Tuesday, August 25, 2009

Make Money Online Trading Forex

Trading Forex (foreign Exchange) is probably one of the most exciting ways to earn an income from home; it is also the quickest way in which you can start a home based business. Forex Trading is the buying and selling of foreign currency and literally billions of dollars are traded every day.

Trading foreign currency has been done by banks and big financial corporations for many years. Since the internet began it has developed in such a way that it is now possible for individuals to trade forex at home over the internet at increments of as low as £0.50 a point.

There are a lot of programs on the internet that claim to be able to give you automated wealth from the foreign exchange market but most of these systems simply do not work. It is best to work with somebody who has experience in the forex market before you go it alone as there are loads of different theory's behind trading forex.

Trading forex is the movement of one currency against another for example if you where to buy a trade of GBP/USA which is the British pound against the US Dollar at a price of 15550. If the price fluctuated up to 15600 then you would make a profit of 50 points. If you are buying your trade at £10 a point then that would be a profit of £500 and that sort of shift can happen in minutes. As you can see you are trading on the last two digits of a currency as with the above example the last two digits represent a tenth of a penny so the currency has only fluctuated ½ a pence but producing £500 in profit. It is not uncommon for currencies to move 200-300 points in a day so you can see the potential profit.

The forex market does like many other markets move in trends that are effected by everything around us that influences the value of a market, with forex everything that effects the value of a country effects the value of its currency which makes the foreign exchange market one of the most exciting markets to trade. With the right guidance it is possible for anybody to trade forex profitably from home.

Adam Woods has been trading Forex for two years and first discovered the foreign exchange market when looking for ways to make money online. Adam was taught to trade by Colin Atkins and has since seen some huge profits. Colin is now teaching small groups of ordinary people the same secrets that make him around £5000 a week on a regular basis. Get in touch with Colin now for a better life and financial freedom

Forex Online Currency Trading Introduction

It would be difficult for anyone to believe that online currency trading is the world's largest business. But believe me, it is a fact that transactions of more than 3 trillion dollars are normal everyday in online currency market worldwide. But the best thing is that anyone can be a part of online currency trading.

Most of the experts would tell you about the volatility of the market and how fortunes are made and lost within minutes. And if you are thinking about get rich schemes that abound the Internet, nothing could be far from it. One could compare online currency trading with the stock market. Online currency trading comes with a caveat. If you don’t have a thorough idea about this field, don’t enter it otherwise you are bound to make losses.

Stock exchange is termed as formal while the online currency market is informal. Here traders deal in currencies in the hope of making money. The best thing about online currency trading is that it is operational 24/7 from anywhere in the world. Online currency trading is never closed for trading.

The first step to online currency trading is opening of an account with any reliable firm. There is no dearth of such firms on the Internet. The opening of an account would require minimum deposits and some paperwork. After that you are free to trade in online currency trading. But it is your money and that is why you must be cautious when you start at first. Increase your investment slowly and steadily when you start.

One specialty of online currency trading is what is called leverage. This means that you get a chance to trade in amount in far excess to what you originally are putting in it. Generally, it comes out to be ten times your amount. Yes, it is really great. But what must be understood that in case of loss, you would be losing far more than what you have. Thus, be very careful when you invest money in online currency trading.

There is one indispensable thing for being successful in online currency trading. It is knowledge about this field. Most of the major online currency trading firms provide ample info as well as training material for traders, which are very beneficial. Know-how about technical trading could also prove useful as that is what is used by traders for short term trading. There is no dearth of information. The only thing needed is your dedication in learning it.

Most of the outsiders think that online currency trading is akin to gambling but nothing could be far from truth. It is based on sound investment techniques like stock markets. So, find a company that has a good track record and a good credibility in the market.

You should remember a few caveats with online currency trading. Never take the plunge until and unless you have a thorough understanding of the market. Never invest money that you cannot afford to lose. Profits in online currency trading surpass every expectation but for that you need to be alert all the time.

