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The market is an odds game. This means that it is very similar to a game of poker or blackjack. These players know they won't win every hand but if they can keep betting when the odds are in their favour and passing by hands or folding, when the odds are against them they can win.
You will read all the time about traders saying they have some mathematical formula and can see how prices move in advance however mathematical formulas cannot be applied with CERTAINTY to an odds based market.
Sure you can get the odds on your side and win if you get the odds on your side.
Trading the odds works, because although humans can be unpredictable, they can also at times be very predictable and this is because human nature never changes - greed and fear always push prices and push them to far on occasions and these set ups can be traded for profit.
If you can learn to spot high odds formations on the charts you can win.
Trading forex is not about perfect market timing (that's impossible) it's about making money and if you got 50% of every major trend you would be very rich.
To many traders think they can beat the market but you can't.
You are trading in an area where only you can be wrong and the market is always right. If you let your emotions and ego get involved and take losses personally, you are going to lose.
Forex markets require a set of rules you understand and have confidence in to lead you to currency trading success and you must apply your forex trading strategy with total discipline, keeping losses small and running your profits. If you can do this you can win.
Forex trading is not about having a good forex trading system - it's about having a trading system and the discipline to apply it. Keep in mind if you don't have the discipline to apply your system - you don't have one!
If you want to win at forex, you need to understand and trade the odds and take your losses cheerfully and run your profits.
In forex trading it's not the market that beats the trader it's the trader that beats himself.
It's a proven fact that anyone can learn to trade forex markets and win -but most don't because they cannot get the right mindset. If you understand this article, then you know what to do to enjoy currency trading success - Good Luck!
NEW! 2 X FREE ESSENTIAL TRADER PDFS ESSENTIAL FOREX TRADING COURSE
Forex is currently one of the most popular trading industries on the market, which sometimes forex is known as FX, or currency exchange. Forex involves the process of selling pairs of currencies, or else buying pairs of currencies in units. FOREX is a market where the value of individual currencies from all over the world are traded. Forex is an international market that buys and sells currencies of the world; the mechanisms of the marketplace are very similar to that of other markets such as the stock market. The purpose is to buy low and sell high to maximize profits.
Forex is no different than anything else, the few people "in the know" make money and the rest are hung out to dry. Some public investors jump into Forex as they see the opportunity like the bright lights of the Vegas strip. Forex is online currency trading or online foreign exchange. FOREX is huge business. In our opinion, Itâ€™s the mamma of all industries.
FOREX is a highly profitable business which doesnâ€™t depend on time, place or political situation in your country. The main FOREX advantage is that you perform operations using computer from any part of the world 24 hours per day 5 days per week. Forex is also dictated at times by speculation of dealers, brokers, or others. What they predict becomes a major influence on forex. Forex is the largest and most liquid market in the world where around three trillion dollars exchange take place every day. That?s an enormous money flow.
Forex is here to walk you through the steps to set up an account and start making money right now on the foreign exchange market. Forex is foreign exchange market where large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions buy or sell one currency for another. Buyers seek to buy at the lowest vailable price and sellers seek to sell at the highest available price. Forex is the worldwide market for buying and selling currencies. These markets were developed to cater for the supply and demand of different currencies by governments, companies and individuals - for international trade and assisting importers and exporters.
Forex is known for its ability to adapt to the strong demand of real-time information as markets move instantaneously. The robustness of its platform is also key to its ability to answer heavy data and information traffic. Forex is made up of 5000 trading institutions like international banks, commercial companies, government banks and brokers for all types of foreign currency exchange. Forex is not affected by any one bear market. Forex traders buy and sell foreign currency pairs from around the world, simultaneously buying one and selling the other.
Let's first go to where you won't get good forex trading advice.
What successful traders have time to hang around forums?
I don't know any and there mostly populated by losers, who get their kicks from dispensing their wisdom because they can't win at trading and it makes them feel big. The other group that hang around forums are vendors, hoping to sell their junk products, as the solution to your trading profits. Steer clear of forums at all costs.
Put Your Email in and Learn Secrets
Vendors do this all the time, to get names to email blast their products to.
Normally the advice you get is obvious have a plan, cut your losses, run your profits etc. Hey, never knew that! Don't bother with these unless you want a full inbox.
Forex Robots and Automatic Advice
You don't have to do anything or know anything, just plug them in and you have an income for life for $100 wow!
Does anyone believe the vendors who sell these products? Obviously they do - but who in there right mind wants to use a product that has never made money and has a simulated track record? Not me, call me a cynic - but the right word is realist. If you want to make money in forex you need to work for it.
If brokers could trade they wouldn't be brokers, they would be traders.
There guides and newsletters are normally terrible and reflect the herd and will see you lose. Furthermore, most brokers are market makers i.e. they win, when you lose so a bit of a conflict of interest.
It's great and interesting but the so called experts telling you where prices will go next are not traders and invariably the news reflects the herd who lose its stories and opinions nothing more. Never TRADE Off a news story.
So where can you get good forex advice?
You can get a ton of advice for free and if you want to use forex technical analysis to trade, you can learn about all the indicators and theories for free and build your trading system from them. We have explained this in other articles so look them up.
You can also get some good forex courses with money back guarantees - just make sure, you pick one that teaches you something unique, to give you a trading edge.
Now if you want to spend some money for $100 or so you can get some of the best advice of all, from some of the worlds most profitable traders, by popping along to your local online bookstore.
We recently did a top 10 trading books and they can ALL be got for just over $100 which is a sound investment.
Most forex trading advice you see online is not going to help you win but there is some great advice you can get for free and from your local bookstore and for a couple of hundred dollars or less, you can get some great forex education.
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE