FAP Turbo Expert Guide


Wednesday 14 December 2011

Can You Really Make Money Online Trading Forex?

Are You Looking To Make Money Online Trading Forex?

The forex market is a 4 trillion dollars per day marketplace. It attracts alot of traders and speculators.

You can make money trading these markets if you have a good trading strategy and discipline. If you succeed, the rewards are certaintly worth it.

You can access currency trading from anywhere in the world. I'm sure you probably heard 95% of beginning fx traders lose money right?

If this is the case, should you even consider getting started with this opportunity? I think so. Think of this as another business venture.

It takes planning. You have to manage risks. There is a learning curve with anything new in life. Allow yourself adequate time to learn the necessary trading concepts.

You can start trading with a small real money account if you want. I suggest starting with only 200 to 500 maximum.

Or if you prefer, you may open a demo account at any online forex broker. This allows you to become familiar with their trading platform without risking any of your money.

If you can not make money with a demo account, you probably can not make money with your own real money account. You must agree with this statement otherwise you are only fooling yourself and soon you will lose your real money.

My best advice for you is to find a simple forex trading system. It works best if you find something that fits your personality. Many people go searching for "gurus" and think they can follow along and duplicate their results. This rarely happens.

Each trader interprets data differently and responds in a different manner. I built my own currency trading system. I refer to it as the forex renko charts fx trading system.

Review the system thoroughly before you begin risking money. Make sure you understand all of the rules. Learn which concept the system is based upon.

Do you agree with this concept? If you do, go ahead and get started with small trades initially. I would look for another system if you do not fundamentally agree with the core concept of the strategy.

I would begin by risking $5 or $10 to make $10, $20 or even $30 with each trade.You have a better chance to make money even if you don't win as many trades as you lose with this reward to risk ratio.

You have to accept the fact you will lose some forex trades. Good traders are not afraid of losing trades. They do not define themselves by their losing trades. Losing trades are a natural element of this venture.Treat them as a learning expense.

Let's place 10 trades and risk 10 to make 20. If we lose 60% of our trades, we lose 6 trades. Our loss is $60.Winning the remaining 4 trades will show a gain of $80. Our net gains are $20 even though we only win 4 out of 10 or 40% of our forex trades.

Remember our objective is make money online trading forex. We do not have to win 100% of our trades to make money. Many new traders focus on winning most of their forex trades.

This is not the correct approach. It leads to searching for a "holy grail" system. When traders come up short on these expectations, they are often overcome with negative emotions.

Both greed and fear can negatively impact your monthly results. Mistakes are the results of these two emotions and most traders end up losing their hard-earned money as a result of not controlling their emotions.

You have to be both disciplined and patient if you want to make consistent money online with forex trading. Take a few moments to physically write down your trading rules on a piece of paper and keep this near your desk.Following these rules diligently is your key to success. About the Author

Tom Grennell is an avid forex trader and enthusiast. He shares his passion for this industry via his detailed writings and recommendations. His favorite Renko Charts for Forex can be investigated further at Forex Renko Charts


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