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13/61
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Introduction:

Is trading Forex really easy ? Absolutely no, Forex advertisements often make indications that forex trading is easy and profits can be done easily from your home and specifically from your bed, these advertisement betrayed a lot of people who then lost thousands and sometimes hundreds of thousands of dollars, entering Forex market needs long time preparations, as example, you can succeed in your bachelor degree if you did not study and pass your tests.
(Source: http://www.inmagine.com )
Why Forex trading is not easy ?
Forex advertisement claimed that Forex trading is very easy due to some considerations which will be discussed below:
Claim #1: You can profit easily if you know direction just up or down, if you know direction of currency up then you will easily make profits.
How to respond about this claim: Knowing direction is gibberish words, what is the meaning of knowing direction, as example, US$ is expected to move up, but against any other currency, sure, not against all, if against all to any time or to any number of pips, it is not easy to say direction is up or down. The problem that most advertisements wanted to prove that trading is easy by explaining ho…
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SalviLeana avatar

good work

9jakas avatar
9jakas 12 Sep.

Very Correct

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12/53
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This is a very touchy subject for many traders, because the primary reason why people go into the currency markets as an investment strategy is to make money. A business that does not yield positive returns is generally something people do not wish to associate with.
We all know the FX siren song, how trillions of United States dollars flow through the currency markets on a daily basis, and how it is easy to get a small chunk of that pie as a retail trader. This is very true, but where some traders get it wrong is when they expect to make money all the time.
The fact of the matter is that, there will be good and bad days. And the bad days can be very lousy, and can make a trader really doubt his ability to make profitable transactions.
But the bad days should never overshadow the good ones. When I say overshadow, I am not referring to our feelings or emotions.
No! I am referring to the monetary profit or losses of those good and bad days. This article is aimed at creating a right trading mindset to losing in the currency markets.
Risk
The first thing we should realize is that as people going about our daily businesses, we are always exposed to risk. On an average day, there are…
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Olga18375 avatar
Olga18375 25 Aug.

Yes, agree with people! Good job

Milian avatar
Milian 25 Aug.

good!

KATRIN_90 avatar
KATRIN_90 26 Aug.

Good job:)

anna_n avatar
anna_n 27 Aug.

very good!

Margoshka avatar
Margoshka 28 Aug.

good)

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22/46
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There is nothing worse than watching your trade be up with green pips for a while and see it completely reverse quickly later and take out your stop points lower.
Almost all FX traders has experienced this feeling firsthand, and if you didn't consider yourself lucky - it's a woe most traders face more often than you can imagine and is a perfect example of poor money management.
The markets can move fast, with gains turning into losses in a matter of minutes, making it critical to properly manage your capital.
One of the important rules of trading is to protect your profits - even if it means banking only few pips. Taking multiple trades with few pips at a time, that adds up to a respectable profits, this approach may seem like trading like slowly, but we must remember that the main point of trading is to minimize losses and along with that to make money as often as possible.
The most used and easiest way to not let a winner turn into a loser is to trail your stop loss level to breakeven point as soon as you have a good amount of pips (far enough from the entry point to not affect the open position by the market nose). This method can be enhanced by trailing again and again the s…
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VictoriaVika avatar

Good article!

WallStreet6 avatar

Thanks for reminding us about this important part of trading!

Natalia_Kisenko avatar

Useful article!

Margoshka avatar
Margoshka 10 Apr.

great!

miriam1313 avatar
miriam1313 12 Apr.

I like it!

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7/51
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I won 8th place in the Dukascopy January Trading Contest. In terms of performance I ended the month in fifth place, with a final equity of 574,131 $ up from a starting equity of 100,000 $. In percentage terms, this is a gain of 474%. In terms of pips, I ended the month at +1433 pips. You can look at my stats at THIS LINK or just click on my profile and pick January 2013.So how did I do it?I didn't invent anything special. I didn't code a new indicator, I didn't invent a new system to trade the markets. I just used a tried and tested method that has been traded in the markets for decades."Reminiscences of a Stock Operator"It all started few years ago, when I first started to get interested in forex trading. "Reminiscences of a Stock Operator" was one of the first trading books I read. The book portrays the life of Jesse Livermore, also know as "The Boy Plunger" or "The Great Bear of Wall Street", a stock trading legend. The Great Stock Market Crash of 1929 We start our story back in 1929. On October 24, 1929, also known as "Black Thursday", the US stock market, the Dow Jones Industrial Average lost 11% at the opening bell. In the following days the market kept falling precipitously.…
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Ifuga avatar
Ifuga 24 Feb.

Good article, good principles, good luck!

SpecialFX avatar
SpecialFX 25 Feb.

I have the book and I love it! :) It's not a technical book that describes indicators or specific strategies, but there's a lot of useful information there. Plus the version I have has some cool illustrations :) Having said that, a 30-day period is not long enough to evaluate a trading strategy/approach. The principles you describe do work in the long run, but it all depends on the markets if they work in a specific month. Some months the trends are good, others not so much.

fxsurprise8 avatar

Thanks everyone for the nice comments :) I agree this strategy, like any other cannot work in every type of market. Curious if any of you trade in a similar fashion?

SpecialFX avatar
SpecialFX 28 Feb.

Jesse Livermore, Richard Donchian, Richard Dennis, my trading approach and philosophy is a mix of the three. They have quite a lot of similarities between themselves, so to answer your question, yes I do trade in a similar fashion :) I finished 2nd in the trading contest in December using this approach. It obviously won't work all months, because I trade long term, so in 30 days anything can happen and a lot of luck is needed to win a prize. If the contest lasted for say...6 months, anyone trading in a similar fashion would have better results than they do now :)

citikot avatar
citikot 4 Mar.

Good reading! Good job for systemathizing! Old dogs can fight effortless and by more efficient way. +1

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