Trading Currency Blog

chillinginchicago asked:


I really should get more educated before I decide if I would like to do this. Basically if you could give me a brief overview of currencty trading. Also, how much would I need to have in my forex account to actually make it worth the time and effort of trading and to be able to make any money? I’m a college student so a couple hundred bucks is probably all I could put in adn that’s even stretching it a little.

DASHIELL

lcrnext asked:


I’ve heard a little about it, but want to know how you start, does it require a lot of money to start, do you need a broker?

GRIFFIES

sandalishus asked:


Does anyone know where to cash in Belgian money to US dollars in Contra Costa County, California?

MALAND

Kelly Price asked:


If you want to make money in forex trading you need to have a soundly based forex trading strategy. This is far easier to achieve than many traders think it is and here we will show you how to build one in 4 simple steps.

1. Success Comes From Inner Understanding

To succeed at forex trading you need to do it on your own and understand EXACTLY how and why your system works.

Even if you follow a vendor or someone else’s currency trading system, you can’t simply follow it you must learn it and have confidence in it.

If you don’t understand how your trading system will help you succeed, you won’t have confidence in it which will lead to a break down of discipline if you hit a losing period.

Keep in mind if you don’t have the discipline to follow your trading method, you don’t have a method!

2. Keep It Simple & Work Smart

Many traders believe the more effort they put into their forex trading strategy the more they will make - this is not true. You get rewarded for being right with your trading signal and that’s it.

Other traders think the more complicated their system is the more chance it has of succeeding but again - this is not true.

All the best forex trading systems are simple and this means they have fewer elements to break and are more robust in the face of brutal market conditions.

This is actually good news, as you need to work smart and not hard to succeed.

Simply focus on the right areas and learn them. If you do this, it will lead you to currency trading success.

3. A Successful Trading System

Here we can’t give you all that goes into a successful trading system - but we will give you some important basic elements you need to keep in mind when building one.

- Do not day trade, as you are guaranteed to lose. All short term volatility is random and you cannot get the odds on your side, either swing trade or follow long term trends.

- Base your system on the concept of support and resistance and breakout methodology.

- Do not predict with your system. Use momentum oscillators to confirm each and every trading signal.

If you predict that’s simply hoping or guessing and you won’t win.

Trade the truth of price action and confirm.

- Always place stops and assume the worst eventuality - you need to protect what you have above all else. As one trader I once knew said:

“If you take care of the losses the profits will look after themselves”.

4. The crucial Point You Need to Understand!

In forex trading 95% of traders lose.

This is simply in most instances down to the fact they don’t work smart and learn the right information.

They therefore don’t have confidence to apply their system with discipline.

You need to understand as part of your forex education that your method is important - but you need the right mindset to apply it.

If you want to learn currency trading you can, in fact anyone can - but you must learn how to trade currencies the right way and build a logical, simple forex trading strategy which, takes into account all the points we have made above.

If you do, you can build a forex trading strategy for success.



PEZZULLO

Sonia Kristina asked:


Currency day trading looks low risk and high reward to most traders but it is impossible to win at it and you will end up losing your equity. This article will look at why you will lose and a better short term method of trading…

So why is currency day trading doomed to failure?

The reason is obvious - all moves in daily time frames are of a totally random nature. You simply cannot judge what millions of traders are going to do in minutes or hours, it’s ridiculous.

You Can’t Get the Odds in Your Favour!

There are no support or resistance levels that can be trusted, you can’t get the odds in your favour and that means a wipe out at some point.

There are however many vendors online who will tell you that you can win at day trading and they even present track records to prove it - but these track records are never real , just a back test.

Simply check the small print and you will find the words “simulated in hindsight” somewhere and that means - they have made no money for real and if you think a simulation, will give the same results in real time think again - it won’t.

If you want to trade with a short term strategy you need to get a time frame which gives you valid data and where you can use tools on currency trading charts which will work and the best method is - currency swing trading.

Currency Swing Trading V Day Trading

Currency swing trading systems rely on catching moves from a few days to about a week and they simply trade into overbought and oversold levels. Its simple to understand, gives you plenty of action and can be very profitable.

So forget about currency day trading systems and if you want to trade short term, get the odds on your side and use a swing trading system and you can enjoy currency trading success with it.



NINNEMAN

Dónde Están asked:


Say you buy some Euros and later the exchange rate goes up. You sell the Euros and make some money. Where does the profit come from?

CHAPARRO

forexcoachservice asked:

Do you have a consistent game plan for your trading each day? Do you know exactly where to expect support/resistance? What will you do once price gets to a key level? And how are you when it comes to things like trading psychology, money/trade management, stops, profit targets, risk/reward, consistency, etc? These critical elements of trading are covered very thoroughly in my Winning Strategies Coaches Guide CD/on-line course.

I have personally coached close to 1000 people in the last 2 ½ years, and I was a futures broker for over 5 ½ years, so I know what separates winners from losers. You can check it out all my products and services: www.forextradingandeducation.com .

JEGEDE

richel asked:


I am from asia . I have opened up a accont at forex.com now I want to know which is the best way for me to deposit money in the account . so that I can deposit as wellas withdraw my money without any problem ?
credit card ?
wire transfer ?
or open up a bank account in usa and then transfer funds ?

the 3rd option was suggested by one of the friend , plz help me i m confused

SCHERBARTH

hurashio2525 asked:


I have a good idea of the stock market and how that works, but currency trading confuses me. Is there a exchange just like the NYSE or Nasdaq that money is traded on? How does the value of the dollar change everyday? How is the Euro at $1.52 to the dollar?

DARING

bannabeauty asked:


As with any investment, I understand there are risks. However, I am seriously considering taking the online training course offered by Forex on Currency Trading. It seems too easy to make money and I believe there must a catch. I’m only going to invest what I can afford to LOSE! But I would love to hear from someone already trading or have traded!

DANIELSON