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Most traders think forex money management is just placing a stop and it’s much more than that. Good money management can turn a losing system into a winner and mediocre system into one that makes triple digit gains.

If you want to win long term at forex trading, you need to defend what you have and keep losses small. As the old saying goes – to win you need to bet and you can’t bet if you’re not at the table! Obvious but true.

Most traders pay very little attention to money management – but it’s the cornerstone of your forex trading strategy’s success, so let’s look at some tips you can incorporate in your forex trading strategy and become a winner.

Leverage

The first point to keep in mind is don’t use all the leverage your broker gives you.

They will in many instances give you up to 400:1 and it’s tempting to use it all however, if you do you will blow your account out the water.

A good leverage is maybe 10 – 20:1.

Trading Frequency

Cut your trading frequency back.

Most novice traders simply trade too much and take low odds trades. The good opportunities don’t come around often and you need to be patient and wait for them.

I know traders who trade less than 20 times a year and make triple digit annual gains so – trade only when high odds trades present themselves.

Deciding Bet Size

How much should you risk on one trade?

Common wisdom often says 2% but for a small account this risk is so small it means 20 on 1,000 account. Well you won’t make much money doing that! Risk 10 – 20% of your account equity on any single trade.

Forex trading is all about taking calculated risks at the right time and making meaningful bets – if you don’t like risk don’t trade forex.

Diversification

If you have a small account and a good trade and you think can make big profits, don’t dilute its potential. Diversification is not guaranteed to reduce risk and in most instances dilutes gains.

Always Assume the Worst

Many traders think their risk reward is their stop minus their profit objective – but that’s a trader’s opinion nothing more. When entering a trade always assume the worst eventuality and from there, things can only get better!

The Biggest Mistake of Novice Traders!

In money management placing a stop is normally easy, where most traders go wrong is the way they trail it.

Most traders get so excited when they get a profit, they don’t want to let it get away and they immediately move their stop up to close and get stopped out on a normal counter trend swing. The market then immediately goes back the way they thought and makes thousands and their not in!

To make the really big profits, you must accept drawdown in the short term in your open equity, to bank the big profits. Look at any forex chart and you will see that the big trends last weeks, months or in some instances years and you need to hold them as long as possible.

A good way to do this is a key moving average and we like the 40 day MA, then look for trend line support or resistance just below it. It’s far enough back to keep you in the trend but close enough to protect you.

Forex money management is all about taking calculated risks at the right time.

It’s a fact that most traders try so hard to avoid risk, they take too little which guarantees they lose. The above money management tips if used correctly will balance the risk reward just right and lead you to triple digit gains.

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When it comes to a forex trading strategy you can use to build a good business model from, nothing is more important than keeping things nice and simple. There’s nothing wrong with delving deep into the unknown areas of forex trading, however when it comes to building a successful trading business, keep it simple and try to stick to one method.

Find One Forex Trading Strategy and Stick To It

Probably the most important part of building a successful forex trading business is to find one method of trading and stick to it. When we speak of strategies, we generally speak of trades which can work as a process between any two currencies. So what we tend to look for are pivet points within the market.

Pivot Points

Pivot points are one of the most studied elements of forex trading as well as any form of trade amongst the financial market. Pivot points are normally used by short term traders looking to make a lot of money in a short period of time. This is extremely common with the forex trading circle as the forex market is one of the most volatile markets to trade in.

A lot of people tend to be put off by its volatility, however in most cases this can in fact work as a benefit, especially those who know how to detect pivot points easily.

Pivot points are found by calculating the average of the currency price’s high, low and closing prices. Pivot points are flexible in that they can be derived between any length in time, hourly, daily weekly etc, however most successful traders tend to stick to short pivots rather than long one’s to again take advantage of any volatility present in the market.

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There are two camps that most Forex traders tend to belong to: Fundamental analysis and technical analysis. What Forex trading strategy you choose largely depends on where you line up in the two camps. For currency traders that rely on the fundamentals to make their plays, there are a series of good and reliable strategies that can be employed. However, I want to concentrate on the other camp. We will look at a winning Forex strategy that is based in solid technical analysis.

First, start off your day by checking out the Relative Strength Indicator (RSI) on each currency. What you are looking to determine is whether or not a currency is oversold. If it is then we have our ears up and look to possibly confirm this as a potential move in the long direction. However, if it is overbought then we are looking to possibly short the currency but this is just preliminary. Remember, just because a currency is oversold or overbought does not mean very much, it simply tells us there is potential to move in a certain direction.

Second, we look at the 200 day moving average as this is also a helpful indicator as to whether a currency is about to move in a certain direction. This is my favorite technical indicator because it is what the “Big Money” moves on so often.

Lastly, we look to see what our trading signals are telling us. If it all lines up then you have yourself a winning Forex strategy. If you do not currently have a good, reliable Forex software program that provides reliable trading signals then I have provided a review of the three leading software programs at the bottom of the page, I am sure it will help.

Good trading ahead.

Get an Objective Review of the Most Popular Forex Trading Software Programs. Winning Forex Trading Strategy is the place to visit.

See What Forex Trading Software REALLY Works! forex-trading-system-review.com is the place to visit.