Paul Bryan operates Forex Reviews, News and Advice - A site aimed at bringing you the best and most independent Foreign Exchange information and articles.

5 Secret Characteristics of Successful Forex Traders

Ever wonder what makes a successful forex trader tick? What separates the winning traders from the average trader? Research shows that every successful trader possesses these 5 specific characteristics:

1) Be disciplined
2) Persevere
3) Treat trading as a business, not a hobby
4) Be Unemotional
5) Set Goals

Read, understand, and emulate them to help you become a more profitable trader.

1) Be Disciplined

Anybody can get lucky and make money in the forex market; however, only the disciplined can make money consistently over time. Being disciplined is by far the most important factor that determines your success. Every professional trader knows that the trading method or strategy does not determine your success. It's how you follow through on the strategy that matters.

Your trading strategy is your compass and will tell you where to go and how to get there. Do not get lost. Don't make trades because you "like" a specific currency, or because you "think" that there will be strong run-up in a specific currency. When you start making arbitrary decisions like these, you will get lost and start losing money.

Following your system is always your best option. You must have the discipline to follow your strategy even through a string of losses.

2) Persevere

Everybody fails. But not everybody knows how to come back from a failure. Many successful forex traders today began their trading careers by losing their entire bankroll. Millions of people are lured to forex by the promises of easy money, and unfortunately most of us that attempt it lose a great deal of money. So is losing money a pre-requisite for forex success? Of course not.

The majority of people that lose money will never become successful. They become depressed, discouraged, and give up trading immediately. On the other extreme, some people who lose their first 10,000 dollars will borrow another 10,000 dollars and lose it in the exact same way.

Beginners will lose money; that is a fact. But failing to learn from your failures will be your greatest mistake.

Take the opportunity to learn from your mistakes. Did you trade based on emotion? Were you trading based on a tip? Does your strategy fit the current market trends? Did you risk too much money on one trade? Did you misread the charts? Were you impatient? These are the questions you must ask yourself when you fail. But the most important question is this:

Why did I fail?

If you can answer this and learn from it, you will no doubt be on your way to becoming a successful forex trader.

3) Treat trading as a business, not a hobby

Let's face it, we can't all quit our day jobs and start trading currency full time. Not yet anyways. Professional forex traders are better traders than most people for the simple reason that they spend at least 40 hours a week either trading forex or researching the forex market.

Trading forex is a business for the pros. If they lose money trading, they will lose their jobs. That's pretty good motivation to be good at what you do. The same attitude should be adopted even if trading is not your full time job. Treat it as a business and not just a hobby. A hobby is something you do for fun in your spare time. A business is a venture to make money.

I trade forex to make money, not have fun. I have lots of other activities that I can do for fun. I enjoy running, traveling, and watching TV, none of which will make me any money. In fact, most hobbies will cost you money. Trading should not cost you any money, it should make you money.

If you approach you trading as a business, your outlook changes completely. Losing money is not acceptable in a business because if you do it long enough, you will be out of a business. You will take every possible step to stop losing money.

A business will not grow by itself. You must devote time to learn how to become a profitable business. Use your spare time to do some research into the market, read some good books, and attend training seminars. Stop wasting your time on things that cost you money, and start investing your time to learn how to trade properly, which will lead you down the road of financial freedom.

"I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results." - Michael Jordan

4) Be Unemotional

If you have ever played poker, you will know the high of going "all in". Your heart is racing like there's no tomorrow, and you are hoping and praying that the cards will go your way. It's the thrill of knowing you can double your money in a few moments and also knowing it can all disappear if things don't go your way.

This type of excitement should not exist in any form in your trading. If you are a thrill seeker, go skydiving. If you are a gambler, go to a casino. If you are afraid to lose money, open a savings account.

Successful forex traders do not let their emotions interfere with their trading. Too often, we let fear, greed, or pride get in the way.


Fear will prevent you from making the right trades and make you lose out on immense opportunities. Fear stems from lack of knowledge and proper education. You are afraid because you can't see that a trade is the right trade since you don't know what the right trade looks like. Once you acquire the knowledge and training, you can begin to trust your decisions because they are based on facts and not emotion.


