access to a market that previously was the exclusive ground of major banking institutions and an elite group of extremely wealthy private investors. It is foreign currency exchange and it can enable you to accomplish your monetary goals and find financial security in an ever-changing world.

Forex is generally divided into two camps. One is the technical analysts. They base currency trading decisions on such factors as price fluctuations and recent patterns of a particular country’s currency changes. It is a numbers-based approach to finance.

On the other hand, there are fundamental analysts who focus on the current events, economic indicators, and political conditions of each nation in whose currency they think will provide a smart money-making opportunity. Both camps are valid and useful. Perhaps the wisest trader will take both attitudes into consideration, but most people tend to lean to one way over the other. Today my main focus is on the fundamentalist approach to Forex.

The World At Your Fingertips

With global news events at our fingertips, the world is much smaller than in previous generations. What happens in Beijing has a more marked effect on the average American or European businessperson than in the past. However, we need to carefully evaluate our news sources to find those most trustworthy. It is common knowledge that the media can report an event in the light of their particular bias or for their own agenda. Some things are distorted as a result. Analyze what you hear.

Think it through with logic and caution. Protect yourself from rash, regrettable decisions that result from fear and anxiety. Think for yourself; don’t just believe what is calculatedly laid out for you by the media. Personal analysis will help bring you success in Forex.

Most assuredly, current events can affect currency prices and should be taken seriously. But do not panic! Economic security is a concern these days and prices certainly seem to be escalating for the basic needs of life. This is all the more reason why you should develop a trading plan based on sound financial and business principles. There are many reputable, indispensable training programs available to prepare you for the decisions and risks associated with Forex. Use them to your advantage.

Plan Your Work – Work Your Plan

Develop a well-reasoned plan for making trading decisions and managing your money. Adhere to your plan with diligence, while staying abreast of events that actually do influence price oscillations. Filter out the media-driven exaggerations. Knowledge and preparation which produces a workable trading plan is your best defense against financial changes brought about by world events. The specific events are most likely outside the realm of your influence, but your reaction to these events is completely within your control. Use that control to protect yourself monetarily and increase your personal wealth.

The Opportunity Is Real

Forex did not become the largest global trading market by accident. It works and it can work for you! Be aware of the risks it brings. Invest your capital wisely. Seek accurate information about the conditions of the countries with which you are interested in trading. Develop your analysis as to whether this is a beneficial investment for you.

Stay centered on your goal and keep a check on potentially destructive emotions such as panic and fear. Realize that this market, as does any other, has periods of ups and downs. Ride it out and finish with greater financial security. Forex, handled prudently, is a venue that can enable you to see your financial dreams become a reality.

I’d like to know what books you would recommend to someone who would like to make it in the forex business. I’d love to learn from experienced traders talking about their struggles in this very tough market.

Here we are going to look at becoming a successful forex trader in just 2 weeks by showing you how to work smart NOT hard, to achieve success and enter the elite 5% of traders who have successful forex trading strategies.

Before we look at devising your forex trading strategy lets start with an inspiring story:

Over 20 years ago trading legend Richard Dennis set about proving anyone can learn to trade. He took and taught a group of people with no experience and after 14 days he let them trade.

The result?

They made Dennis $100 million and went on to become some of the most famous traders ever.

Now were not saying you are going to become as rich as the turtles but Dennis taught them only what they needed to know to win – no filler, just the facts they needed.

That’s what you need to do to. Forget all the gurus and mentors trying to sell you short cut junk systems and understand this – if you want to win you need to get the right information and do it on your own.

Only you can give yourself currency trading success

So let’s get started and look at what you need to do.

The Basics

You need to learn the basics and this is easy the net has loads of good free information on how to trade, execute trading signals etc so spend a few days reading up on them.

Your Forex Trading System

You need to decide if you want to be a fundamental or technical trader and by far the easiest way is to be a technical trader and use forex charts.

Can you read and spot patterns on a graph?

Then you can use forex charts, you just need to know what formations to spot.

Building Your Forex Trading Strategy

The best way to start is with a complete understanding of support and resistance and base your method on a breakout methodology (we don’t have time to discuss it fully here) but look it up.

Trading breakouts is a timeless way to make money – the turtles did it and most of the worlds top traders do it and so should you – you’re in good company!

You need to get some indicators together to confirm price momentum to enter your traders, so learn about price momentum indicators and also market volatility and standard deviation.

You can then use some tools that help you confirm:

Look up stochastic RSI and ADX.

And for volatility:

Look no further than the Bollinger band.

Well that’s all easy enough – now for the hard part.

Forex trading is relatively simple yet few succeed and this is not down so much to learning a method – that’s easy.

You can easily learn and digest what we have asked you to look at above in a few days – the hard part is applying your method with discipline.

If you can’t apply your method with discipline you really have no method at all.

Trading is probably 30% method 70% mindset.

Its emotions that kill 95% of traders so you need to build a framework to keep your emotions in check and maximize you’re trading profits

You need to be disciplined in money management and this means:

Taking risks when the time is right, holding profits and maximizing them and finally liquidating losers quickly.

This is vital to turn your method into a profitable forex trading system and we will cover – Discipline and money management and risk, in part 2 of this article series.

is there anyone who has had a bad experience with (freedom one)forex exchange. C’mon theres gotta be somebody out there it’s gotta be in the odds, not everyone can chew bubagum and fart at the same time.

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How would you like to get the best Forex education which could after just 14 days see you make huge profits? This is exactly what happened in a famous trading experiment which we will look at in more detail here…

Can anyone learn to trade Forex?

Trading legend Richard Dennis set out to prove that anyone could, with the right education and mindset could be making big trading profits. He took a group of people who only had one thing in common – they knew nothing about trading and set about turning them into successful traders in just two weeks.

This group were diverse and ranged from a young boy just out of high school, to a security guard yet, after just two weeks training these two people and the rest of the group were sent off to trade and ended up making 100 million dollars in just 4 years.

The group was called “the turtles” and they are now part of trading history – but the question you may be asking yourself is..

How did this group become so successful so quickly?

There is much you can learn from the experiment and perhaps the most important point is Forex trading success has got nothing to do with working hard, it’s to do with getting the right information and working smart.

The group used a simple breakout system which locked into and held trends long term and it was so simple anyone could learn it and this group did.

Many traders make the mistake of thinking complexity brings success and in many areas of life it does but not Forex – Simple systems work best as they are more robust in the face of ever changing market volatility.

Lastly, the experiment showed how important mindset is and the hard part of forex trading is not knowing the method – but applying the method and staying on course when the market gives you a losing period.

Its discipline which is the key to success and while anyone can learn a good method they have problems applying it and keeping losses small. We all have egos, hate losing and looking stupid – but that’s what forex markets do to you and it is mental discipline to trade through these periods which separates the super traders from the rest.

This experiment is one of the most important for any new trader to look at and you should read the excellent interview in Market Wizards and take a look at the book “the Way of the Turtle” by Curtis Faith, the most successful Turtle of all.

When you read about the experiment, it really rams home the point that the market doesn’t destroy the trader, the trader destroys himself, by letting his emotions impact his trading and as a result trading discipline breaks down and if you don’t have the discipline to apply a system – you don’t have one!

It’s an essential part of learning how to win at Forex, so make part of your essential Forex education.