Tag Archives: Over-trading Can kill your Forex trading Career

How To Trade Forex After Hours-While Keeping Your 9 to 5 Day Job!

 

This blog post is written to help wannabe traders, how to make money out of trading the Forex currency market while in order to earn some extra income and at the same time being able to keep their 9 to 5 day job.

Majority of the Forex trading platform will encourage you to trade the markets as an intra-day traders because it is not only beneficial to them, but also because they do not have your interest at hearts.

They are concern about, themselves and they are only interested on the Success of their own Company.

Now Checkout the video below to learn how to Swing Trade For a Living without having any stress associated with day trading:

For example if you open any live trading account, they will give you everything for free, like trading charts, Forex trading tools like Fibonacci levels indicators, RSI, Stoichaitics, moving averages, Average True Range and many more.

They will also give you all the necessary Financial News in order to help you make an informed trading decisions and some brokers will even went to the extent of giving you someone who will be your forex trading advisor, for the mere fact that they want you to invest your hard-earned money in their trading platform, so that they can benefit from you irrespective of whether you lose or make money.

The other important thing to learn is reading and understanding  Price Pction or otherwise you will loose money on Buying Fake outs.

Majority of good forex trading platforms will let you open a free Forex Trading Demo Account, so that you can learn to paper trade without having to use your real money for a month and with some trading platforms a Demo account can last up to 3 months.

The reason why almost each and every trading platform will encourage you to trade using some small time frames from 15 minutes, 30 minutes and up to 1 hour is because forex traders make money from trading spreads.

In most cases, when you trade using small time frames, you will open a couple of trades per day and therefore your trading platform will make a lot of money from you in the form of trading spreads irrespective of whether you lose or make money.

Now as an End of the day trader, you will open few trades per day when trading long time frame charts like 4 hourly, daily or even weekly charts.

This will not only make you a profitable trader, especially if you work your 9 to 5 day job, but it also will give you a trading edge as you don`t need to be glued to your Computer and watch the markets the whole day.

The other advantage of trading the long-term charts is that, the Signals are more reliable, compared to trading short time frames.

The other advantage is that you will make more pips of between 100 and 300 pips per each and every trade you open if it goes in your preferred direction.

The only disadvantage is that, you stop-loss levels are also huge in other to cater for this big daily candles moves but with proper money management and correct position sizes this should never be an issue at all.

The other advantage of trading on an End of the Day Basis is that, you can trade even during the News announcements and make even more money without worrying that your stop-loss level will be hit by the volatility cause by Major News Announcements.

As it can be seen there are many advantage of trading forex using End of The Day 9 to 5 trading methodology, and the most important part is that, you only need 20 minutes per day to analyse the market early before you go to work and in the evening after coming from work and over time you will slowly but surely grow your income.

The other good thing is that you can go on with your life by earning money from your current employer, do all the things you like as usually but yet having a  side business that you manage by just investing a mere $1000.00 to $2000.00 which is a good thing indeed.

Thank you for visiting my website, and I hope you did enjoy reading this article and above all you will now use the information you learn here in order to finally start your side business to grow your income in order to pay for your child College Tuition fees or make the extra money to pay for your dream vacation.

The secret is to grow your money slowly and be patient and over time you will finally get there without being greedy.

From: Patrick Sekhoto

Http://www.Bannaga.com/

 

Bannaga Reveals the Dangers Of Forex Over-Trading!

Do you want to know the real reason why most Forex newbie traders career end prematurely?

Overtrading most newbie Forex Traders does not know that, now you are amongst those lucky few privileged Forex traders who know this and I highly recommend that, from now on going forward to use it as your trading edge.

in order to become profitable forex traders, one of the simple tools they can use is not to over trade.

In fact over trading is responsible for wiping out majority of wannabe currency traders, trading accounts.

A simple knowledge like knowing when not to trade is very important for your online trading success.

When not to trade?

Now let me give you some of the scenarios whereby you should not trade:

If you have 5 consecutive, loses in a day or week.

If you have a 5 to 8 consecutive loses, then it is advisable to take the rest of the week off, until the following week.

This will not only save your trading capital but also give you enough time to recharge your batteries, and when you come back the following week you will be a rational trader instead of being an emotional one.

Overtrading the forex market is a very expensive exercise because you will not had to pay your broker too much money in the form of trading spreads, but you will become a victim of the two greatest evils, associated with trading which are Fear and Greed.

The dangers of over trading any stock market, is not only one of those amateurish mistakes made by new traders but even experience traders, who are under tremendous pressure, to reach their monthly targets also do the same.

Now one of the simply things to do in order to avoid falling in to the trap of over trading are to set some simple rules like:

  • How much money do you want to make per week?

Professional Traders do it all the time, and I personally does not see any reason why, you too can`t do it. Trading is not like gambling but more about taking some educated guesses, whereby you need to know how much pips are you prepared to make out of your trading, before you call it a day.

How much pips are you prepared to lose per trade?

As discussed earlier, it is better to trade with a complete trading strategy, which will tell you help you to sleep well during the night knowing in advance how many pips you will make if the trade goes against you, or for you. This will not only help you to become a discipline trader but, it will make you to have confidence in your trading system.

  • What is the maximum number of trades, you had to open per day?

Overtrading, is one of those killers which is responsible to bringing the trading careers of majority of, newbie traders to an end, before it even gives them the kind of positive results they were hoping for.

One of those effective strategies you can use to avoid excessive trading is to include as part of your trading strategy the number of trades you are prepared to take in a day, week or a month depending on the kind of trader you are.

  • What are those things, happening in your personal live, preventing you not to trade?

Even your personal life, which has nothing to do with trading at all, may affect your trading results.

Fear of losing the your trading capital, happen even to people who have been trading the markets for some time, but still it does not prevent them from pulling their trigger and open those trades, as per their trading system.

Now if you are emotional, you will not think rational especially after some big loses and therefore it is highly advisable to take the rest of the week off and come back the following week, in order to give yourself time to think rationally while also saving your trading capital.

 

Now that you know why majority of traders struggle in this dog eat dog trading business called forex trading, I highly recommend that you learn from their mistakes and give yourself a trading edge and stop overtrading and some of the above mentioned mistakes I mentioned in this article in order to help you become a better, disciplined as well as a profitable forex, commodity or even a stock market trader.

Thank you again for visiting my Blog!

From: Patrick Sekhoto

Http://www.patricksekhotoblog.com/