10 Most Deadly Thinking in Forex Trading

10 Thinking that forex traders must not keep in their mindsThinking that they can control the marketUsing indicators are 100% safeFollowing market prediction without analyzingDoubling their lots to replace their lossStop learning and analyzing when already get some profitsHold a loss position in order to wait the price backUnderestimate writing daily journalOpening new position without planThey

Winners Simply Do What Losers Won’t Do

Thought the forum might enjoy this quote - copied from Van Tharp Sep 28th Letter"Winners Simply Do What Losers Won’t DoAdopting the belief that “winners” simply do what the “losers” will not do is very useful in many aspects of life. After all, that is the case in the field of investing and trading. So let’s step into that belief and see what naturally follows.Here are some winner/loser opposites

10 Tips for Online Forex Traders

By Abe CofnasWithout a doubt, trading is more than a few quick tips for success. You need experience, fortitude, capital and, above all, a solid trading system. However, for beginners and those who are perhaps losing their focus amid significant drawdowns, keeping things simple can introduce much-needed focus into your trading.To that end, here are 10 tips for trading e-forex that can help you

Trader Level #5

Level #5. Unconscious CompetenceNow were cooking - just like driving a car, every day you get in your seat and trade - you do everything now on an unconscious level.you are running on autopilot. You start to pick the really big trades and getting 100 pips in a day is becoming quite normal to you.This is trading utopia - you have mastered your emotions and you are now a trader with a rapidly

38 Steps To Becoming A Successful Forex Trader

1. We accumulate trading information - buying books, going to seminars and researching.2. We begin to trade with our 'new' knowledge.3. We consistently 'donate' and then realize we may need more knowledge or information.4. We accumulate more information.5. We switch the currencies and time frames we are currently following.6. We go back into the market and trade with our 'updated' knowledge.7. We

Trader Level #3

Level #3. The EUREKA MomentTowards the end of stage two you begin to realise that it's not the system that is making the difference.you realise that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management rightYou start to read books on the psychology of trading and identify with the characters portrayed in those

Trader Level #4

Level #4. Conscious CompetenceOk, now you are making trades whenever your system tells you to.you take losses just as easily as you take winsyou now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it loses and when you're on a loser you close it swiftly with little pain to your accountYou are now at a point where you break even

Trader Level #2

Level #2. Conscious IncompetenceLevel two is where you realise that there is more work involved in this and that you might actually have to work a few things out.you consciously realise that you are an incompetent trader - you don't have the skills or the insight to turn a regular profit.During this phase you will buy systems and e-books galore, read websites based everywhere from Russia to the

Trader Level #1

Level #1. Unconscious IncompetentThis is the first step you take when starting to look into trading. you know that its a good way of making money cos you've heard so many things about it and heard of so many millionaires.Unfortunately, just like when you first desire to drive a car you think it will be easy - after all, how hard can it be?? - price either moves up or down - what's the big secret

A Series of Trader's Level

According to this article, there is a classification for forex traders based at their achievement. Start from today, I will post the level of classification. Hope this is useful to consider your trading level.The trading level of a forex traderLevel #1 : Unconscious IncompetenceLevel #2 : Conscious CompetenceLevel #3: The Eureka MomentLevel #4: Conscious CompetenceLevel #5: Unconscious

Think like Real Trader

In principal, trading forex is same as any trading form in this world. The basic strategy is buy at low and sell at high. But why this simple strategy is so hard to do? Because nobody can control the market. High and low are decided by conclusion and psychology level from all traders in this world. The basic economic law about trading is there must be a balance between supply and demand. When a

Understanding Fundamental News

There are many fundamental news that are watched by traders. Among of them, I select several news that have big influence in price movements. I figured that not all of "good news" is good and vice versa. Let's discuss about them one by one sorted from the most important news (remember, the qualification for most important is based at my experience).Interest Rate Statement. The mother of all

Maximize Your Profit

Until now, I still don't find a holy grail forex system that can win 100%. Maybe someday, one of us will find that. But until that day, do we stop trading forex? Personally, I won't wait for the holy grail. No one is perfect just like forex system. So, what can we do to survive at this forex jungle?The answer is simple but hard to do, minimize your loss and maximize your profit. If you want to

10 Secrets of Successful Forex Trader

These are 10 tips that I think must do to become successful forex trader :Learn from your losingFind what factors that made you lostDo not repeat the loss factorsChange your loss factors into winning factorsMake a plan for your tradingDo your plan and stick with themAlways use Money ManagementUse strategy to maximize profitsTake your loss like your profitLearn about market psychologyHope these

Trading Forex is Simple or Complicated?

That is a question for me after doing trading forex for almost a year. I have been looking for the answer for a few moment until I found the answer for myself. Trading forex can be simple or complicated depends on our knowledge about forex itself. Trading forex is same as many kinds of trading terms in this world, what makes it different are the items that being trade and the influence