Do you want to learn how to trade and make money in the foreign exchange market Then I have good news for you. But first8230 why should you bother to learn about forex Because you want to know when it is a good time to convert your dollars to peso and vice versa Because you want to learn how to make money online at home through currency trading Because you want to discover how it is possible to double your money in just 2 weeks or sometimes in just a few days And there are many other reasons8230 but perhaps the most important one is because learning about forex will help increase your financial literacy . The foreign exchange market is the largest, oldest and most liquid financial market in the world. It is open 24 hours a day, 6 days a week and one of the few places where you can make large profits regardless if market conditions are up, down or sideways. So are you ready to learn forex trading OPTION ONE: SELF-STUDY ONLINE If you wish to learn forex trading on your own, and you just need the materials that will teach you how, then go HERE to see the many different courses, videos and ebooks you can use to learn about forex trading. This option is best suited for those who are not in Metro Manila . Yes I want to self-study and learn forex trading online OPTION TWO: ATTEND A LIVE SEMINAR Ready To Be Rich has partnered with forex guru, Mark So to bring you a one-of-a-kind and comprehensive seminar that will introduce you to the world of forex. Here are the details: WHEN: January 14, 2017, Saturday from 2:00 to 4:00 PM WHERE: Suite 1503A West Tower, Philippine Stock Exchange Center (Tektite), Exchange Road, Ortigas Center, Pasig City Here are some of the things you8217ll learn in this Forex Orientation Seminar: What are the two critical ingredients you need to make money in Businesses and why you can never retire on a business alone. What are the two critical ingredients you need to make money in Investments and why you should start now. How wealth is never destroyed, only transferred and how this fact relates to the foreign exchange market. How to trade the Forex Market using the 8220See-Saw8221 and 82202 Cups of Water8221 strategies. What is the Risk to Reward Ratio and why it matters if you want to make money in Forex Trading What is 8220Short8221 and 8220Long8221 trading and how can you immediately put it to practice with your physical money How to know if forex trading is for you . How to measure true success in forex trading. I have attended this seminar and I can tell you that the things above is just the 8220tip of the iceberg8221. You will learn a lot more and discover a new, exciting and legitimate way to make money today. Mr. Mark So teaching about Forex Trading The normal price for this orientation seminar is P2,500 but when you sign up through Ready To Be Rich below, you only need to pay P500 . Again, this will be on January 14, 2017 8211 Saturday, 2:00 to 4:00 PM . The seminar will be held at Suite 1503A West Tower, Philippine Stock Exchange Center (Tektite), Exchange Road, Ortigas Center, Pasig City. The registration fee is only P500 8211 but only if you register below: Still having second thoughts or you8217re not available on January 14th No worries, this Forex Orientation Seminar happens every month. And once you register and pay, you can attend it as many times as you want That8217s right If for any reason you suddenly can8217t make it on the said date, then you can just wait for the next schedule on the following month and attend that. Plus, if you feel that you need to review the concepts that was discussed, then you can attend the seminar again and again every month until you fully understand how forex works. Isn8217t that a great deal Don8217t let these opportunities to learn pass you by. Again8230 you can either: Choose the best option for you today. 821282128211 Risk Warning . Trading foreign exchange carries a high level of risk, and may not be suitable for all investors. Be sure to know your investment objectives and personal risk tolerance before participating in forex trading. As far as forex trading goes, every trading system has their own rules for entry and exit, their money management and risk and rewards. But system rules, entry and money management are the easiest part of the system. The hardest part of the system is the 8220exit8221 because its where you8217ll make or lose money. What8217s even worse is if the position is a losing proposition. Clicking that exit button might seem like a Herculean task of discipline and strength. Most people breakdown at this point and fall into the abyss of self-denial, thinking that the market will eventually comes back and recuperate their losses. But the market never did come back and his trading account, vanished. I8217m here to tell you what I think about losing trades, how to ease the pain it brings, how to get out gracefully and how avoid it in the first place. Avoid Losing Trades by Concentrating more on the Exit When you see a trade, focus on the exit rather than the entry. A newbie forex trader will try to 8220imagine8221 patterns when they see an entry signal. And sometimes, deliberately try to convince themselves that the pattern is indeed 100 accurate. They become obsessed at proving themselves that they are