Forex Trading System

1. 11 Responses to “Any tips on how to succeed at Forex trading?”

2. By john P on Apr 16, 2008 | Reply

   The only way to “win” at forex is to not “play”.

3. By Lucas on Apr 18, 2008 | Reply

   Forex is not that easy. Do not believe those who may say it is!

   However, there are some good robots. Some are scam. Others are for real. Now, that does not mean that anyone can do it. You’d rather have some prior Forex Knowledge. It seems you have some forex experience so you may want to try the robot route.

   For the automatic approach, this website has worked wonders for me: – forex auto pilot turbo. It offers, among other features, high spread protection system and automated risk scaling. They say “95% winner”. Well, only the bottom line counts. In this regard, it has really delivered for me.

   Apparently, I was in the same type of situation as you are in. No consistent income. I had been watching the Forex Robot market for months, waiting for the right software to come out. I believe I have found a great one.
   I also gave that robot a shot because they guaranteed a refund within the first two months after purchase if I was not satisfied. I had to try it. I adopted it. I have been using it for more than 8 months now.

   Good trading!

4. By Ron on Apr 18, 2008 | Reply

   Forex, or foreign currency trading, is a complicated and risky business. Things move extremely fast in this market, which means you can make big bucks, or lose the farm in a heart beat.

   You’re doing the right thing by asking questions first. In my experience, research and information is king in this business. Find a good Forex Trading website that allows you to set up a dummy account and practice trade, and then read everything you can on the subject. You can find some decent tutorial type articles on Forex at ezinearticles.com. Just do a search at their site for Forex.

   You may also want to look at some of the Forext trading robots and “black box” systems out there.

5. By ooogleemooglee on Apr 19, 2008 | Reply

   I would suggest you spend some time at BabyPips.com (www.babypips.com). It’s definitely targeted towards someone like you.

6. By Suzane P on Apr 20, 2008 | Reply

   Hey Ells,

   I would recommend you to read lots of books and online tutorials before you jump here. Here are few tips i read on net which would surely help you to understand this market well.

   1. Implement a trading plan.

   “If you fail to plan, you plan to fail”. A trading plan is especially crucial in Forex Trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

   2. Trade within your means

   If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

   3. Avoid emotion trading

   If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

   4. Ride on a win and cut your losses

   Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

   5. Love the trends

   Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex Market.

   6. Stop looking for leading indicators

   There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secrets away.

   7. Avoid trading in a thin market

   Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

   8. Avoid trading in too many markets

   Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

   9. Implement a proper trading system

   There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

   10. Keep learning

   The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

   See ya

7. By Jeff C on Apr 23, 2008 | Reply

   I see a few people mentioning Forex Bots. In all honesty, there are good Forex bots, but there are also some really crappy ones. I would only buy one of these if you have some money to spend. If not, try to make some money from Forex simply through your own knowledge. Forex, as much as it may seem, is actually not all luck. Doing the proper research is what will make you successful in the market. I am actually currently trying a demo account on Forex.com. If all goes good, I’m going to invest a couple hundred dollars. My best advice to you is to read around on the web. Educate yourself on everything there is about Forex, and you will be on the road to success.

8. By Christian on Apr 24, 2008 | Reply

   Hello Ells,

   To get confidence and constant income, a good start is a robot. I agree with Lucas on the robot since I have been using it myself for a while now. I have decided to stick to it because I have set up a routine. But once you get going, after 3 or 4 months, you might also want to be more pro-active. Or a combination of autopilot and on-your-own.

   See it for yourself, build some confidence. Get going! Good trading!

9. By Anil Kumar Raju on Apr 26, 2008 | Reply

   17 Trading Tips to succeed in forex

   1. Establish Stop Loss : Before making any forex trade what soever, decide before how much you’re willing to lose and you just follow that amount. Set a stop loss level before entering a trade and place it as soon as possible. Never alter your stop loss if your position is losing.

   2. Let your profits Run : Never let your emotions govern a trade. Keep in mind why you are entering the market and of course you follow these reasons. You’ll be less emotional, you will be better. Do not turn your trading plan, move your stop loss as the market moves in your favor and let your profits run.

