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Fillin Up The Corn
ers!!I think I had better start off by clarifying that there really are no "secrets" to trading in the forex market, but there are certain things that successful traders do that unsuccessful traders do not do - and vice versa.
It seems to be a well established fact that 95% of all the people that trade the forex lose some or all of their investment while a small percentage of traders make a very handsome return. Why is this?
If we were able to make a detailed study of every successful trader, we would find that there is a common thread that runs through these people. The details that we could take from this thread could be considered to be the five secrets of successful forex trading.
So here is the first "secret". Successful Forex Traders love to trade. They love everything about trading. They love the studying, the planning, the scheming, the waiting, the anticipation, the execution, the result, the atmosphere and of course they love making lots of money.
These traders talk, eat, sleep and dream trading. It is not a job. It is a way of life. They DO NOT do it just for the money!
In my forex trading business, one very common question that I am asked is "how do you overcome the boredom of being stuck in front of your PC all day?".
The answer is of course that I do not find it boring. I love trading and if I didn’t, I would find a different way to make a living.
The next "secret" is emotional control. Successful traders have learned the ability to trade without emotion. This does not mean that they do not care about the outcome of their trade, quite the opposite. Successful traders always trade to win, but they do not let their emotions play a part in the process. They just look at the cold hard facts and then either trade or wait. Successful traders also accept that there will be both winning and losing trades and they treat both with the same lack of emotion.
The next "secret" is to have a system. Now it really does not matter what system you use so long as it produces more and bigger winning trades than losing ones. This is referred to in trading circles as "an edge". If you do not have an edge, then I highly recommend that you consider the trading system that I co-developed called The Amazing Stealth Forex Trading System. It is available from our website: www.stealthforex.com
The penultimate "secret" is to be disciplined. This means having the self discipline to STICK TO THE PLAN. There is a great maxim in trading. Plan the trade and trade the plan. If you have a winning system, make sure that you have the discipline to stick to the rules exactly.
The final "secret" is to have enough money to trade safely. In many ways this should be RULE NUMBER ONE. More people fail to make money when trading on the forex through insufficient trading capital than for any other single reason.
When trading it is vital to adhere to strict money management and capital conservation techniques. Money management must be an integral part of any good trading system, and of course you should never trade with money that if lost would cause you or your family financial difficulty.
If you can take onboard and learn these not so secret "secrets", there is no reason why you should not be able to join the ranks of successful forex traders....."The Amazing Stealth Forex Trading System™"
I first became aware of "the science of getting rich" a number of years ago when someone sent me a reprint of a book of that name by Wallace Wattle. The book is a very "dry" read but the author claimed that getting rich was an exacting science which means that if anyone applied the rules - to the letter, then the outcome, by scientific definition, would be a true replication.
In other words, if one were to apply the rules of "the science of getting rich", one would inevitably become rich. In many ways, not dissimilar to applying a trading system that is proven to work, provided the user applies the system rules exactly, then the same success should be replicated time and time again.
You will recall - unless you have been trading Lunar Currencies (joke) - that we recently had a liquidity problem in the markets brought about by the meltdown in the sub-prime mortgage market.
In "the science of getting rich", Wallace Wattle points out the necessity of generosity. In fact he states that one must give freely and although I may be slightly misquoting he suggests that "one should never miss the opportunity to give".
It is a fact that almost all successful people give away money. I know that this may sound unlikely but check it out.
Warren Buffett has pledged to gradually give 85% of his Berkshire stock valued at around $40 million to five foundations. A dominant five-sixths of the shares will go to the world's largest philanthropic organization, the $30 billion Bill & Melinda Gates Foundation. Yes that’s right, Bill Gates of Microsoft fame gives away very large amounts of his fortune to charitable causes. Warren Buffett and Bill Gates are far from being alone in giving away money.
Perhaps wealthy people understand more than most that the cycle of money must be kept in motion. You need to give to receive. So what do "the science of getting rich" and forex trading have to do with each other?
In my opinion, rather a lot!
As we saw with the credit crunch, when money stops flowing, it causes a ripple effect that increasingly affects more and more people. As long as the money flow continues, there is opportunity for all, but when it stops, there is nothing but trouble ahead.
With the act of giving, according to "the science of getting rich", one is perpetuating the mental attitude of plenty. In essence you are in the mind set of "I have plenty so I can give freely with the full expectation that I will receive even more".
Being in the right mind set is a very important part of becoming a successful trader.
It is rather like "Trading in the Zone" (an excellent book on trading attitude by Mark Douglas). When you are in the mentality of winning, you carry on winning, but when you are in the mentality of "lack" you are just waiting for failure, which surely will come along.
If you would like to dynamically improve your trading there are a number of things you might consider, and these could include making sure that you have a well proven trading system, making sure that you are always in the "right" mind set when trading and being prepared to "pass on" some of you winnings to a good cause.
You can also improve your trading with...."The Amazing Stealth Forex Trading System™"
Quite a statement I think you will agree, but can it be done?
The ruling bodies for the foreign currency off-exchange markets are collectively the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) in the USA and in the UK the Financial Services Authority (FSA). They do not like to see statements like the one on this headline title.
I think that it would be fair to say that the NFA, CFTC, and FSA are trying to make sure that people are not encouraged to grab every penny that they can get their hands on and dive headlong into the forex market, possibly putting themselves and their family into financial crisis. What they want is for the foreign exchange market to be perceived in a balanced way, and for people to understand the risks that are involved in trading within it.
OK, that said let us take a balanced look at the forex market.
Most retail traders enter trades using very high leverage – often 100:1 and sometimes more. This means that quite small movements in the price differentials of currency pairings will create large gains or losses in direct proportion to the amount of leverage employed, and because of this, every trader should be aware that it is highly possible to sustain big losses as well as make big gains.
Of all of the participants entering the forex market, it is widely predicted that 95% will sustain at least a partial loss of their investment and only 5% will make a profit.
But is it possible to make $27,000 in 4 minutes flat? Actually the answer is YES! But by the same token it is also possible to lose $27,000 in 4 minutes flat too.
Are the governing bodies right to be so touchy about attention grabbing headlines that seem to infer the possibility of great gains? In my opinion they are.
The problem is an old one. The few ruthless operators that lure in the unwary for the sole purpose of separating them from their cash casts a shadow over both the good and bad.
The rooting out of these unscrupulous entities is to be commended, but on the other hand, is it fair and balanced to be forced to play down the good side of this great industry?
I do not think that it is.
If you have funds that you wish to invest, and they are funds that if lost would not cause you financial hardship, then you may well wish to consider trading on the foreign exchange because it is one of the few places that it possible to turn a relatively modest investment into a considerable sum of money- but not without risk.
Trading on the foreign exchange is a risk business and as with any risk business one needs to have in place, a solid risk management system and a very reliable trading system. Even then a total loss of funds is still possible – as is the possibility of making a better than average return on your investment.
Summing up, I would not advise forex trading to the unwary investor, nor to anyone that is already having a hard time trying to make ends meet. But for anyone that has funds that they would like to invest in a high risk high reward environment then forex may just be the right place for you.
Finally, just to be clear, please read the following:-
IMPORTANT RISK DISCLOSURE
Off-exchange foreign currency trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with off-exchange foreign currency trading and seek advice from an independent financial advisor if you have any doubts.
You can also improve your trading with...."The Amazing Stealth Forex Trading System™"
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