Make Money Fast in Forex – Tips From a Group of Super Traders to Help You Make Huge Gains!

admin — Mon, 12 Jul 2010 07:50:24 +0000

Here we will look at how a group of people who had never traded before, learned to trade in just a few weeks and go onto make millions of Dollars. This group of people proved that anyone could learn to trade and anyone could win at Forex – so let’s look at how they achieved success and how you can learn from them.

Richard Dennis was a trader who had the view, that with the right education anyone could make money trading so he advertised in the paper and collected a group of people together, who only had one thing in common – they had never traded before. The group included an actor, a security guard, a clerk and a kid who had just come out of high school.

This group, were then taught a system and the logic behind it, in just 14 days; they then started trading and the results were astounding, as they piled up hundreds of millions of Dollars in profits.

So what can you learn from them in your quest for currency trading success?

- Dennis proved that anyone, has the potential to be a successful trader and he proved that trading was a learned skill.

- The system used was incredibly simple, so simple in fact the traders learned the system and the logic behind it in just a couple of weeks. There is a myth that complex systems beat simple ones but the opposite is true – A simple system is more robust than a complex one with fewer elements to break.

- The system traded long term and focused on the big trends which last for weeks or months, because these are the trends that yield the biggest gains. Contrast this, with the huge amount of Forex traders, who scalp or day trade, they make a lot of effort but end up losing because their trading the noise of the market and taking low odds trades.

- The system had strong money management and actually had far more losses than profits but the fact the system cut losses and ran profits, meant it made huge gains.

- The traders all said the system was easy to learn and they could see why it would work yet, they all had problems following it and taking losses. Of course this is true – we all hate to look stupid and lose money but in Forex trading, cutting losses and sound money management is the key to making long term profits.

Why You can Win at Forex Trading!

As you can see from the above, the group taught by Dennis, made huge gains with a simple system, they learned the right education and learned to trade quickly, they also lost more trades than they won but because they traded with discipline, they made huge long term gains. So if you have a desire to succeed and the motivation to learn, there is nothing to stop you achieving long term currency trading success.

Tags: money, success, trading

Make Money Forex Trading by Utilizing Volatility

admin — Fri, 12 Feb 2010 17:13:50 +0000

Traders in the forex market are now a savvy lot. Almost everyone in the forex market nowadays are self trained in reading charts, or a user of some form of high technology software to trade the forex market. Some have graduated from using simple technical analysis to the new fangled sophistication of neural network forecasting and artificial intelligence. But yet a great majority of these professed experts fail in their trading, losing money from their trading rather than making profits. Why is it so?

The answer lies in the devil within. The traders who win are those who are capable of executing their trading plans with discipline and precision, and more importantly, they can cope with the VOLATILITY of forex trading.

Theory is if you can identify volatile movements, even if they are small, and execute trades with these volatile movements, buying on the lows and selling them at the peaks, you stand to make big profits. However, in practice, many volatile movements are too fast and tiny to be identified in time to be traded profitably. Where larger volatile movements are identified, it is error in judgment and the speed of execution of the trades that reduce the amount of profits.

When I was conducting research into writing a report on how a trader can recoup his losses after a horrendous period of bad trading, I was pleasantly surprised by a veteran trader who told me he was a profitable trader from day one of his starting trading. This is by no means a false claim, because this flamboyant trader has always been known both for his tremendous skill in trading and for being anything but decent about his skills and his ability to make the correct calls in the market.

Being surprised, I asked him what was his profession before he became a professional trader and a trading coach. His answer added to my surprise, because he said, ” I was a professional poker player and the runner up in the Australian poker championship!”.

Therein lies his great success as a forex trader as well, because as a poker player and a champion player at that, he was accustomed to taking calculated risks.

The secret to trading his style was to take calculated risks in his forex trading.

For example, if you have identified a trade, and you have placed a trade, do not place your stops too near the entry price because the odds favor the stops being hit most of the time.

Rather, you can assess the odds and probability of the stops being hit before you place them.

Again, when a trade presents itself, and you can compute that the odds of winning is in place rather than losing, it is then that you can increase your trades.

If you desire to win big, learn to compute the odds of winning, and like the successful poker player, bet big when the odds are in your favor and stay away from a trade where the odds indicate you will lose. This is where forex traders will measure their risk-reward ratios for their favorite trade setups and can identify which trade setup will result in bigger profits and with lower risks. This is a skill that you ought to learn to become more profitable.

Tags: forex, money, traders

Forex Managed Trading » money

Make Money Fast in Forex – Tips From a Group of Super Traders to Help You Make Huge Gains!

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