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Understand Forex Strategies

Trade Forex with Confidence

                                                                       

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                                                   How to Trade Forex with the Currency Strength Meter


                                 
                               

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Welcome to Lekkiforex the site where we discuss everything you want to know about Forex trading. Get it right at the onset that we shall be focusing more on the reasons why it is easier to lose money than to make profit while trading and what you can do to minimize your losses and maximize your profit.

                                                                

This is my Brent Crude Trading Chart
                                         

 I will put my personal trading experience like cards on the table for you to read and learn from my mistakes. All along the Forex trading journey you will always find it beneficial to read over again honest stories of the mistakes made by today's successful Forex traders at the beginning of their trading career.

Such stories will always strengthen your resolve to be persistent in the pursuit of your trading career, even when you sustain consistent losses because that is exactly what successful traders did to get to where they are today. The road to success in Forex trading is filled with bumps and potholes if not land mines. You must, therefore, be ready to learn the ropes if you must succeed in this business .

MY FOREX TRADING EXPERIENCE

It all began in 2007 after my retirement from the teaching physics. It was voluntary though, because I had put in twenty-five years into it and was feeling challenged to be my own boss. 

But I had gotten used to reading business newspapers and magazines. So, I got interested in designing small machines to automate production of things. Machines like mixers for chemical products and for converting Agricultural products into powdered form for easy preservation and added value.  

Then I got interested in making paints. I built a mixer-filler machine that runs on a fuel operated engine for powering it. Every effort I made did yield results, some very good and some not so good.

 The successive military regimes in the country made it difficult to have a responsive economy. Therefore, you could spend your resources creating machines that will convert some raw materials into finished products today only to discover that the required imported components supplied by big conglomerates is scarce or short in supply due to bad government recent policy.

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Then immediately after my retirement I came across a   

business magazine called success digest which introduced online 

money-making businesses. I got hooked up till today. Among all the online 

businesses published, Forex Trading was the most 

interesting. 

There was Affiliate marketing, content writing, Search Engine 

Optimization, website design, blogging and so on.

I began my research on Forex Trading and got hooked up on it. 

Within three months of getting my retirement benefits, I had acquired a Toshiba laptop, fast internet connection and began reading and learning online Forex Trading. I downloaded Marketiva.com trading chart, the easiest available then.

 I read through Babypips.com and many write-ups. They were very interesting and self-explanatory. However, there were no explicit videos like “hold me in the hand and teach me forex trading” I could find online for neophytes like me. 

Luckily, I met a young civil engineer who got hooked onto online Forex trading too, but could not live big on the business because of constant losses. We got stuck on it and I learnt how to place trades and monitor the trades from him.

 I joined forex websites like actionforex.com, livecharts.co.uk, forexfactory.com, I read volumes to understand the dynamics of Forex Trading. I did demo for six months and went live. I began with $50 on marketiva.com chart.

My Fx Trading

 

I grew the money to $150 in two weeks. One day, I placed a trade, when I discovered there was news coming up, I tried to close some of the trades to protect my investment and minimize my losses as the prediction was probably skewed towards the opposite direction to my trades. 

The platform was frozen and was not responding five minutes to the news breakout. I relied on the stop loss which I had initially refused to place    because I hated getting hit. To cut the long story short at the end of the news breakout, the balance in my account was $12.5. So that was my first baptism of fire and the last of my dependence on analog trading platform. I moved on to the use of MT4 charting system and also changed to FxOpen.com.

 I have learned so much in my thirteen years of trading, from making losses to earning profits. One thing you cannot deny is that online trading in forex, futures, stocks and commodities is very addictive. If you start it, you will get stuck to it. If you lose your capital investment, you will somehow. start all over again. Over time, you will learn to make profits, keep and withdraw it. What lesson there is to learn is that it is a slow and steady win the race kind of business. If you are greedy and, in a hurry, to get rich overnight, you will be on the losing side most often.

Why do Many Investors Lose Money in Forex Trading?

