| |
| |
|
Currency Trading |
|
|
|
Articles and Information about Currency TradingNetFinancial | Institutions | LoansColleges and Universities | Search Engines The Secrets of the Super-Traders
The first and perhaps most important "secret" is to realize that your methodology or approach (no matter how good) is only part of being a highly successful trader. This applies to any trading style including, day trading, swing trading or position trading. The simple fact is that a bad trader can screw up a fantastic trading system. Conversely a talented trader can take a mediocre strategy and make money with it. Why? Please read on and I will explain. Many traders/investors that I have talked with think that to be a "Super-Trader" that they must possess some type of highly advanced trading techniques or software along with nerves of steel and a highly developed intuitive feel for the markets. In addition they think that these elite group, have some "inside information" that they don't. You will be relieved to know that the above is not necessary. There are actually only a few things that separate traders who consistently make money and those who don't. And here they are? * Skilled traders find a strategy or market pattern that offers a high probability for success. They make money by exploiting this edge over and over again. * Skilled traders never deviate from their methodology or "wing it". * Skilled traders never enter a trade without a entry and exit strategy. They know exactly when and where to cut their losses as well as taking profits. * Skilled traders never ever let a winning trade turn into a losing one. The easiest way to ensure that this doesn't happen is to place a protective stop at or a few ticks in the money once your position is up several points. * Skilled traders never hope, pray or wish that their stock would go up. They understand that when they are wrong they are wrong and the best thing to do is cut their losses short. * Skilled traders never trade with their emotions. They don't allow themselves to get caught up in the latest and greatest investment hype. * Skilled traders always have one goal in mind: To preserve their capital at all costs. They do this by never taking on too large of a position. A good rule of thumb to adhere to is never use more than 5% of your funds on any one trade. This way in the worst-case scenario the stock could drop to zero and your account would not be severely affected. * Skilled traders never get too greedy. There is an old saying that "Pigs gets fed and hogs get slaughtered". These traders don't try to make one big trade that will turn them into instant millionaires. They don't try to hit home runs, instead they understand that it is better to keep hitting singles and making smaller consistent profits. * Skilled traders enter and exit trades swiftly and decisively. * Skilled traders listen to no one else's opinion concerning the market or particular trade they are in. * Skilled traders are often contrarians. They will be buying when others are too scared to and sell when the crowd starts buying. That's it, the secrets to making big money in the markets. Perhaps that is a bit of a let down as you were hoping for something a bit more esoteric and complicated. Let me assure you that if you follow the above principles that you will take your trading skills and profits to a level that you never thought possible! This article is courtesy of Dr. Jeffrey Wilde, a trading veteran with 15 years of experience in all major markets. He is a trading coach to over 1400 traders in 38 countries. For additional info: http://www.win-at-trading.com
MORE RESOURCES:
Currency-Trading - Google News |
|
|
|
RELATED ARTICLES
Day Trading Success- The Key Is Survival Most new traders tend to focus just about all their time and energy on finding nearly perfect "setups", but trade setups, even very good ones, are *not* the key to successful trading. It's the *way* you trade your setups that keeps your losses smaller than your gains. Forex2u Forex Strategy On Successful Forex Trading The essence of the FX2u Forex strategy is that it does not have any Forex trading system but could forecast the market trend accurately.Every set of Forex trading system available has its disadvantages. Ways to Acquire Discipline in Trading One way to acquire discipline in trading.. Discovering Turnaround Candidates There are many types of investment methodology out there. All of them has their own merits. Mechanical or Discretionary Trading - Which is Best? Discretionary TradingPure discretionary trading will rely solely on the traders judgement. For example a discretionary trader may spot a particular pattern developing on a chart and decide to enter a trade on that basis. Sending Signals for Trading in Forex Forex signals are sent by a forex firm to their subscribers in order to buy and sell currencies. These signals are called entry and exit signals for the forex dealers. Option Arbitrage in the Forex Market What is arbitrage? Arbitrage is the simultaneous buying and selling of identical financial instruments taking advantage of price discrepancies between different brokers, exchanges, clearing firms, etc. and thus locking in a profit. The Major Players in the Foreign Currency Exchange Market - FOREX Since the US dollar is the centerpiece of the market,it is normally considered the 'base' currency for quotes. In the "Majors", this includes USD/JPY, USD/CHF and USD/CAD. The Miracle of Forex My father, who owns a small parts store and garage for vintage British sports cars, called me up recently and droned on and on about how he is getting killed by the Euro. Confused as to how the Euro could possibly be affecting his small and seemingly insignificant business, I asked him how. How Currencies are Traded in the FOREX Market Currencies are traded in dollar amounts called "lots". At 100:1 leverage, one lot is equal to $1000 which controls $100,000 of a given currency. An Evaluation of the Devaluation A Minister of Finance is morally right to lie about a forthcoming devaluation and a woman has the right to lie about her age. This is the common wisdom. How To Control Fear And Greed In Trading There is an old saying that the market is driven by fear and greed. Anyone that has placed more than a couple of trades will surely have experienced these two emotions. Dont Deny Reality If you want to be a successful trader, you must make sure you do not deny reality in any phase of your trading. You cannot deny losses, price direction, mistakes you make, being undercapitalized, or a whole host of things you would rather not think about. Why Hedge Foreign Currency Risk? International commerce has rapidly increased as the internet has provided a new and more transparent marketplace for individuals and entities alike to conduct international business and trading activities. Significant changes in the international economic and political landscape have led to uncertainty regarding the direction of foreign exchange rates. Assessing the Opportunities Presented by the New Iraqi Currency Could it be possible that you are staring right into the most spectacular financial opportunity of the century? Operation: Iraqi Freedom will undoubtedly be a war marked in history for loss and tragedy, American victory, and the rise of a nation with a new democratic government. But could it also be a war historically remembered for the financial opportunity it created for the sharp investors who keenly recognized an ephemeral chance at the right time?The War on Iraq ended with a nation placed on the footstool of many new operations. Forex Made Easy for Everyone Forex made easy is as simple as you would want it to be. The foreign exchange market is a worldwide market and according to some estimates is almost as big as thirty times the turnover of the US Equity markets. Welcome to the World of Currency Trading Indeed large multinational and individual banks and other major financial institutions have dominated FX trading (also known as Forex trading), but there is a paradigm change in the nature and type of investing. According to one estimate, in the new millennium, there are over 6 million online investment accounts, up from 1. A Fools Game I received an email this week with a question (below) which caused me to think about the wisdom of pursuing trading as a career. Regardless of your trading time span, the skills and concerns of active short-term trading are relevant to all market particpipants. FOREX 101: Make Money with Currency Trading For those unfamiliar with the term, FOREX (FOReign EXchange market), refers to an international exchange market where currencies are bought and sold. The Foreign Exchange Market that we see today began in the 1970's, when free exchange rates and floating currencies were introduced. Forex Broker A broker is any person or firm that charges a fee in exchange for executing trades for a trader. A Forex broker does not charge a commission for placing a buy or a sell order the way a real estate broker would charge a percentage fee of the total price of a sale.
|
|
Currency Trading | Investing | Leadership | Negoatiation | Real Estate | Stocks and Mutual Funds | Taxes home | NetFinancial | Institutions | Loans | Colleges and Universities | site map Search Engines | EZmatic | 0pops | GetSonic | TrafficFish | Health |
| © 2006 |
