The best way to make money at Forex trading is to follow the big long term trends which can make huge profits with leverage on your side but how do you do it? Enclosed you will find a simple trend following system anyone can use and enjoy currency trading success.
If you look at any Forex pair you will see big trends, these trends don't last a few days or weeks, in many instances they last for many months.
If you look at how they start and continue, you will notice they break to new highs or lows, so if you buy or sell breakouts, you have a great way to get in on the trends. Most traders though fail to do breakout trading and it's due to having the wrong mindset.
Most traders want to predict exact highs and lows and this is impossible; when they see a breakout they don't take it because they want prices to pullback and get in at a better price but of most good breakouts don't pullback and these traders fail to pull the trigger and get in on the trend.
If you have a support or resistance line which has held several times and then suddenly breaks, the odds favour a continuation. When looking for good breakouts you need areas that the market feels are important and when they break a trend starts or continues.
The more times an area is tested and the wider apart these tests are in terms of time the more valid the breakout tends to be.
When the break occurs you simply place your stop below the breakout and wait for the trend to develop. Be careful not to move your stop to quickly, keep it back outside of the noise and let the trend run.
If you want to get the odds even more in your favour on breakouts, use some momentum indicators to confirm the move, there are plenty to choose from but we like the stochastic and RSI - Check them out they will only take you an hour so to learn.
Breakout trading is simple to understand and easy to do and you will normally get a few good breakouts a month that can get you in on the big Forex trends and big Forex profits.
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If you are scraping pennies together, you already know that Currency trading is brutal. It's clear to even the most unsophisticated investor that Forex has risk. It's even riskier for an untrained trader. In fact, it may have the highest volatility of any investment market.
One can easily lose their hard earned cash in currency trading if they are not well trained.
It is downright imperative that you don't go into the trading market "glossy-eyed". In advance of investing think over these tips:
1. Do not invest money into a real Currency account until you practice on a free Global currency trading account. The practice will greatly help with discipline and avoiding any investing errors.
Allow at least 30 days of practice before you even think about getting into the live market. Consider the following statistic - 90% of newbie's walk away broke in the real world. The primary reason for the loss is lack of awareness, practice and instruction. Those remaining 10% of leading global currency traders have been fine tuning their skills on free trading accounts for several years in advance of entering the real market.
Don't think for a minute that you can compete without practice.
2. Never risk more than 2-3% of the trading account. Go on placing as many trades as doable, or letting stock trading robots churn & burn your portfolio.
One important difference between a successful and an unsuccessful trader is that the first is able to bounce back under dreary conditions on the market, while a "broke" forex trader will blow up his account after 5-10 fruitless trades in a row. If you are untrained will take a real beating in this market. Just like me, you probably started out "glossy eyed". You may have envisioned yourself living the good life while the dollars rolled in, and you sat back sipping champagne. Eventually, reality hits and you realize that trading is a little complex. Recently, I asked myself if it was just me, or had Forex investing had become more brutal. I also wanted to determine if the Forex market was still the choice place to invest in these leery times. Of course the market is neither bullish nor bearish, but it does take on its own personality. Having asked myself the best investment options handy, I concluded that trading in the Forex currency market was still the choice option, because you may open a small account, to determine the reality of this business.
If the account performs in a way that you feel comfortable, you can add more your money. Of course the bottom-line is that this kind of account returns wonderfully, 5% to 12% per month. Now, don't misunderstand what I am saying, Forex investments carry substantial risk and are certainly not suitable for everyone. Past performance is no guarantee of future outcome. There are plenty of Day currency traders that lose money, and if you invest in a managed account the following statistic can happen to you. If makes you are sincere about becoming a Giant in this market, it is mandatory that you acquire training and education. So what should the newbie's do? Should they try their luck trading forex and lose their money. If done without education and training, the chances of it happening is exponentially increased. So prior to investing real money, you want to learn what candlestick charts are? What are pips? How you place a buy and sell and on and on. The beneficial thing is that most of the following statistical information is now readily available on the internet. You can download online free eBooks on the foreign exchange market.
There are a desirable number of OTC trading platforms online that give you the opportunity to practice global forex investing using virtual money. Most importantly, you can practice the foreign exchange market without the risk of losing your hard earned cash. With a little bit of practice and education you can start trading in a few short weeks, but take advantage of the 30 day offer. Remember, too that there are now many advantageous global forex investing robots that get made the process of OTC trading automatic. People are making desirable cash from home each and every day trading OTC on autopilot. This is an opportunity that you should not miss if you want monetary freedom and to live the life of your dreams. It is conceivable to reduce your risk additionally by looking for a reputable broker. You would be surprised at how many there are out there.
Currency investing is big business for them too! Remember, some currency trading brokers make a fortune by skimming off the top from traders, in addition to getting their commission percentage. A new investor who is lured by the suggestive allure of lavishness that is to be had in the business would be advised not to trust anybody without sound credentials. Approaching a seasoned broker with a recommendable reputation when you start off would be the perfect thing to do. Remember, FX trading is can be wicked. People spend countless hours learning the ins-and-outs of the market. It's an easy way to lose your hat big time if you don't obtain a little practical knowledge. As an investor, you want to be psychologically strong to be a profitable.
However, I believe that with the right training, guidance, and tools you can become a successful forex currency trader.
Remember, the following:
1. Get a free practice account
2. If, you still find yourself overwhelmed, seek advise
3. Never risk more than 2-3% of the trading account
4. Read, study, and practice every single day
Eaton Sullivan is a writer, researcher,ad Forex trader. He provides trading advise and frequently writes ebooks and articles. He currently advises several successful online marketing ventures. To read more articles written by Eaton please visit http://www.doubleyourcashevery30days.com/
Article Source: http://EzineArticles.com/?expert=Eaton_Sullivan
Forex MegaDroid system was developed by 2 professional traders named John Grace and Albert Perrie. With 38 years of combined experience in the trading rooms of commercial banks, these two people managed to create a system never seen before.
But, what makes this robot stand out from the rest?
Mega Droid has been tested extensively for more than 8 years and its consistency has been proven. That makes it one of the very few systems on the market that can actually return your investment over a long period of time.
Its accuracy is extremely high (95.82%).
In 2009 this software has made a net profit of 330.20% and it's estimated that it will hit the 1000% mark until the end of the year. Its performance in previous years is equally amazing. In 2008 it was 623.84%, 2007 810.70%, 2006 333.20%, 2005 810.70%, 2004 677.67%, 2003 656.52%, and finally in 2002 441.28%.
It uses the completely new RCTPA (Reverse Correlated Time and Price Analysis) technology, which allows it to see into the immediate future (2-4 hours) and predict the market's behavior.
Mega Droid has the unique ability to adapt itself to any market condition and this is the reason why this software can actually outperform every other robot out there.
It offers a 5 minutes guarantee, which means that you can download, install and start trading with it in 5 minutes or less.
You can use it no matter how small your account is. Mega Droid will give you a list of brokers, which allow you to open an account with just 1 dollar.
It's indeed a "Plug and Play" software that will trade automatically for you. This means that you can make huge profits, even if you have no previous experience.
They have a great support staff that will promptly offer their help and answer any questions you may have.
FOREX MEGADROID is different. Its Artificial Intelligence Capabilities make it almost infallible.
To learn more about this software, read this Forex Megadroid Review!
Article Source: http://EzineArticles.com/?expert=Alex_Frost
