Forex Trading can be a great investment vehicle if you do it right. But forex trading success is elusive to many traders. I’m not saying this based on reading some books or reading something online in a forex website.
I’m saying this based on my own forex trading experience.
Table Of Contents
- So What Is The Secret To Forex Trading Success Then?
- Why Is Forex Trading Is So Popular?
- So What Does Forex Trading Mean To You?
- Everyone Has A Chance To Turn Something Small Into Big In Forex Trading
- What Is The Forex Market?
- What Is Forex Trading?
- Who is involved in forex trading then?
- Forex Market Opening Times
- Forex Trading Terminology
- What Do You Need To Start Trading Forex?
- The Best Way To Succeed In Forex Trading
- Forex Trading Resources on This Site
Even now, I’m trading forex but my forex trading success seems to be short lived: I make money and then lose it very quickly.
Here’s the fact about me: I do know how to make money in forex and I have made money, but I just don’t know how to keep it and increase them.
As a matter of fact, I am really good at making 100%-300% profits within a short space of time but then I’d blow up those profits away and then also the capital. I have never been able to go past 6 months yet.
I go through a cycle of boom and bust…and believe me: it is frustrating!
So What Is The Secret To Forex Trading Success Then?
- Is it finding the best forex trading strategy or the best forex indicator?
- Is it having an adequate amount of money to start with?
- Is it finding a reliable forex broker?
- is it buying a forex software called expert advisor that automatically trades for you and makes money for you while you sleep?
Tell you what?
I have gone through all of those things listed above and I can tell you that forex trading success does not come from those.
I will share my thoughts on what I believe is the the recipe for success in forex trading further down below.
Why Is Forex Trading Is So Popular?
The popularity of forex trading is largely due to internet , making the forex market easily accessible to millions of people worldwide.
All it takes its between 5-10 minutes to open a forex trading account online.
You can literally trade the forex market from anywhere in the world as long as you have an internet connection to your laptop, ipad or a mobile phone.
What is it about currency trading that drives thousands of people from all over the world to put their hard earned cash into it and as they say, if the statistics are right, 95% lose.
And yet they keep coming…and coming.
So what is it about forex trading that appeals to thousands of traders and even if someone has lost a lot of money in forex trading, he would still find some money, somewhere to trade?
What is it?
Well, I’ve cracked my brains (not literally off course but as the saying goes) and I think I have a pretty firm understanding of why many of us would still be in this game of trading forex even if we are losing money or not.
So What Does Forex Trading Mean To You?
When it all comes down to it, there’s one word that I believe represents forex trading.
That word is FREEDOM!
Thousand of people are tired of slaving away…working their lives away at low paid jobs while making only a few rich at the top.
There’s a genuine frustration of not really being who you want to be or not really living up to the dreams that you have.
We all want to live…and I mean really live without worrying about mortgage payments, food bills, rental bills…all the bills in life.
If you are a man, you look into your wife’s eyes or look into your young son or daughter’s eyes and you think to yourself: am I going to make enough money to support my family whom I love so much?
And yet you go to work, you may work and make money but yet you are still unable to keep your head above water.
It is with such situations that one looks for alternative ways to make money.
And Forex trading is one of them. It is NOT the only one. But is is one where is much quicker to get started on.
Now, if you can have the financial means to take care of all those bills and still left a lot to look after your family or have the means to generate that kind of income for many many years to come, then that certainly is something worth pursuing.
Some say, “money is not everything”, but I say, “money makes life easy.”
No-one goes into forex trading to make their life harder, right? Now way! We all are into forex to make money. To make enough money so one can live comfortably.
And you can do it, but there are rules to follow. Like all things in life, nothing really comes easy.
Everyone Has A Chance To Turn Something Small Into Big In Forex Trading
In forex trading, everyone has a chance to make a lot of money. It really doesn’t matter how much money you starting trading forex with.
A stay at home mum with a $1,500 forex trading account can really make a difference in her life and her family’s.
Forex trading is truly is a massive opportunity that is literally available at your finger tips.
All you need is a laptop and internet connection and a few hundreds of dollars to open your live forex trading account to get started.
You may have read or seen stories of people who have started trading with only a few thousand dollars and have hundreds to millions of dollars in forex trading.
Those stories may have wet your appetite in forex trading it may look easy but it is not really that easy.
In order to succeed in forex trading, you need a lot more than having a few hundred to thousands of dollars to open your live forex trading account.
You need to:
- get educated about forex trading…you need to learn the common terminologies in forex, you need to learn how to open a forex trading account, how to use and trade with forex trading platform that the forex brokers provide.
- in addition to that, you need to know how to manage trading risks, how to calculate trading lot sizes based on your acceptable risk level etc.
- you need to find a suitable trading strategy to use.
- you need to be able to be disciplined in trading, learn to control your emotions, like greed and revenge.
You will know who you really are when you start trading forex and when your real money is being risked, you will do things differently.
Forex trading success requires a lot more mental toughness than anything else.
You see, everyone can have a few hundred or thousand dollars to open a live forex trading account but its only those few who have the mental toughness to follow what is required to succeed in forex that will succeed.
What Is The Forex Market?
Forex is short for foreign exchange. This is wikipedia defination of the forex market:
The foreign exchange market (Forex, FX, or currency market) is a global decentralized or Over The Counter (OTC) market for the trading of currencies. This includes all aspects of buying, selling and exchanging currencies at current or determined prices.
