Tag Archives: How forex newbies can make money trading the forex market

How to Trade Forex for a Living-While Working Your 9 to 5 Job!

Many people want to learn to trade Forex while still working their 9 to 5 jobs

But the challenge is to find a reliable trading system that is tried and tested to produce winning trades on a consistent basis.

The other challenge is to find a reliable Forex trading mentor who not only interested in selling you his trading strategy for the sake of making a quick cash from you, but someone who really interested in helping you out.

In this article I want to share with you my real live experience about how I went about finding a good forex trading mentor who can help you learn how to trade the currency markets in order to earn some extra cash while still working your 9 to 5 job.

The first thing you need to know is that forex trading is a very serious business just like any bricks and mortar business out there, and therefore you need to put everything in place in order to become successful while still doing it.

The first thing you need to do is to invest your hard earn cash, in paying for the services of a forex trading mentor.

The reason why this is so important is because you will learn from an active trader, who will guide you to avoid some the pitfall associated with trading the foreign currency market, and you will also be in a company of other learner traders and therefore you will share some experience.

Whether you like it or not, you will still make some trading mistakes and you will lose some money when trading the forex markets, but what is important is that you need to learn how to manage your loses with strong money managements rules, so that you do not run a risk of blowing all your trading account.

In fact most guru traders suggest that, you need to only risk between 1% and 2% of your trading capital for each and every trade you open.

The only challenge for enlisting the services of a Trading mentor is that, they are expensive and therefore the next option available to you is to pay for the services of a Forex Trading Signal provider.

A signal provider is also a fulltime Forex Professional Trader, who will send you some trading Signal telling you which currency trading pair to buy, where to take your profit and where to put your stop loss level in order to protect your open position and not to put all your trading account size at risk.

The trading signals can be send to you via an e-mail, a cell phone message or even some trading Signals providers will give you logging details so that you can login into a private members website and just follow them there.

This is very good indeed because you not only learn from the Forex trading Signal provider but you also learn from other fellow student traders as well, which will really make your trading live very easy indeed.

Now the last option to you can explore if you are still serious about following you dream of becoming a part-time forex trader in order to earn some extra cash while still working your 9 to 5 job to pay your bills is to buy some online eBooks courses and learn how to trade yourself through trial and error.

There are many Forex trading courses out there, which are designed for traders of different experience levels, from beginner traders, Intermediate to advance traders. But one thing I need to warn you about is that, majority on new traders think that in order to earn some forex pips on a continuous basis, they need to buy a 100% No loss trading system.

If you can fall onto this trap not only will you waste you valuable time,money and energy jumping from one Forex trading strategy to the other, but you will never become a true trader because you will end up being a more confused trader who does not have his or her own identity.

Now hear this, majority of people who sells forex trading strategies are traders who fail to make money out of trading the live currency market, and end up as Forex marketers who earn a living by selling you Forex Trading eBooks.

The reason why this is so is because 95% of people who learn how to trade the currency markets fail and end up quitting after blowing all their trading Capital.

In closing I like to tell you that in order to become a successful forex trader, who earn a living from trading the markets part-time or full-time you need to master the following three things:

  • Become a discipline trader with strong money management rules.
  • Have a reliable Forex currency trading strategy.
  • Have Trading Edge by trading only deliberately tradable markets in the direction of major trend.

I will elaborate more in my next article on the above mentioned points, so that you can know how to give yourself a trading edge, please come back next week to read my full article whereby I will be revealing in details how to trade like a real guru, even if you have never trade before and give yourself a trading edge.

Thank you for reading this Blog post I hope you have learned one or two things, from it and use the knowledge shared her to help you become a better trader.

From: Patrick Sekhoto

Http://www.patricksekhotoblog.com/

An Introduction to Day Trading Forex for Newbies!

 

Welcome newbies to the world of Forex Day Trading!

 

Day trading on the foreign exchange can be a very lucrative activity. It has similarities to trading on the stock market, although it is important to note these are not the same thing.

 

Foreign Exchange in a nutshell involves the buying and selling of currencies so as to profit from the day-today fluctuating values.

 

Firstly, what is Forex?

 

The foreign exchange market (FOREX) is a decentralized global market for the trading of currencies. Participants range from individuals to international banks and large multi-billion dollar corporations.

Participants trade one currency into another for profit.

 

What is Day Trading on Forex?

 

Like the name says- it is a deal which takes place in the space of a day. Trading deals are opened and closed within a day, although some day trading deals may last longer than a day.

 

You can make as many day trading deals as you want.

 

Getting started with Forex

 

Paper Trading on Forex for Newbies:

 

Paper trading is basically a practice form of trading. It is a simulated trading environment in which newbie investors get to practice their trading and decision making skills on a virtual simulated forex environment. There is no real money involved. Consider it Monopoly for Forex.

 

This is an incredibly useful tool, which is even used by the top businessmen around the world to test their new trading strategies, before implementing them.

 

The trick is to take it very seriously and use all the strategies to the best of your knowledge to have an idea of how ready you are, before you start with real money.

 

However, there is no guarantee that because you were great at paper trading, you will make money on Forex. This tool allows you to learn the basic ropes, such as the terminology and the indicators.

 

An overview of Day Trading Using Easy-forex

 

Newbies might want to start with easy forex: Here is a simple breakdown of the procedure

 

There are 3 main steps:

 

  • Choose your deal and add it to your online account: including the currencies you want to trade eg) USD/EUR (Greenback/EURO)

 

  • Monitor the deal through your Forex account which can be accessed and managed 24/7

 

  • Close the Deal. This can be done either manually or by choosing a stop-loss deal. This is a pre-set limit on your pre-set amount, which will automatically stop or sell when it reaches a certain point.

 

 The Basic Forex Day Trading Terms for Newbies:

 

Pip:

This is a smallest Price exchange for currency, usually to 4 decimal places.

 

Lot:

Minimum Unit of Trade

 

Take Profit:

The number of pips where a seller decides to close their sales to minimize losses

 

Stop Loss:

sed to minimize the risk of loss by automatically stopping trade at a pre-set leve

 

Leverage:

Allows you to open trade exceeding the balance in your account (T’s and Cs)

 

Currency Pair:

Quote and price structure for currency traded on FOREX

Bid: Price a buyer is willing to pay for a currency Pair

Loss:

 

Trading and Losing some of your trading capital.

 

Some tips for Beginners:

Don’t rush into it, as soon as you are signed up. Start gradually with smaller amounts of money until you know what you are doing.

Be prepared to make some losses here and there consider hiring a broker in the beginning to get you started. They usually work on commission and can save you a fortune.

There is no single guaranteed strategy- you have to be flexible and keep learning.

Thank you for visiting my blog!