Online Forex Trading Strategy - How to Make Currency Trading Systems Work For You Now that there are hundreds of Forex margin brokers, millions of free Forex trading tips webistes and literally hundreds of thousands of Forex day trading strategy "home based business" Forex traders, we can say that virtually anyone with an internet connection can trade Forex with the pros. In any power trading strategy, a proven trading method will mean that through Forex strategy testing and by using trading risk management, no more than one or two per cent of a total account value is put at risk in a single trade. This is key in the path to big Forex profits. Any trader beginning out will look at the trading methodologies available to them and decide to create trading rules for their Forex trading strategy. Forex trading (currency trading) initiates should be aware therefore not only of technical and fundamental analysis and predicting Forex prices, but also of how to be a trading strategy tester and to have strong Forex trading rules that help them to make the big Forex profits they are seeking. The alternative is to have more experienced Forex trading systems used by more experienced traders end up causing you to lose all your money in your Forex business - the harshest possible outcome. Having the following in place could assist you in getting started right away in Forex trading (currency trading): a Forex trading software platform; a free Forex trading strategy (or a paid for one for that matter); an understanding of fundamental and technical analysis and a trading risk management system. From these elements (and also the support of a daily Forex strategy briefing from a margin broker or some other site) you can start Forex trading in the fx market with your own Forex trading strategy rules. Learning currency trading online needs to begin with sound trading risk management and how to manage your trading account balance by making intelligent risk decisions with your trading account. The risks can be higher with Forex because the moves in a week can be equivalent to a month in stock moves. Volatility is to be expected. Currency trading strategy rules for a Forex business can be developed by amalgamating Forex trading systems of others or simply garnering a Forex education to include: fundamental and technical analysis; trading money management (risk management); a daily Forex strategy briefing from a "third party" and a way of creating Forex forecase signals (in other words a means of predicting future Forex prices from perhaps a technical setup on a currency pair or simply from Forex strategy testing that has been carried out. Forex strategy testing can either be done through using a practice account through your broker or by paper trading your strategy. A third option is to use software such as Forex strategy tester which can run a simulation of what could happen if you trade by your rules with some limitations on accuracy. Free Forex trading strategy tips are available from Forex ebooks webistes all over the web. The truth is that the Forex trading fx market needs to be treated as a business that runs like a Forex trading machine as much as possible. This is key if you are to make big Forex profits in live trading. Lack of regulation means that anyone can sell a "scalping trading strategy" or so-called "foolproof trading method" and make themselves out to be an expert or even say they are a long term bank trader when they are not. There is a need for caution therefore when deciding on where to get your Forex education because not any Forex trading guide is actually going to help in your predicting Forex prices in the near, medium or long terms. It behooves you to go out and look at what is on offer from Forex trading websites and learn more about the global currency markets after you have read this article. Some sites are listed in the resource box at the end to start you off. Trading Forex online then presents challenges. The rest of this article will address those challenges. In order to trade effectively, a Forex trading guide is needed for the initiate in to the Forex markets to be able to learn online currency trading, understand trading risk management and how to manage money, discover technical and fundamental analysis, how these types of analysis of the market differ and how to apply them in creating a Forex trading machine. This means that after all the cogs are set in place you will have a Forex trading machine that enables you to its like a professional and make decisions based in the moment and on the facts that are presented to you, rather than guess or gambling work - although there is invariably an element of risk, your job is to eliminate the risk as much as possible in applying your trading strategy. To make this happen, you will start to think about what you may need in order to implement your trading strategy. For example, will you be needing a daily Forex strategy briefing from either a paid service or a free provider of its strategy briefings - such as perhaps your broker or a third party service. In your technical analysis will you be utilising traditional indicators such as those involved in a bands trading strategy (Bollinger Bands), will you rely on charts created by a its platform or other currency price forecast type service or will you be professional analyst charts to make your decisions? A proven trading method is hard to come by. There are educators who have been trading Forex for banks and other institutions for many years. However they are still going to find it incredibly difficult to pass on their years of knowledge, at least not in the time most people want to go from knowing nothing about Forex trading (currency trading) to being an expert and making money with its as a business. In sum, it is multidimensional. There are several aspects of absolute importance. These include strategy, both in terms of trading and money management, education - both initial and ongoing and focusing in on mastering a specific area whether that be a particular currency pair or aspect within the field - such as global economics of a particular country.ll
Home » Uncategories » ART OF TRADING Member Making A Strong ComeBack!