The forex market is where forex trading happens. So what is forex trading then?
It is the process of exchanging foreign currency for the purposes of:
(1) business & trade
(2) or speculation with a view to profiting when when currency decreases or increases in value relative to the other.
What Is Forex Trading?
Forex Trading is the actual process of exchanging one currency pair for another.
Who is involved in forex trading then?
- individual traders like you and me, they call us “retail traders”.
- institutional traders…these are the traders with big pockets funded by big companies.
Forex Market Opening Times
There are two things in forex that are not like the share market:
- forex market operates for 24hours.
- forex market does not have a central exchange.
The forex market follows the sun around the globe.
Which means, even if you have a day job, when you get home, you can still trade the forex market.
The important forex trading centers are London, New York and Tokyo. Others include Sydney, Zurich, Hong Kong, Paris.
In are share market, all orders goes through an exchange and that’s where all the buy and selling is controlled. For example the New York Stock Exchange.
With forex, it is different…there’s no central exchange
Forex Trading Terminology
In order to start trading forex, you need to understand some terminologies used like the following below:
- Bid Price
- Ask Price
- Order types
- Forex Charting
- Technical Analysis
- Fundamental Analysis
- Price Action Trading
- Forex Brokers
- Forex Trading Platform
- Forex Trading Strategies
- Forex risk Management
What Do You Need To Start Trading Forex?
When I started to get interested in forex trading, I followed the following 3 steps:
- the first thing you need is to educate yourself. There are many forex trading courses and forex trading information available online for free, you can make use of those, or you can learn on this forex trading website.
- After educating yourself, next thing you do is open a demo trading account with a forex broker. A demo forex trading account allows you to trade with virtual money. This allows you you get familiar with the forex trading platform as well as practice trading live forex market with zero risk and also practicing using any forex trading strategies you have.
- After demo trading stage, you open up a real live forex trading account with your forex broker and start trading.
Now you are trading forex live with your hard earned cash…
The next big question is: how to be successful in forex trading? What Does it take?
The Best Way To Succeed In Forex Trading
Here’s the in most interesting thing about what it needs to be successful in forex trading: it is simple but extremely difficult thing to achieve.
For you to succeed in forex trading, you don’t need that “secret” forex trading strategy or secret forex indicator or a forex expert advisor.
Many forex traders start chasing the next shiny object and lose a lot of money in the process.
What you really need is experience: fund your live forex trading account, make or lose some money. Maybe lose all of it.
Then you will know what the best way to succeed in forex trading is!
Let me explain…
Your need to learn from what you did right as well as what you did wrong. Most important of all, eliminate what you did wrong and forex trading success will be closer than you think.
You will discover that such things listed below will stop you from being successful in forex trading:
- risking too much in a trade
- revenge trading
- overnight millionaire mentality instead of growing rich slowly.
Those things listed above are what thousands of forex traders do every time.
And Guess what?
The result is always the same: lose money in forex trading.
If you can have the mental discipline to do the exact opposite of what most forex traders do wrong, forex trading success will find you sooner than you think.
Forex Trading Resources on This Site
If you look around this site, there are a lot of trading resources to help you.
#1: Forex Trading Strategies
There are heaps of free forex trading strategies to browse though:
- trendline trading strategy
- inside bar trading strategy
- trendline breakout trading strategy
- railway tracks trading strategy
- support and resistance trading strategy
- ross hook pattern trading strategy
- demark trading strategy
- bearish pennant chart trading strategy
- bullish pennant chart trading strategy
- pin bar trading strategy
- resistance turned support trading strategy
- support turned resistance trading strategy
- 123 chart pattern trading strategy
- ascending triangle chart pattern trading strategy
- london breakout trading strategy
- descending triangle chart pattern trading strategy
- double bottom chart pattern trading strategy
- double top chart pattern trading strategy
- inverse head and shoulders chart pattern trading strategy
- head and shoulders chart pattern trading strategy
- diagonal price channel trading strategy
- gbpusd breakout trading strategy
- third shortest candlestick trading strategy
- daily pin bar trading strategy with multiple timeframe trading for tight stop loss
- 50 pips a day trading strategy
- horizontal price channel trading strategy
- 20 pips a day trading strategy
- outside bar trading strategy
- trendline retest trading strategy
- 10 pips a day trading strategy
#2: Forex Candlestick Patterns
If you are after price action trading and are looking for the best forex candlesticks to use as a buy or sell signal then that’s good because, if written up a post on that subject, click that link and check it out: Top 12 reversal candlestick patterns every forex trader should know about.
#3: Free Weekly Forex Trading Signals
So how do these forex signals work?
Well, I look at trading setups that are forming and those trading setups that have a great chance of forming during the week are given.
This means you are not trading blind or on trading on a whim…
It is because:
- you get to see and understand that price action trade setup that is forming in advance and follow it along as it forms (or not)
- you will learn to see how price reacts around those levels that I’ve identified for you in the trade setup and you will learn to trade them
- you will learn to use multiple timeframe trading techniques which is simply switching between different timeframes to get the best entry possible.
- you will learn to use the 12 forex reversal candlestick patterns for your trade entries.
I intend to continue writing and putting up more forex trading resources for you so don’t forget to bookmark this site. Also please don’t forget to share this forex trading resource site by clicking those sharing buttons below. Thanks.