right. You should do the opposite. You should always try to prove yourself wrong and always look for the exit rather than the entry. As I quote Sun Tzu8217s Art of War: Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win. Know beforehand that your exit will be profitable and you have won that trade even before you make it. As you make this approach, you8217ll notice that you8217ll have fewer and fewer trades. But the quality of those trades will certainly increase. Immediately Close a Losing Trade and Move On This is probably the hardest action to take for a losing trade. Accepting the fact that you8217re wrong is a sign that you have matured as a trader. While newbies will try to hold on to the trade wishing that the market would bounce back. There are probably another school of thought when it comes to this strategy. The market does not go in a straight line and they wait for it to bounce back even for a little. That is perhaps true. But I would rather end it now than to hope that the market will come back for me. What if I8217m wrong on that part as well Being wrong twice in a single trade could be the worst feeling and it could harm your future trades. Never Risk Too Much Money All in all, it all goes down to the amount of money in a trade. Demo trading is fun because the money used is not real. And so, every losing trade in a demo account is nothing to you. But if real money is at stake, 8220shit hits the fan8221 too much too often. Risk only the amount of money you are comfortable with. You need to have a good money management strategy on top of your trading system. This is different for every people. That8217s why we have a term risk appetite. Some people likes to risk high and some people don8217t. I don8217t personally like risking alot of money in a single trade. Well, I used to risk a lot, but I8217ve changed. Personally, the amount of money I risk in a single trade is 2. Max. I don8217t go over that. I have found that I8217m very much comfortable losing that amount of money and so I don8217t panic when I have losing trade. I just kill that losing trade and move on. Whatever you do, losing trade is not a good feeling to have. But remember that forex trading is a business and should be treated as such. Our patience is paying off. Our prediction is steadily taking its course. We are looking to open a position next week. Hopefully, price will reach the red line, which I assume to be the top. Our stop loss, near that line. We are still on our plan and still following that plan thus far. Remember: We only need to get 1 big trend to make money. But in order to make the most out of that trend, we must get into the top or the bottom of that trend. Get into the exact turnaround of the trend. So we have the maximum amount of profit possible. We risk as big as we can possibly get once we know that all our setups are right. I8217ve been reading some beginner stuff about forex trading and one thing that caught my attention is that many experienced trader always advice not to trade on mondays. The reason behind this is because you want to know what will be the starting setup for the coming week so letting the first days alone is crucial. It also has the less volatility when it comes to pip movement. I don8217t know8230 Since I started trading, I8217m never been more excited about mondays. When I was still in a full time job, I despise mondays But now, I8217m excited and I can8217t even sleep sometimes. What do you think Do you trade mondays I admit that I have been guilty of the title Forex Trading Gambler. During my first few years and quite some of the time, I trade forex because of the adrenaline rush and the thought of easy money. I get excited on every high risk trade that turns out to be a winner. It was my high. I was addicted to the feeling. Like a gambler who doesn8217t care about the risk, odds or the probabilities of winning or losing. He just wants to experience that same high that got him hooked. As if I were a junkie. Then comes the realization, I continue to lose and I kept increasing my trading size. Only to burn even faster. With that good feeling that you miss, you just want to trade more and more, larger and larger, only to experience the bottom faster. Trading this way will not work. It is not about the feeling in trading. How much money you made or how much you lost should not be the basis of trading. The more I trade, the more I realize that. Money doesn8217t matter in trading. For me, being right matters most. Its all about the odds and probabilities. Its all about timed aggression and patience. A little bit of luck may help. But don8217t depend entirely on luck. Because even though luck is involved, there is a reason why the final table have so many familiar faces. It is a different kind of feeling that the thrill of winning big. Being right is better than breaking the bank. This is not a sprint, its a marathon. Trading larger size may give you great gains, but also great drawdown, and greater risk to go bankrupt. What we want is to make the right decisions each and every time. The more I read about the stories of successful traders, the more I realize that trading is much like poker. Some people treat it as gambling, some treat it like a sport, a mental sport like