SUCCESSFUL FOREX TRADING

The forex market is by far the largest market in the world, dwarfing all others by comparison. It actually trades trillions of dollars daily. It presents huge opportunity. Traders (or want to be traders) are attracted to it for many reasons: low initial capital is required, the chance to make huge profits, the fact that you can trade it without paying any commissions, the peace of mind it's sheer size and thus liquidity provides, and the fact that it is open 24 hrs. All of these factors combine to attract huge amounts of people every day trying their luck to the very appealing and lucrative life of a successful forex trader.

To be a successful forex trader, two basic things are required. One is a methodology which is proven to give a statistical advantage. The other is the mindset to apply this methodology without fail. Both are equally important. Incredibly, the later is much more difficult to obtain. There are many different ways successful forex traders make money trading the forex markets. From very simple breakout strategies to very complex computer modeled systems, the possibilities are endless. However, what all successful traders have in common is a successful mindset. All of them have a well defined strategy in place and execute it without fail. They follow their plan. This may sound obvious, but adhering to ones rules and trading plan is incredibly difficult when real money is on the line and the trade is going against you.

Patience is a key element to being a successful forex trader. A person should only trade Forex trading signals that fall into that person's particular plan or strategy. For example, if a person trades breakouts, then the trade should only be placed after a support or resistance level, previously identified by the trader, is decisively broken. Such resistance and support levels, and what exactly is defined as a decisive break, should all be clearly identified in the trading plan. Then the actual trading is simply reduced to patiently waiting for the setup we are looking for and executing the trade.

If a person can combine all the tips and techniques listed above, they should have no problem becoming a successful forex trader. Just have confidence in what you are doing and work smart. Start working on your trading plan and focusing on following it today. Forex trading could be as simple as abc, if you have the know-how. I wish you great success as you trade today.

WHAT IS FOREX?

Forex is an acronym for FOReign EXhange. The Foreign Exchange market, also referred to as the "FOREX" or "Forex" or "Retail forex" or "FX" or "Spot FX" or just "Spot" is the largest financial market in the world, with a volume of over $4 trillion a day. If you compare that to the $25 billion a day volume that the New York Stock Exchange trades, you can easily see how enormous the Foreign Exchange really is. It actually equates to more than three times the total amount of the stocks and futures markets combined! Forex rocks!
What is traded on the Foreign Exchange market?

The simple answer is money. Forex trading is the simultaneous buying of one currency and the selling of another. Currencies are traded through a broker or dealer, and are traded in pairs; for example the euro and the US dollar (EUR/USD) or the British pound and the Japanese Yen (GBP/JPY).

Because you're not buying anything physical, this kind of trading can be confusing. Think of buying a currency as buying a share in a particular country. When you buy, say, Japanese Yen, you are in effect buying a share in the Japanese economy, as the price of the currency is a direct reflection of what the market thinks about the current and future health of the Japanese economy.

Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates. 

Trading on the currency market provides the highest profit of all legal operations

FEATURES OF FOREX TRADING

• Accessibility
• Liquidity
• Two-way Market
• Leverage
• Trading charges minimal
• Immediacy
• Trendiness
• Focus

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Forex Trading Strategies

There are a number of different strategies and techniques you can use to trade the Forex market with, some are easier to understand and implement than others. This article will provide you with much more reliable signals. It can be difficult to decipher the good Forex trading strategies from the bad; however, there are a few simple ideas to keep in mind that will aid you in this process. Generally speaking, most people tend to over complicate Forex trading strategies and believe that they need a super complicated Forex trading methods to effectively trade the market.

This is also the reason why most people who attempt to become consistent traders fail rather miserably. Most traders fall prey to the ever present trap of analysis-paralysis when trying to find the best Forex trading method to use. The simple truth is that a raw stripped down price chart contains all the information you need to make profitable trading decisions. Many newbie traders either do not believe or do not know that all market variables are reflected via a simple price chart. You cannot possibly gather enough information about all the millions of market variables that exist at any given moment to rationalize using news analysis or fundamentals as your main Forex trading strategy in the market. Every single thought that every single market participant has at any given moment can be considered a market variable because of the fact that any market participant can have an effect on price movement. This is why it is futile to analyze increasing amounts of information or believe that you can predict where the market is headed based off economic news analysis.

It can seem somewhat hard to believe that you can consistently profit in the Forex market by only analyzing a simple naked price chart. But this is actually the most relevant, simple, and effective way to trade the market. The Forex trading strategy of price action analysis is the simplest method to use when trading the market, by using this strategy you will be taking advantage of the raw price data that reflects the aggregate opinions and beliefs of all market participants, which is the only thing you need to concern yourself with. There is no need to analyze fundamental data because it is all reflected in the charts, and price action analysis teaches you how to spot repetitive and effective price setups that occur as a result of human emotion. Human emotion is predictable, as such when you make price action your method of trading, you are using the most relevant and effective method possible because human emotion is reflected on a raw price chart.

Don't fall prey to the thousands of scam websites on the internet trying to sell you a Forex trading robot or some other useless method that promises to provide you with insanely high returns while you sit back and sip martinis. This is just not possible, and as the saying goes, if it sounds too good to be true, it probably is. Some of these websites post up falsified track records that show amazing results, or they use data that is fit to work with their indicator perfectly over a certain period of time. What you need is a Forex trading strategy that is simple and honest on the surface and makes logical sense. Nothing could be more honest and relevant than learning how to analyze a simple naked price chart. Make price  chart action analysis your Forex trading strategy of choice and you will understand why it works so well. FOREX TRADING IS SIMPLE AND LUCRATIVE WHEN YOU KNOW THE BASIS. COME UP WITH YOUR OWN SYSTEM! NO ROBOT CAN DO THIS FOR YOU!

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Parabolic SAR – A Trading Indicator That You Should Know

Parabolic SAR – A Trading Indicator That You Should Know