My Forex Wiz » Price Moves http://my-forex-wiz.com Mon, 11 Jan 2010 17:51:34 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Forex Trading – Forex Secrets That Need to be Revealed http://my-forex-wiz.com/forex-trading-forex-secrets-that-need-to-be-revealed/ http://my-forex-wiz.com/forex-trading-forex-secrets-that-need-to-be-revealed/#comments Sat, 24 Oct 2009 12:43:18 +0000 admin http://my-forex-wiz.com/forex-trading-forex-secrets-that-need-to-be-revealed/ Timothy Stevens asked:Never to be confused with gambling, forex is aforex11field that demands strategy, intensive study, and sound decision-making. Face it: making money in this industry cannot be earned the easy way. So when you hear any announcements saying otherwise, be very suspicious. Remember that forex is an all together different matter and should never be confused with gambling. Here, relying on luck will get you nowhere, unless you would consider losing all your investments a target. This market can be treated as both a science and an art, wherein logical and analytical calculations of price moves through fundamental or technical analysis are employed.For you to be able to understand how gaining with a good investment works, you must first be aware of your losses. Money management is a crucial practice in terms of achieving profits. The ratio of your gains to losses should be 2:1, wherein you are ideally expected to earn at least twice of the amount that you could lose for every trade so that at least even if you get a 50-50 chance of gaining for all forex trades, you can still turn in profits.

Learning forex does not end. This trait has kept the top notch traders even more successful, so as a novice, there is no reason for you to assume that there is no need to. The trend constantly changes even though some situations may appear to follow a pattern. Either way, you can take advantage of the tricks of the trade and make it favourable towards you by constantly updating yourself. As this is the case, forex trading will not be as dreadful and complicated as your initial impression.

]]> http://my-forex-wiz.com/forex-trading-forex-secrets-that-need-to-be-revealed/feed/ 0 Forex Education – Get the 10 Questions Right Below or you Will Lose at Forex Trading! http://my-forex-wiz.com/forex-education-%e2%80%93-get-the-10-questions-right-below-or-you-will-lose-at-forex-trading/ http://my-forex-wiz.com/forex-education-%e2%80%93-get-the-10-questions-right-below-or-you-will-lose-at-forex-trading/#comments Sun, 05 Jul 2009 08:27:21 +0000 admin http://my-forex-wiz.com/forex-education-%e2%80%93-get-the-10-questions-right-below-or-you-will-lose-at-forex-trading/
Monica Hendrix asked:


Below you will find 10 questions if you can answer them all correctly you have had good forex education and could join the elite 5% of traders who make big profits – get any of them wrong and you need to continue your forex education! So let’s look at the questions below.

1. Forex day trading is a good way to make money

The answer is no – your 100% guaranteed to lose as all short term volatility is random you can’t get the odds in your favour and you will lose.

2. Forex markets move to scientific theory

The answer is no of course they don’t. If they did then we would all know the answer in advance and there would be no market. A market price moves by its very nature due to uncertainty.

3. Buying Dips To Moving Averages Is a Great Strategy

Buying dips to a moving average is a great way to lose money – it’s a lagging not a leading indicator and should never be used in isolation

4. Everything about trading is learned anyone can do it

The correct answer is yes. Anyone can learn to trade if they get the right Forex education and learn the correct knowledge and skills to succeed. Of course most traders fail to do this and lose.

5 Simple Forex Trading Systems Work Better Than Complicated Ones

As a general rule the correct answer is yes, as they are more robust in the face of brutal ever changing market conditions. If a system is to complicated it collapses, as there are too many elements to break.

Most of the world’s top trading systems are simple.

6. I Don’t Need To Work Hard To Make a Lot Of Money

The correct answer is yes. You don’t need to work hard, as there is no correlation between the effort you put in and the reward you get out of forex trading.

You only get paid for being right, nothing else and the amount of effort you make does NOT make any difference to your currency trading success.

The trick is to work smart not hard.

7. Buy low sell high is the best way to make money

The correct answer is no. The best way to make money is not to try and buy lows but buy new highs. The fact is the biggest market moves tend to start form new market HIGHS Not market lows.

If you want to catch the big trends, then aim for these breaks at new market highs and trade them.

8. The more news sources I consult the better

The correct answer is no. News sources don’t help you make money, in fact they normally help you lose – as you run with the pack and let your emotions get involved.

News is stories and the people giving them are not traders follow the news and you will lose.

9. I have a system that works I Don’t need any more education

The correct answer is yes. Many traders think they have to keep learning for ever but if you have a system that works you don’t need to spend any more time studying you can simply spend your time applying it and making money.

10. My risk per trade is my expected profit divided by my stop

The answer is obviously no as this is simply an opinion you hold and has no relation to what the odds of success are. Many people say its high return low risk based upon their opinion and that’s not the way to trade forex.

If you answered the above 10 questions correctly, you are on your way to being a winner – if you got any wrong, then its time to keep studying and improving your forex education.



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