chess. Some play poker just to have fun, feel the rush, some play poker as a profession, as a business. We should approach forex trading the same way. Its all about the odds and probabilities. Its all about timed aggression and patience. A little bit of luck may help. But don8217t depend entirely on luck. Because even though luck is involved, there is a reason why the final table have so many familiar faces. People are greedy. That8217s a fact. But its the emotion that keeps us wanting more and always wanting to have the things we want. Makes us think of ways on how to get it. Don8217t fear greed. Make use of it. Master it. Most newbie traders, me and my friend, talked about the profits in trading. One of us will argue that to have great profits you need to have large amounts of pips in a winning trade. Ok. Fair enough. More pips more profits. Think about this, you have 1M in your account as capital. And your target profit in terms of pips is in the 200 pip range. Sounds like a lot money to be made when you get that 200 pip. But think of the risk you will get and also the time before you get to profit. In forex trading. there are fluctuations, can you stay calm when your account displays -100pip because of its initial retracement Can you still decide if the trend is against you or its just a retracement Remember, earning that kind of pip will require you to hold the trade from 1 hr to 1 day. Can you handle the pressure I say, pip size doesn8217t matter. How much you risk in each trade matters. Playing with small profit pips will reduce risk. And also, having a profit target that8217s small will minimize risk. Smaller pips means, shorter time inside a trade which means lesser risk, less pressure from greed or fear. Pip size doesn8217t matter, volume does. Increase your volume once you got the thing going. Increase more to profit more, while still maintaining the same pip per trade profit. And always remember, don8217t overtrade. Take a time out. Every businessman needs his vacation once in a while. A lot of people will enter the market with the wrong misconception about the forex. Diving in, nose first without the proper mindset on what they are getting into. I hope this list will clear your mind and hopefully give you a healthy dose of forex trading success. Forex trading is never easy8230 What is easy anyway Picking your nose perhaps Forex trading is easy . Many people that want to dive into the world of the foreign exchange market believe that the Forex trading is easy you just read a book or two and then you will be able to earn daily profits with just 2-3 hours trading daily. Others think that they can buy a profitable strategy and it will make them rich in Forex. In reality thats just a myth. Succeeding in Forex isnt easier than mastering any other profession it takes time, money and a lot of practice. 8220I will make money in Forex, if I can trade stocks successfully.8221 Success in stock market doesnt imply that you will get success in Forex market there are many differences between trading stocks and the spot currencies. First of all, Forex market requires a lot of hard work and dedication as this market is open for 24 hours a day. You cannot just sit in front of your computer for the whole day and night, so the best way is that you should find the most suitable time periods for trading. Second, buyamphold strategy simply wont work in Forex market. Third, you dont have that much information about currencies as you can get from the companies reports and statistics. 8220I can make profit whenever I want if Forex market is open 24 hours a day.8221 Once again, you wont be sitting in front of your PC for the whole day to be able to trade 24 hours. Youll have to develop automated trading software to get the advantage of 24 hours a day working schedule. 8220I can be a successful Forex trader just following someone elses signals.8221 Many beginning traders get burned by the blind signal-following. Thats like putting away the whole responsibility for your actions to someone else. That may sound cool, but in reality you end up with the huge losses. Learn to rely on your own knowledge and skills. Remember that there were no great signal-followers in any financial market. No commission is to be paid in Forex market . You only have to pay the spread, but you dont have to pay the commission. And whats spread It is the difference between the buy and sell price of the currency pair at the same moment. You may end up with the major part of your profits in the brokers hands if you plan to rely on the short-term trading. Forex is a scam . Some skeptics and disappointed traders think that Forex is just some new fad to scam people for their hard earned money. Although there are many scams that are hiding behind the 8220brand8221 of Forex, that doesnt mean that the Forex itself is a scam. There are many institutional Forex brokers, regulated Forex account managers and other solid companies in the market to whom you can trust. 8220I need to exactly predict the market outcome to be profitable in Forex.8221 There is no scientific method to know something in advance in the market with a 100 certainty. There would be no Forex market if you could know the exact currency rates beforehand. Trading is not the game of certainties its a game of odds. One of the first things that new traders learn is to think in the terms of probabilities and risk-to-reward ratios. 