Greed is another emotion we must overcome to be successful. Many beginners experience "beginners luck", and come out on top on their first few trades. Then they start believing that they should have traded with more money so their profits will be larger. So on the next trade, they trade with a large sum of money and they lose it all. Logic will dictate that they should trade with a smaller amount the next time around since they have less capital now. Unfortunately, humans are not logical creatures. Our greed takes over, and we start believing that if we put in more money, we will make up for the lost amount, and come out on top. Sadly, this cycle can only continue until you are completely out of money. The worst thing that can happen to a beginner trader is to have a successful first trade.


Pride will take you nowhere fast in forex trading. Pride will prevent you from learning. When you feel like you have nothing left to learn, that is when you will start losing money. Pride is the toughest stumbling block to overcome for some because it is an ingrained part of their personality. However, we can all learn from the hugely successful forex traders who still need to research and read to maintain their success.

You can still be happy when trades go your way, and sad when they don't. However these emotions should not play any part when making your decision for the next trade. Your decisions must be based on logic and facts, not emotions.

5) Set Goals

Every trader needs goals to keep them on track. It doesn't really matter what your goals are, but it's important to write them down. If you don't write down your goals, you will never know if you have achieved them or not.

Everybody has a different goal when they begin to trade forex. Some people just want to make a few extra bucks on the side trading; some people want to make enough so they can quit their day job. Some people are tired of the 10% average return from the stock market and want to put their money to work for them in forex.

Write these goals down and look at them often so you will know if you are on track to meet your goals or not.


The best way to be successful at trading is to emulate patterns of successful forex traders. Read, re-read and understand these 5 characteristics and apply them to your forex trading career. You will find that you will become more successful when you possess these 5 characteristics.

Visit http://www.forex-savvy.com for more articles to help you become a successful forex trader.
http://www.forex-savvy.com is the ultimate resource for unbiased, helpful and friendly advice for the beginning forex trader. Learn trading strategies and practical methods to start profiting in the foreign exchange market.

Forex Trade Market and You

A lot of people wants to learn how to trade forex. Why? It is because the forex, or the foreign exchange, market is an international market that a lot of people can benefit from if they know the ropes. Not only is it an international market, it is also a very lucrative one because the forex trade market has a turnover of approximately 1.5 to 2.5 trillion US dollars daily. Yes, you got that right. Daily. Anybody who can get a share of the big pie known as the forex trade market is considered really fortunate that's why right now, hundreds of thousands of different types of individuals from all walks of life are trying their luck and are learning how to trade forex.

The first thing that you need to do in order to trade forex with ease and to make sure that you will not lose a bundle is to make the most out of the free information that you can possibly get. Remember to, of course, screen your sources. Getting information from the wrong providers might do more harm than good.

Among the most reliable sources in learning how to trade forex are the following:

1. Forex traders themselves

2. Forex blogs written by reputable traders

3. Forex articles written by reputable traders

4. Forex signals from reputable traders

Most of these are free and real time and it would really benefit you to follow one or two religiously, especially if you still haven't developed your own style yet. The really crucial thing to be able to develop before you do hard core trading is developing your own style, one that you would feel comfortable trading with. Knowing its ins and outs is imperative, of course.

Today, when traders trade the forex market, what they are concerned about is watching their options when in actual trading. Having effective risk management skills and extreme discipline and vigilance are musts. Traders who have these qualities become ultimately successful in all their forex trading endeavors.

Do not lose heart if at first attempt you fail in your forex trade endeavors. Always keep in mind that the trade forex market provides a great potential for you to earn a substantial profit. Remember, the forex trade market is well-known for its liquidity and fast-paced nature and, who knows, you might just be right smack in the middle of it the next time you trade and earn big, big profit!

Forex strategy starts with a desire to learn and a drive to become a great trader. Learning forex trading strategies takes dedication and a good teacher. But once you learn how to trade and do so successfully your life will change and you have options and financial resources you never had before.