ART OF TRADING Member Making A Strong ComeBack!


Hey folks, 

Wanted to share this inspirational email i got from Ben. Ben has been an ART OF TRADING member "on & off" since 2009 and here's his trading journey.  
 




"Stewie,

I want to start out by saying thank you once again for all of your help. I would still be a struggling trader if you hadn't been there to mentor me and keep me from making stupid decisions. Subscribing to AOT is the best money I've ever spent on trading.

I mentioned in the chat room today that my account hit a milestone after my gains in STX, but I will get to the numbers in a minute. As you know (most other AOT members don't know) I quit my job and started trading full-time back in November of 2006. I knew I didn't know anything about trading but I was confident that I could learn to be a successful trader if I put in enough time. Over the 1.5 years that I stuck with trading I had some good wins and some bad losses. I was often discouraged and constantly tried "new" trading styles, risk tolerance adjustments, research systems, etc., all of the things that most newbies go through. I tried to trade everything, stocks, bonds, Forex, commodities, futures, options. I tried wide stops, tight stops, no stops at all, scaling in, scaling out, buying weakness, selling strength, selling weakness, buying strength. I wrote out a trading plan (probably 5 or 10 of them), I kept paper journals outlining all of my trades and even started a blog to talk about my trading in hopes that my honesty, and knowing other people were going to see my mistakes, would make me a better trader. I tried increasing my size, I tried trading pre-market and after-market, I even spent some time in "trading probation", all in the pursuit of improving my trading.

After all of this I failed at getting the results I wanted. My need to have a steady income and to keep my wife from killing me forced me to give up my dream of being a full-time trader in May of 2008. Even in the face of my failure I found a friend who told me:

"Ben: of all the bloggers/traders i have known, i have never been so sad about someone leaving, except for now. I am truly sad, but i am sure you have given this idea much thought and you have made an intelligent decision. Trading is very tough and it’s a long learning process alas. It was a pleasure learning with you and getting to know you. You are a very special guy and i wanna wish you success in everything you do. good luck Ben!
- stewie"

Those words of encouragement meant a lot to me. The funny thing is, it wasn't until after I left trading that I realized what I needed to help me be a better trader. It wasn't a bunch of books, or charts, or strategies, or more time or money, it was a community, a connection with other traders. There is so much going on in the market every minute of every day that it is impossible to see it all. This is why your service is so important. Having your experience, the experience and camaraderie of all the other AOT members (both novice and seasoned) is what has turned my trading around.

With all that being said, here is how I use the AOT community in my trading now. I have resigned myself to the fact that with my daily job and workload I will never have the time to do research and find quality trade ideas. I rely on you and the chat room for 99% of my trades.  I simply log into the chat room on days that I will have some time, click on the button to activate your alerts, and turn up my speakers. When the alerts come in, I usually don't even look at the charts, I just calculate how many shares to buy, place the trade and set my stop. I try to do everything I can to take myself out of the trades.

I have gained confidence and I have been looking at your nightly Watch Lists and placing trades before you trigger an alert. For example, NUE, MOS, VALE, and STX. All of these were good winners that you never triggered, or I bought before you triggered.

I am up over $5,000 in my account since starting back my trading in October 2012. Now, $5,000 isn't a lot of money, but when you consider that my account started out at $25,000 that is over 20% return in less than 5 months. What's more is that I have missed many amazing setups because of work or hesitation/timing. 

My recap for 2012 shows 63% winning trades and so far 2013 is at 65%. Again, I don't have any magic other than looking at the charts you send, making trades once they trigger, and trying to manage entries and exits. The key, in my humble opinion, for the last couple of weeks has been trust and patience. Trust the setups you see, and have the patience to let the trades work. I hope this can be of some help to others.

Thanks again,


BEN"


Ben's blog isn't updated as often as he used to a few years ago but it still has lots of GOOD information. Make sure to check it out at http://www.10kthrownaway.com/blog/


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