8220I need to use a very complex strategy to be successful in Forex.8221 Its a popular myth, in which many on-line sellers would want you to believe. The main requirement to be successful in Forex is a self-discipline and money management. There are many traders that make consistent profits with rather simple and old strategies. 8220I need to have a lot of starting capital to get profit in Forex.8221 Big capital investment wont help you in Forex. You dont need a lot of money to diversify in currencies and you cant move the currency rates with your trading orders (youd need billions of dollars to do that). Actually you can trade with a very a little capital, because Forex trading is almost always leveraged with the brokers money. Forex is gambling because its completely random . Although there is no certainty in Forex (as in any financial market) it doesnt mean that its completely random. And its certainly not a gambling, since your success in this market depends mostly on your skills and experience, not on your luck. The forex market is going stale as we reach the end of the year. Many investors are on vacation so the market is not liquid enough to be exciting. 1 in capital for this week. But, I8217ve entertained myself with investing in stocks. Primary strategy is to produce passive income. I8217ll be using this nest egg to fund my forex trading account in the future or perhaps venture into real estate. Not sure for now, but the journey thus far have been so exciting. Stock market is not moving fast to date, but I8217m investing in it, not trading. There8217s a big difference, I like it that way since the stock market is not that liquid like forex, you can8217t enter and exit within seconds, there must be a buyer or seller on the other end with the same price you want. In forex, you can enter or exit anytime, very liquid. And liquidity is very very good. Whole Year Round Up Well, this year I finally achieved my goal of 5,000 per month in net profit from forex. I am also trading at no risk. Which means, the money that I have in my forex account are the money that I earned trading. I already withdrew the money, initially deposited into my account and thus, trading with no risk at all. In numbers term, I already earned past 100 of my initial capital to trade with only the profits I made. Sweet huh This year, I also ventured into stocks and realized that its a lot different than trading forex. So I decided to change my strategy with stocks and focused on passive income generation. In which I am very much enjoying. I realized that forex trading is a probabilities game. You can not predict what will happen next. A good forex trading system is not a system that could predict the next move of the market, because there is no such thing. A good forex trading system is 60 money management 30 emotional discipline and 10 Entry 8211 Exit. The time I realized this, my trading just improved. I learned to accept the risk before entering the trade. If 200 loss hurts me emotionally, I turned the risk down to 100 or 50 until I feel no pain from risk. The reward may be small, but small steps before you can run. And it have proven to be profitable. The best way to trade forex is to trade defensively until the next big trend comes. Don8217t be on the sidelines far too long or you can miss the trend. Always be in the market so you can be in the position when the trend starts. You just have to survive the ups and downs of price by money management. And if you caught yourself a big trend, double, triple, quadruple, quintuple up your positions until you are stopped. That8217s how you can make money with forex. I also realized that day trading is stressful. So I switched to swing trading daily. I forgotten my first reason in trading forex. It is to be free. The 8220illusion8221 of easy and fast money with day trading is a myth. There is no easy and fast money. The only thing you can find there is stress and a lot of time spent, staring at a computer. That is not the life I want. I want to be free. Maybe once a day looking at a chart for 5 minutes and I8217m off to the beach or to the gym. With a lot of free time and let my money work for me, not the other way around. Its a great great feeling. I think that8217s all 2011 taught me when it comes to trading. If you have any comments or suggestion or have something to add, just leave it on the comments section below. What did you learn in trading this 2011 Happy new year everyone 2012 should be good. Wait, that8217s when the world was suppose to end doesn8217t it (:)) Welcome to the wonderful world of forex trading. This is the place where all the money of the world goes. The largest market in the world. Larger than all the stock market of the world combined. What is Forex Trading Forex Trading is a kind of short term investing in currency or foreign exchange. Hence the name 8220forex8221 and trading as oppose to investing, where the goal of buying a currency is to sell it at a higher price in the future to make a profit. The goal of successful forex trading is to make a profit by buying and selling currencies of