You have heard it said repeatedly that only about 5% of Forex Traders make most of the profits while the remaining 95% lose money. Why does this happen, you may ask? As a Forex Trader, I can reflect on my losses and gains and assume that most Forex traders who lose money have made the same mistakes. Those who made profits took steps like I did and made gains while trading.

One factor you cannot rule out that greatly affects a trader's success in his trading career is the influence of his emotional state. Whatever the level of experience of a trader, there comes a time when his decisions misdirect his trade placement and he sustains losses. Sometimes the losses are enormous and consecutive. Read more about the reasons why most traders lose money here.

Steps to improve Your Online Forex Trading

Online Forex trading is very addictive. Once you learn to trade you hardly would like to stop whether you are making profits or losses. Since we have all agreed that losses are inevitable while trading because they sometimes happen outside the predicted or rather expected direction of trade and out of our control, we must then take measures to protect our hard earned investment from avoidable losses. The ways of improving your online Forex trading are many yet quite straight forward. Click here to continue reading.       

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Forex Trading Online- How to Become a Successful Intra day Trader

It is very easy to become addicted to the business of trading currency online. When this happens, traders who are new to Forex trading lose focus easily.

Some of the first most important things which should be done before placing trades on the Forex trading chart are often ignored when a trader loses focus.

You may be surprised to discover that some old Forex traders still make these same mistakes. I will enumerate them as things you should do and things you should never do while trading currencies and commodities online.

TRADING CURRENCY ONLINE- BASIC INFORMATION            

1] Never get up in the morning and jump into the chart on your trading platform to start trading
currency pairs online immediately.You must meditate silently on your trading program for the day first.

2] Study the trading activities of the previous day through the chart. What were the highest prices for the different currency pairs for the day? What events of the previous day determined the reaction of the ,base currency?

3] Check out the trend on the chart on the Day, 4Hour, 1Hour,and 5Min time to give you an overview of the trend before deciding to trade for the day.
4] Remember that there are different opening times for each of the zones of the forex market, namely: the European market represented by the London Market, The Asian Market represented by the Tokyo Market, the American Market in New York and the Australian and New Zealand in Sydney. Decide where to start for the day.

Generally, the European market is usually the place to start in the beginning of the currency trading market day.

5] Review the Forex news for the day, find out the most influential upcoming news items and prepare to take action at the appropriate time.Timing is very important in response to news items releases.

Understand Forex Strategies

              

Trade Forex with Confidence

                                                                       

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What it takes to Become A Successful Disciplined Forex Trader

Become A Successful Disciplined Forex Trader

To make it in Forex trading you must understand and appreciate what it takes to become a successful disciplined Forex trader.  Most new traders hardly understand what it is all about. Some experienced Forex traders are disciplined because they get matured fast due to the various experiences with successes and failures while trading real life with funds. Experienced Forex

traders understand that many times when traders make losses; it is not the fault of the broker, the chart or platform. It is simply the lack of emotional control. 
While demo-trading, it usually seems easy because one may not be losing his real money but when trading with real money a Forex trader must be disciplined and be able to control his emotions or else loose his deposit.
What does it cost to become a Successful and Disciplined Forex Trader?

To become a disciplined and successful Forex trader, you must pay the price by taking your forex trading as serious business and not just fun. You must understand that every single mistake you make counts towards your loss of fund. You must avoid taking unnecessary risks. Use at least two or more indicators to confirm the possibility of placing a trade that has 60% possibility of a likely successful trade.

You must therefore practice demo trading for as long as it takes you to start making profit and even to double your initial deposit. Some new Forex traders set time target within which they will switch from demo trading to live trading. This is improper because if you fail to make profit with demo trading account, how then can you make profit with live trading account?Therefore do not set a time limit for your demo trading rather let your ability to make profit while learning determine how long you will trade with practicing trading account.

