Forex Trading For A Living - 6 Cardinal Rules To Sustain Your Forex Trading Career

Author: Daniel S.

Learning how to trade forex successfully and being a full time forex trader is a lot more than analyzing forex charts, then jumping in on your forex investment. There are plenty of currency traders that are successful for a short period of time and then fall apart and lose their edge.

As a professional and full time forex trader myself, I\'ll like to share the 6 cardinal rules as a personal advice to help you sustain your career as a full time forex trader.

1. Don't forget to check your economic calendar

It sounds like something that should be obvious, but you would be surprised at the number of currency traders who forget to simply check the economic calendar each and every morning to make sure that they don\'t miss out economic data releases. If you want to avoid a situation where you spend all day trying to find a good investment opportunity and then have it fall by the wayside because of this, go to a site like the Forex Factory each and every day before you jump into the action.

2. Use economic forums to your advantage

When you are trading, forex forums can serve two purposes for you. First, they\'re going to provide you with a productive way take a break during slow periods of business. The life of a full time trader can be very boring. Second, you\'re going to have a way to discuss forex trading intelligently with other like-minded individuals as you\'re rarely going to be in a situation where someone else in your household could even care what you are talking about.

3. Enjoy your life

After spending all day in a high paced environment and staring on the monitors while you\'re doing forex trading online, you need to get out and interact with some human beings again. Crunching numbers all day and being exposed to the level of stress you\'re going to have in the forex market demands a little release. Make some time to get out and enjoy yourself and you won\'t regret it.

4. Don't allow yourself to get lazy

If you are successful currency trader or just learning to trade forex, one of the best forex tips I can give you abouts something other than forex is to not fall into the trap of getting sedentary and spending all your time worrying about the forex market. In order to keep your body in shape and your mind fresh, you\'re going to have to get your fair share of exercise. This is not a job is going to create a lot of movement. You be sitting down all day at a computer and exercise will help in keeping you sharp.

5. Get off your computer a couple of times a day

You are going to learn very quickly that the more you sit at your computer, the less focused you become. This is extremely dangerous in the forex trading. There is nothing wrong with treating yourself to a quick 15 minute break so you can go out and get some fresh air a couple times a day. It\'s a quick way to recharge your batteries and regain your focus to take a successful trade.

6. You work hard for that money, now make it work for you

Forex trading is not the only place where your money can grow. Once you have established yourself as a successful trader, pull some of that money out and put it to work in other areas. You may decide to buy some investment properties or dive into a separate market and allow your money to grow in other ways. It also serves to diversify your portfolio.

Article Source: http://www.articlesbase.com/currency-trading-articles/forex-trading-for-a-living-6-cardinal-rules-to-sustain-your-forex-trading-career-783831.html

About the Author
To learn how to trade forex successfully using a simple, time-tested and proven forex trading system, download my FREE 56-page 'Forex Trading To Riches' ebook at http://www.forextradingpower.com.
The author, Daniel Su, is the founder of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel Su specializes in teaching real people how to trade the Forex market for long term financial success.

Thinking About Day Trading Forex?

Author: Thomas Grennell

A successful currency trader needs a good forex trading strategy.There are alot of hidden risks in the forex market. Your trading strategy will have to hold up under pressure.

Give Yourself Time To Learn The Basics

In the beginning, you will have to learn about discipline and following your trading plan.If you apply your knowledge and exercise discipline, you have a better chance of becoming a profitable forex trader.

I suggest studying one currency pair when you first get started. Make sure you understand the simple price action of this currency pair. Is it trending up or down? How does today\'s current price calculation compare to last month\'s price? Study the charts.Look at the historical charts to determine the price action of this specific currency pair.

The time you spend upfront to research will pay dividends down the road.Take your time and enjoy doing research.There is no need on your behalf to hurry things along. Which explains why you should start trading with small lot sizes on a real account or better yet, begin trading with a demo account.

How You Can Analyze The Market

Many forex traders use technical indicators to interpret historical prices. Whatever you decide to use, you must become familar with exactly how it works and how you are going to use this tool to place trades, manage forex trades and exit these trades for profit or even loss.

You can read about your specific indicator or forex trading strategy of choice by reading books. Many large bookstores offer excellent trading books by many authors. My favorite is Barnes and Nobles. You may browse these books for free while visiting the bookstore.

After you decided on your trading approach, you need to find good price charts to interpret price data. After you complete this, you will be able to investigate further in different aspects of technical analysis.

What Causes Forex Prices To Move Up and Down?

There are many different reasons for price fluctuations in any given currency pair. Economic news reports such as Unemployment Rate, Retail Sales or even Natural Gas Inventory data can affect currency price. Political events and some social events even have an effect on specific countries currencies.You should try to stay up to date with all of this economic news. You can do so by looking at economic news event calendar for forex.

I suggest my favorite source for economic news, the forex factory calendar.


Exactly What is Day Trading Forex?

Day trading refers to the act of placing and closing your forex trades on the same day. It is a short-term trading approach. Forex traders can choose to scalp different forex currency pairs or swing trade. Scalping the forex markets usually occurs on the smaller time frames such as 1 minute or 5 minute charts. Swing trading usually occurs on 15 minute or 30 minute charts. Regardless, all trades are opened and closed on the same day if you are a day trader.

As I mentioned earlier, the forex market is volatile and has many risks. If you want to try day-trading the forex markets, you should have realistic expectations. Manage your losing trades and try to keep your winning trades larger than your loser trades.This approach helps keep forex day-traders profitable even if they lose more trades than they win. You will be much further ahead if you can manage your risk and reward ratio along with following a written trading plan.

A disciplined trader with a not so good trading strategy will fare better than an un-disciplined forex trader with a great trading method.