other countries e. g. US dollar, Japanese YEN, British POUND and others. You can learn more about forex trading on my post about 8220Why forex trading is the best business8221 . How much money can you earn in Forex Trading The market is worth 4 Trillion Dollars. If you become a good trader, even a small slice of that pie can make you a millionaire. The challenge of course is knowing how to trade and how to get started. How to get started in Forex Trading 1. You need a computer with internet connection. If you are reading this, then you are all set. 2.1 A dollar account at your nearest bank. You need this because you8217ll be transferring money to other banks internationally. And the easiest way to do this is to open a dollar account. You can get more info on how to do this in my article. 2.2 No dollar account Have no fear. You can try social trading and use Paypal to deposit and withdraw your earnings. Though I would recommend the first option more. 3. Forex brokers . Forex trading used to be for 8220the rich8221 only. But now, since the advent of the internet, there has been a lot of companies catering to normal people like us, called retail traders. We have list of brokers in this page. Brokers allows you to trade. They are the one who processes your request to buy or sell currencies. Its important to know your brokers well. 4. Your trading capital. You8217ll need money to trade. How much money do I need to start forex trading Contrary to popular belief, you don8217t need a lot of money trading forex. You can get started in forex trading in any amount you like. I started forex trading with 100 and built it up from there. Some brokers have minimum deposit so you might want to look around, ranging from 100 to 10,000. We have a list of brokers here if you need any recommendations. I personally use these brokers. But I don8217t have money yet. Or am afraid to trade. That8217s ok. Maybe forex trading isn8217t for you. And there8217s nothing wrong with that. But before you quit just yet, why don8217t you try demo trading to test the water. Its free and you8217ll not lose money while doing it. The idea of demo trading is to open a demo account with a broker and deposit it with 8220play money8221. You can trade online in real time but not at risk of losing real money. Its a very good way to learn how to trade. You may open a demo account from our list of brokers . That8217s pretty much it. Its easy to get started in forex trading. I hope this article helps you in getting started in this wonderful, intellectually challenging endeavor. If you like this article, please consider liking us on facebook or sharing this with your friend. I closed my position on USDJPY with an increase in my war funds of 48. Right now, I took an opposite position to the SHORT side. Why did I took an opposite position I think that 80.70 is a strong resistance. And there8217s little risk if we took the short side (betting that the resistance will hold) than remaining on the LONG side (betting that the resistance will break). I think that the resistance is strong and may take a couple of tries before it breaks (or not). I just want to play it safe by betting on which side will most likely give us a greater return. And I think, this time, its on the Short side. USD/JPY right after the Dollar Sell off, I placed a buy trade. Contradicting the market sentiment and news. And it paid off greatly with minimal risk. There are a lot of forex traders out there and hundreds more forex trading system to choose from. But why I settled with contrarian trading is more of its match to my personality than any amount of percentages any system can deliver. I would not promote my system to be the best trading system nor all other analysis are crap. I won8217t even go far to say that one system fits all. The points of having the best forex trading system lies within the individual. Its like finding your soulmate, it must be a match. A match to your personality. And that8217s the beauty of trading, its both an art and a science. Its a science because you can explain all the data with numbers and predict some events that may occur based on that data, but its art to express your views of the world based on your strategy. Its a wonderful feeling. So finding the right strategy, system or method based on your world views and personality is the best forex trading system that you can use. Stop searching for the holy grail. Stop going from one forex trading system to another. Know thyself and pick the right system for you. Make it your own then customize it to better fit you. I am a contrarian trader. And has always been a contrarian all my life. I am the problem employee and the jerk in the group. My strong point is, I know what am. So I know what fits me. I don8217t go pretend I8217m a sheep just to be accepted. And forex trading is the best vehicle to express that view and be rewarded. When the whole world frown upon who thinks differently and does not conform. In the market, you get to be rich for thinking differently while staying anonymous in the process. Got to love that Post navigation Popular Posts Forex Brokers. XE Markets - Forex Broker Review XE Markets Trade not. 53 comments About. Forex Philippines was born when a young business owner. 