   3. Do not influence them : You must have your own Forex Trading strategy and you will comply. If you are influenced by others, you change your mind so incessant, learn to ignore the outside once you have made your choice. You will always find someone who can give you a logical explanation to take a position opposed to yours.

   4. Keep sizes and positions within acceptable limits : Forex Traders have a real success when they know that trading is a game of probabilities, and in long term if you stick to your strategies and you implement healthy strategies that you follow, it is likely that you will succeed. To be a successful trader, you will never take a position that could jeopardize substantial capital. In fact, you will find only very rarely win trader risk that more than 10% of its capital in a trade, and 10% is already extremely high. For example, if you deposit 25, 000 USD from your trading account, your maximum loss should be USD 2, 500, representing a maximum loss of 250 pips for a standard lot of 100,000 units (on a trade EUR / USD for example) . Generally, try to put more than 2 to 5% of your available capital.

   5. Know your risk ratio Vs your earnings ratio : The ratio of benefit / minimum risk you should use is 2:1. For example, if you are trading long GBP / USD and you want to gain 50 pips, you should not risk more than 25 pips. Another example, you should never risk 40 pips to gain 15. If you do, you lose trades will ruin your chances of profits. The analysis of risk Vs profits is an extremely important for any forex trader.

   6. Have a suitable capital : Always make sure you have enough credit, for example you can ask the following question: “If I lose 50% of my starting capital in a period of 6 months, can I still enable as a trader? . Only if the answer is yes you can start trading. One of the keys to success is independence of mind in the trading, which means your trading freedom must not be influenced by your fear “crippling” to lose.

   7. In Trend or Neutral : Learn how to analyze the Forex Market, is this a trend or rather neutral? In a market trend, follow the trend, in a neutral market, buy low and sell high, since you are using stop loss, and you control your risk.

   8. Do not fight against the trend : Do not try to sell high in a bull market or to buy low in a bear market. Follow the good old adage “the trend is your friend!

   9. Average : One of the most common mistakes made by traders is the continuous addition of positions on a losing position. I have personally never seen a trader profits on the long term by using such techniques. For short-term trades, preserving capital is the most important, involve too much capital will undermine your success. Trading in the short term, if your strategy is good, the market will evolve in the desired direction in a relatively short time, however if the market gives you wrong, the short-term traders will have to accept that they trade so incorrectly, gets cash losses and seek a new trading idea. Do not leave room for pride in your trading.

   10. The idea of yesterday is no longer necessarily valid today : Regularly we may detect a potential trade and decide to wait until the following day to see if he is confirmed. When you see that everything went exactly as you thought, remember that it may already be too late. Back over your reasoning for this trade, make sure your original reasons are still valid, if not forget this trade. There will always be opportunities for trades, be patient and attack.

   11. Understand how the market thinks : Everbody should accept that any information (except for newly published information that the market adjusts immediately) is already included in the price of a currency pair. You must know the indicators to come (especially the most important), and you need to know what is already anticipated by the market. The vast majority of the publications of the market is already anticipated and prices by the market.

   12. Trading – a game of probabilities : Nobody can get 100% results in forex trading, you must accept it. Trading is a game of numbers, you win sometimes and lose other times, the idea is simply to win more than you lose. Trading is a game of probability and if you act properly in the long term, you will come out winner. Learn from your mistakes, when you begi

10. By hansackd on Apr 28, 2008 | Reply

    I have heard of it, I have been using it and I have been liking it (so has my bank account!) … It is for real!

11. By Human on Apr 29, 2008 | Reply

    In Forex like in any other kind of trading you need to have an edge. That is a statistically proven method which tilts the odds in your direction and which make your trading have a positive expectancy.

    How do you get that? There are two main ways:

    1. Learn the ropes from an already successful trader.
    2. Develop an edge on your own through market observation and backtesting.

    It takes a long time to achieve this. Usually a couple of years at least.

    Once you’ve got an edge then it’s just working on yourself: discipline, consistency, self control, continued improvement etc.

    Good luck.

12. By Livermore on May 2, 2008 | Reply

    The best thing you can do is to open a free demo account in any broker so that you can start to practice your trading skills without any risk.

    Besides this, you can learn the basics and some trading strategies for free in websites like freeforexebook.org or forextopten.com.

    There are also trading robots that can trade for you, but these are most useful to those that don’t have the time to trade on their own.

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