Article Source: http://www.articlesbase.com/day-trading-articles/thinking-about-day-trading-forex-5546800.html

About the Author
Thomas is an experienced and knowledgeable forex trader and writer.  His passion for the markets and helping others learn about different forex trading systems is his inspiration for writing.  His favorite forex trading approach involves
Forex Renko Charting and he highly recommends the Renko Charts Forex Trading System

The Forex Factory - Your ultimate Forex Factory resources spot!!

Author: Brad Valdez

Electronic mail, SMS text, pop-up software program and membership place delivery are all alternatives when using a established trading system.

01. Choose A Currency Pair
This a single is extremely crucial. While you will be buying and selling based mostly on automatic signals, specified pairs are substantially much more volatile even though some are low possibility. Pick out a pair that offers the degree of chance you\'re truly relaxed with. Even when using the indicators, buying and selling requires a sure stage of chance and some currency pairs can assistance minimize that threat.

02. Decide on a System
Irrespective of whether you\'re a entire time, day by day trader or a casual Foreign exchange investor, deciding on the correct method is important. Each day is a additional entire time technique, whilst intradaily and weekly supply you the most flexibility & time. This flexibility can be fairly important, especially if you\'re only investing Fx a few several hours for each week.

03. Buying and selling With The Proper Fx Broker
Choosing the correct broker is rather essential.  Just about every broker has various attributes, pros and cons, customer support and platform solutions. A person of the best Fx platforms in the globe is made available on Etoro.

04. Trade Primarily based On The Signals!
Following acquire/promote signals is rather simple because all you have to do is acquire or offer the currency pair of your decision as soon as the signal is offered. Simply just execute the trade by clicking the buy/market button and, when the signal to shut the trade is presented.

There are just about 3 trillion US bucks remaining traded in this sector just about every day. An boosting quantity of traders are resorting to fx trade signals for a prosperous trading. These signals assistance you by doing your obtaining as nicely as offering worthwhile. The signals also aid in saving your cherished time by solving a lot of intricate calculations connected to investing.

The Forex also termed as the foreign-exchange current market is the economical sector involving the investing of numerous distinct varieties of currencies. It operates five days a week for 24 hrs with billions of buyers and sellers all around the planet.

It is also important to have manageable Fx account dimensions in any other case the signals may become really tough to comprehend. There are quite a few on the internet signal suppliers from which you can make a choice.

These signals are generally sent to you both as a text on your mobile cellphone or an e-mail alert. There are some signal providers who even do the investing for their customers. This implies that the user is not immediately concerned in the shopping for and marketing transactions. Some of these signal providers also give you representation of trading offers in the form of pie charts and graphs to make it much more comprehensible.

Fx investing signals can be made use of by the novice traders who have minor knowledge about the markets. These signals are commonly generated with the assist of Forex signal software or committed Forex brokers of a investing firm.

Most of these signal companies needed a monthly subscription wherever you have to spend a fixed amount. It is a widespread myth that men and women can turn out to be wealthy overnight with the help of Fx trading.

Article Source: http://www.articlesbase.com/finance-articles/the-forex-factory-your-ultimate-forex-factory-ressources-spot-4676308.html

About the Author
The Forex Factory - Your ultimate Forex Factory ressources spot!! Wew will educate you anything you want to know about Fx Trading, forex trading scams, forex trade signals, forex trading robots

How online Forex forums can help you in becoming a competent forex Trader

Author: victorblake87

Forex Market is one of the most rapidly growing markets in the world of trade and economics. However, you require complete knowledge to sustain yourself in the market for a long period of time. People that are new and inexperienced in this domain may experience financial losses while trading in the market. Internet is a huge source of heaps of information regarding forex market, forex trading, forex education and foreign exchange. There are thousands of websites, blogs and forums related to forex that provide the visitors with rich and informative resources and articles regarding forex.

Joining a forex forum can be beneficial for the beginners in the world of forex. Trading is not easy as ABC or 123 you must have proper knowledge and expertise before investing real money in forex market. A forex forum is a competent and active community of forex traders online. You can share your experiences and ask for the expert suggestions and recommendations from the members of the certain forum you join. You can get all he necessary information regarding forex industry, forex investment, forex News and forex trends by joining one of the best forex forums over the Internet. People on the forum have the same goal of earning money through foreign exchange so you can share your views and learn from their advices while talking to them.

One of the best online forex forums is forex factory forum that is immensely popular among all the forex traders over the Internet. The forum is absolutely free for anyone who signup to acquire the wealth of knowledge regarding forex industry. The forex factory forum is a live community of expert traders from all over the world. The forum offers various tips, techniques and strategies regarding forex trading. The members of forex factory evolve these techniques after spending a valuable time in the forex industry. The forum provides complete information to its members regarding every aspect of forex market. One of the distinctive features of forex factory is its color-coded economic calendar that displays the economic events regarding forex market all over the year. You can communicate with thousands of active traders via live chat or via sending the personal messages. You can start various threads regarding the topic you want to discuss with the other forex members. You can also browse through various sections like Interactive trading, Trading Systems, Trading Discussions and many others. In addition to forex forums you can also join stock forums and other trading forums over the Internet.

Article Source: http://www.articlesbase.com/business-opportunities-articles/how-online-forex-forums-can-help-you-in-becoming-a-competent-forex-trader-4041106.html

About the Author
Forex Forum provides you the best entry point to the most thrilling, exciting and the risky market of the world The ForexMarket. To become a successful foreign currency trader you need expertise regarding forex trading techniques and strategies. You can become an expert and successful forex trader with the information, knowledge and guidance provided by Forextradingevo.com. We believe that every person is born intelligent and just needs to polish his skills to flourish in a particular field. You can rule the world of forex by entering into the huge gateway of forex that is Forextradingevo.com.