38 comments My Forex Trading Goal. Goal for 2011 25,000 Net Profit in 1 Month I will ra. 25 comments How to Trade Forex. Welcome to How To Trade Forex Course. In this page, you. 17 comments Forex Trading Strategy. The author, being a rebel and a total ass to authority. 15 comments Why Everybody Should Trad8230. Im taking time off forex trading as I notice I have be. 13 comments Forex 101: Forex Basics -8230. So I finally started doing a post about the basics of f. 13 comments Community for Traders amp I8230. Im creating a community for traders and investors. A c. 12 comments What Are Your Goals in Fo8230. 180 pips on AUD/USD When people asks me what I do. 11 comments QampA: How To Get Started i8230. Today is rest day for me. And as I wait for a few hours. 10 comments How to Trade Forex Recent Comments Recent Posts Please Visit Our Friends Forex and CFDs are leveraged products that carry a high degree of risk to your capital, and it is possible to lose more than your initial investment. Leveraged trading may not be suitable for all investors, so please ensure you fully understand the risks involved and seek independent advice if necessary. Do you want to learn how to trade and make money in the foreign exchange market Then I have good news for you. But first8230 why should you bother to learn about forex Because you want to know when it is a good time to convert your dollars to peso and vice versa Because you want to learn how to make money online at home through currency trading Because you want to discover how it is possible to double your money in just 2 weeks or sometimes in just a few days And there are many other reasons8230 but perhaps the most important one is because learning about forex will help increase your financial literacy . The foreign exchange market is the largest, oldest and most liquid financial market in the world. It is open 24 hours a day, 6 days a week and one of the few places where you can make large profits regardless if market conditions are up, down or sideways. So are you ready to learn forex trading OPTION ONE: SELF-STUDY ONLINE If you wish to learn forex trading on your own, and you just need the materials that will teach you how, then go HERE to see the many different courses, videos and ebooks you can use to learn about forex trading. This option is best suited for those who are not in Metro Manila . Yes I want to self-study and learn forex trading online OPTION TWO: ATTEND A LIVE SEMINAR Ready To Be Rich has partnered with forex guru, Mark So to bring you a one-of-a-kind and comprehensive seminar that will introduce you to the world of forex. Here are the details: WHEN: January 14, 2017, Saturday from 2:00 to 4:00 PM WHERE: Suite 1503A West Tower, Philippine Stock Exchange Center (Tektite), Exchange Road, Ortigas Center, Pasig City Here are some of the things you8217ll learn in this Forex Orientation Seminar: What are the two critical ingredients you need to make money in Businesses and why you can never retire on a business alone. What are the two critical ingredients you need to make money in Investments and why you should start now. How wealth is never destroyed, only transferred and how this fact relates to the foreign exchange market. How to trade the Forex Market using the 8220See-Saw8221 and 82202 Cups of Water8221 strategies. What is the Risk to Reward Ratio and why it matters if you want to make money in Forex Trading What is 8220Short8221 and 8220Long8221 trading and how can you immediately put it to practice with your physical money How to know if forex trading is for you . How to measure true success in forex trading. I have attended this seminar and I can tell you that the things above is just the 8220tip of the iceberg8221. You will learn a lot more and discover a new, exciting and legitimate way to make money today. Mr. Mark So teaching about Forex Trading The normal price for this orientation seminar is P2,500 but when you sign up through Ready To Be Rich below, you only need to pay P500 . Again, this will be on January 14, 2017 8211 Saturday, 2:00 to 4:00 PM . The seminar will be held at Suite 1503A West Tower, Philippine Stock Exchange Center (Tektite), Exchange Road, Ortigas Center, Pasig City. The registration fee is only P500 8211 but only if you register below: Still having second thoughts or you8217re not available on January 14th No worries, this Forex Orientation Seminar happens every month. And once you register and pay, you can attend it as many times as you want That8217s right If for any reason you suddenly can8217t make it on the said date, then you can just wait for the next schedule on the following month and attend that. Plus, if you feel that you need to review the concepts that was discussed, then you can attend the seminar again and again every month until you fully understand how forex works. Isn8217t that a great deal Don8217t let these opportunities to learn pass you by. Again8230 you can either: Choose the best option for you today. 821282128211 Risk Warning . Trading foreign exchange carries a high level of risk, and may not be suitable for all investors. Be sure to know your investment objectives and personal risk tolerance before participating in forex trading.
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