FOREX Trading 101 – Novice to Professional Trader in Just 14 Days

By Sacha Tarkovsky

Is it really possible to become a professional FOREX trader and make money in just 14 days?

The answer is yes, and here we are going to show you how to do this in simple steps.

One of the most inspiring stories I ever read was when veteran trader Richard Dennis took a group of people with no trading experience and taught them to trade in just 2 weeks.

The result was a group of trader nicknamed “the turtles” who went on to become some of the most successful traders of all time.

Richard Dennis taught 3 key principles to his students:

1. A simple technical method, they could easily understand and therefore have confidence in to trade.

2. Rigid money management techniques to preserve equity.

3. The mindset to follow the method through losing periods with total discipline.

Working smart

The emphasis was on working smart not hard, to achieve trading success with no filler.

So lets look at how you can do the same taking the above 3 points and look at what you have to learn.

1. Method

Just like “the turtles” you should learn a simple trading method and it should be technically based.

While there are many ways of making money, you should start with a similar method to the turtles.

Learn about technical analysis and how to use support and resistance in relation to breakouts.

Trading breakouts is simple to understand, simple to apply and it works as well today as it ever has.

You then need to add in some momentum indicators to indicate price strength or weakness.

Look up stochastics and use them.

There is no better momentum indicator to start with.

2. Preserving equity

You need to play great defense and preserve equity.

Trading breakouts sets your stops for you (behind the breakout point) if you only trade valid breakouts you will have the odds on your side for big gains and small losses should the trade go wrong.

3. Trading with discipline

This comes from having a simple method you understand.

If you understand why it works and why it will continue to work, you will have the confidence to trade it through losing periods.

Discipline comes from confidence and that’s why using a simple technical breakout method is best.

Many traders think they should use more complicated methods, but the fact is there is no correlation between how complicated a method is and how successful it is, in fact the opposite is true:

Complicated methods tend to break easier than simple ones in the face of brutal ever changing market conditions.

If you learn a breakout system and acquire mental discipline you can make money and all the information you need is freely available on the net.

You can do it!

Most novice traders don’t believe they can learn to trade on their own, but it really is the best way to do it as you are the only person who can give yourself success no one else can.

Forget the gurus trying to sell you $100 e-book and promising you instant riches – you wont make money that way, Take responsibility for your destiny.

So put in some effort and you will be richly rewarded for your work.

FREE ESSENTIAL TRADER PDF'S AUDIO GUIDES AND MUCH MORE

On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html

Advantages of Trading the Forex

By Mariecor Gumban

You will be skeptic or utter with disbelief if you will be told that there exists a trade where you can double your money in hours with limited risk involve the only business not found else where, it’s called Forex Trading.

Forex stands for foreign exchange currency market, instead of trading the shares of your company to the stock market you trade the currency of your country all over. Unlike the Stock Exchange, nick named the "big board" the largest stock exchange in the world by dollar volume only. While in Forex Trading, there are six major currency trade pair they are the British Pound, Japanese Yen, Euro Dollar, Swiss Frank, Canadian Dollar and Australian Dollar. If you are a stock trader with a very little thought of Forex Trading you must consider doing a thorough research and study the pattern and system of Forex Trading. Since forex world is far more difficult to understand. It’s like you are an alien in planet earth for you will encounter weird terms words such as "pips", "EUR", "USD" and "GBP". But with limited risk because unlike Stock Exchange in Forex Trading you will never lose more than you put down, your stops on Forex are guaranteed to be filled even on gaps you won’t even receive maintenance call to ensure your trade is working.

Now why would you consider Forex Trading and what are the Advantages in this kind of business. If you have a background in trading stocks you definitely have the edge amongst the crowd. Forex Trading will bring a potentially huge leverage which obviously you will huge profit. But in every action done there is an equivalent consequence in Forex Trading there also is a risk to be encountered but in a limited bracket, you wont lose more than your margin of deposit, and if ever your account goes 0.00 your broker will automatically close out trading which is good. New York Stock Exchange closes at 4p.m but in Forex trading goes for 24 hours a day varying from different time zones anywhere around the world. Stock trading is done through a middle man called the broker the sole means of there income is through commission, but through Forex you are charge with no commission and are free from skimmed pips another good thing is you are not charged with exchange fees and is compensated through bid/ask spread its one way of giving importance to its people which is considered the sole of the trade. With Forex Trading that’s extremely active market and is popular around the world you are assured with excellent liquidity and a tremendous, fast double investment system potentially only in hours. In Forex Market there is not specialist that manipulates or control price, but it’s simply is consist of traders that respond to standard technical analysis. In other fields of trading they require there clients to open an account with standard amount as there capital but the other advantage of Forex Trading is the opportunity to open a low capital requirement for as little as $50. With no maddening market you are to jump into trading at the right time with timing for we have strong trends. No bull market as long as there are combinations available there is currency pair moving, with no restrictions in selling shorts with real trade.

With the vast choices of money making promises, this is your chance to do better in your track record in your business career get involve in money trading. With the stated advantages don’t doubt to get involve in Forex Trading with the fast moving phase of technology one could do his/her research before jumping in Forex Trading this is not easy as you think. Being responsible is still the key point and obligation done for self development and business relation. Like in Forex Trading for which all participants are seeking profit gain, to maximize profit one participants gain should come from the expense of the other. Since participants are dealing with foreign clients which is difficult in case to case basis in this kind of business for it may be considered as a draw back. That’s why one should be very patient and careful for you are investing your hard earned money.

Want to Trade FOREX? Then Ask Yourself This Simple Question

By Kelly Price

What's your edge?

If you want to win at FOREX trading you must have an edge remember this fact:

Around 95% of traders lose – so if you don’t know what your edge is you will join them.

Let’s look at the basis of having an edge and what you need to win.

FOREX Trading is HARD – and anyone who says it’s easy, is lying.

You need an edge that allows you to win while the vast bulk of traders lose, it really is that simple.

The basis of what you need to do to achieve an edge is outlined below:

1. You can’t buy success

If you think you can consult a guru or get anyone else to give you success you need to wake up and need to “smell the coffee”!

If guru’s made money in the vast majority of cases they wouldn’t need clients.

Some are good and genuine, but that’s probably less than 1%.

If you want to follow one, you need to understand what they are doing, have total confidence in their method and see a real time track record of success.

You then need the confidence to follow their method with discipline.

2. You need a method you understand and know why it makes money

This means in most cases means deriving your method on your own and trusting it.

You need to trade it through losses and know you will end up a winner longer term and remember, all methods have long periods where they lose.

To win longer term you need to have total confidence in what you are doing and stick with your method through good times and more importantly, the bad.

If you don’t have discipline, you will fall by the wayside like the vast majority of traders and won’t be able to execute your method.

If you don’t have discipline to trade your method, you have no method at all!

3. What sets you apart from others?

This is your “edge” the reason you will beat other traders.

If you don’t know what your edge over other traders you will lose.

When you trade in the market you trade against other traders.

It’s a brutal world where only the strong survive and you need to have an advantage and more importantly, know what it is.

An edge in trading can be a number of things, but one thing is for sure:

You need to know what it is and why it allows you to take on and beat the vast majority of other traders.

Common traits of traders with an edge are:

They understand everything about the market:

How it moves and why and they have built a method themselves that suits their personality.

They then have total confidence in their method and can apply it with discipline to preserve and make them money.

If you want to win you need to do the same.

In conclusion, if you don’t know what your edge is, forget FOREX trading and do something else with your money or you will lose it all.

FREE ESSENTIAL TRADER PDF'S AND MUCH MORE

On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html