As a disciplined Forex trader, you should set up your trading strategy for the day by reviewing the previous day’s trades, and then read the daily reports of upcoming events to study the possible impact of the days expected events on the affected currency pairs. You must then decide what strategy to apply while trading with the day’s report in mind. If you remain disciplined, no amount of deviation of price movement from what is expected within the day will cause you to over-trade beyond your trading plan for the day.

A disciplined trader cannot be tempted to enter a trade on impulse or emotion simply because he thinks the trade will profitably run to his expected conclusion. If it does happen, it will be one in a million chances. Forex trading follows specific strategy and rules as such when a trader makes significant profit by chance, there is no guarantee that such chances will occur again. That is why disciplined traders play by the rules of currency trading and not swayed or controlled by emotion.   

As a disciplined Forex trader, when you make substantial losses, there will be the need to be disciplined enough to control your emotion. Simply withdraw from further trading for the day and deliberately calm yourself down. Do not fight back at the chart by insisting that you make profit before you stop. You should understand that it is not the trade that is the problem. Moreover, you must remember that tomorrow is another trading day therefore so long as you do not lose your total deposit, there is always another trading day to recover your losses from today's trades. Simply protect your capital by using stop loss while trading.

This brings us to the point of discussing how much of your deposit should you risk per trade.  As a disciplined Forex trader you should not risk more than 10% or at most 20% of his deposit per trade. It is really not how much of your deposit you  risk per trade that matters in profit taking but the strategy you  apply to repeatedly make the same profit over and over again that makes a successful disciplined Forex trader unique. It is therefore important that you plan your trading strategy properly such that you will put only small percentage of you capital to risk while you make consistent small profit daily. Over time this will accumulate and grow into substantial profit.

Forex trading is a full time business online

There are various profitable businesses that take place online. Forex trading is a full time business online. Many experienced traders agree that it is one of the most profitable of them all. However, it is also the most risky because of the volatility of the market.  Some other commodities available to be traded online include stocks, gold, silver, crude oil and gas to mention but a few. Before the advent of the internet, no one knew that forex trading is a full time business online. What many traders believed was that forex trading was ever going to be limited to big time traders which included banks and other financial institutions. This was due to the huge capital outlay required
to start it.


 



 However forex platforms began to emerge as forex brokers were licensed to provide opportunities for small time traders through mini and micro accounts. Therefore with as little as two or three hundred dollars, you can trade forex on leveraged basis. The fact that forex trading is a full time business online implies that it is a serious business that requires proper training and total commitment if you decide to earn your living through it.

The Materials you need for successful trading

Since forex trading is a full time business online , traders must be properly equipped to be successful. A good trader must learn how the economic status of each country affects the currency pairs to determine the direction of the trade every day. Also important is to know which economic news items make significant impact on the currency pairs daily. 

The basic equipment necessary for participating in this business include a computer, either desktop or laptop, internet connection which must be very stable, proper training to understand the dynamics of the trade and initial fund for deposit as start-up capital. Then you will select and register with a broker who will act as a middleman between you and the big players in the industry which are the banks and other big financial institutions.

Attend Seminars and Workshops

This is very important and critical to your success if forex trading is a full time business online for you. That is why professional traders provide seminars and workshops on the local level and webinars online on the internet. There are e-books written on the subject and sold online. 

If you must succeed in this business, you must develop the habit of constantly reading to update your knowledge. This is because factors that determine what happens on the forex scene keep changing every second of the day.

 Practical training is very important for success in forex trading and financial institutions are aware of it that is why they created forex trading charts where virtual fund is provided for you to demo trade. 

New traders are encouraged to demo trade for at least six to eighteen months to grasp the rubrics of the trade. If however you wish to try live trading, some forex brokers accept as little as fifty or hundred dollars to register you for low lot trading.

What are the Problems and Benefits of Forex Business?

The problem with this business is that you are exposed to losses if you are not properly trained but you can prosper because forex trading is a full time business online. If you prepare very well through training and adequate take off capital you will enjoy the benefits.