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Forex price movement is misunderstood by most traders. Prices don’t move in line with the news and they don’t move to some mystical recurring scientific theory either. You can win but understand the key reason prices move or lose…

Here is a simple equation for forex price movement.

Fundamental Supply and Demand inputs + Investor Perception = Price.

Simple enough but most traders fail to see the significance of the above which is:

- The news and facts are un-important its how traders perceive them as a whole that is.

- Humans are emotional so you cannot predict what they will do.

Those traders who think they can trade breaking news are wrong and they don’t understand the markets discount news instantly furthermore, we all have the same facts to see but we all draw different conclusions from them.

How Markets Really Move

As humans are emotional, there is no way of predicting forex prices in advance or some mystical scientific theory they move to which the far out investment crowd love with their Fibonacci, Gann and Elliot Wave based systems.

If you want to trade forex, you need to see it as an odds game and play the odds when there in your favour, run your profits and cut your losses. Sure, human nature means you cannot predict exactly what will happen next – but human nature is constant and we are all governed by greed and fear and this means you get hig odds formations which can be traded for profit.

Keep It Simple and Trade the Odds for Success!

All you need to do is – use a simple odds based forex trading strategy and have good money management and you can win.

Today traders make forex price movement much more complicated than it really is, traders try and apply ever more complex formulas and software to try and crack the code behind forex price movement but it’s all in vain – there isn’t one!

Complex Systems and Maths are NOT the Answer

This is proven by the fact that 50 years ago 95% of traders lost and the same ratio lose today; showing that advances in technology have not helped at all.

This leads to the obvious conclusion that forex trading success is not dependant on being clever, complex or the application of maths and of course this is true – its NOT and the fact we have just given you, clearly shows this.

How to Enjoy Success

Forex trading success is simply based upon a combination of a simple, robust forex trading strategy, with good money management which you can apply with discipline. Forex trading is an odds based market and if you learn to trade the odds, you can make a lot of money and enjoy currency trading success.

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Many traders work hard at their forex trading education but simply fall victim to the myths and scams that abound online. If you try and learn ideas that are proven to failure, then of course you are going to lose – but 90% of new traders do this!

Here is your list of things that you definitely don’t want to learn.

1. Forex Day Trading

You can try as hard as you want to learn methods and systems but you won’t win because the logic is dumb. You cannot predict what millions of traders will do in a day and all volatility is random.

If volatility is random, you can’t get the odds on your side and you can’t win.

2. Forex Scalping

This is simply a dumber version of day trading instead of judging within a day the time periods can be minutes! Steer clear.

3. Scientific Theories of Prediction

The logic here is that human nature is constant so we can predict what humans will do with scientific accuracy.

There is a huge industry in selling the secrets of such legends as Fibonacci, Gann and Elliot – but leaving aside they made no money with their theories, it’s obviously not true…

If markets moved to a scientific theory, we would all know the price in advance and there would be no market – pretty obvious really.

Leave these theories to the far out investment community, the naïve and lazy traders and see forex for what it is a game of odds.

4. Don’t Learn a Complicated System!

Many traders are very clever and try and use there brain to build complicated systems.

They normally fail, because in forex you need to keep your system simple there is no link between complexity and success.

Simple systems work best, because they have fewer elements to break and are more robust.

You get judged on only one criteria in forex trading and that’s your market timing and the accuracy of your trading signal – that’s it, and to be accurate you don’t need to be complex.

5. Learn Constantly

I read all the time you have to keep a log of your trades and study each losing trade and learn from your losses. What for?

If you forex trading system is logical, then what do learn from a loss?

You lost!

Big deal, losses are part of the game. Once you have a system you are happy with, you simply need to apply it with discipline and if you want to keep learning, you will end up chasing your tail, in search of the perfect system that doesn’t exist.

I use the same forex trading strategy, I learned back in 1988 and have never changed it.

Sure, it isn’t perfect but it makes money long term and that’ the aim of the game.

So if you have read the above, you will know what not to learn and save yourself some time in your forex trading education and get the right education and win.

NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf’s, with 50 of pages of essential info and a course to Learn Currency Trading visit our website at: http://www.learncurrencytradingonline.com.

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Do you want a currency trading system that’s so simple, you will understand how and why it works in ten minutes, that has been used by some of the top traders of all time, is free and makes money? Then read on.

The currency trading system we are going to look at here is simplicity itself and you will easily understand why it works.

Many traders think it can’t work because it’s so simple – but when you consider trading legends such as Richard Dennis have used it in their forex trading strategies, then you will understand its well worth considering!

So what’s the system?

It’s Richard Donchian’s 4 Week Rule

This system was originally devised in the late seventies, to trade commodities, by the father of modern trend following – Richard Donchian.

He noticed the predominance of the 4 week cycle in markets and based his system upon it. Here it is – just one rule: Close out short positions and take long position when a price exceeds the highs of the previous 4 calendar weeks. Close out long positions and take short position when a price falls below the lows of the previous 4 calendar weeks.
That’s it!

You can’t get simpler than that and it works, check a long term time period on your forex charts and you will see it does. The downside of the system is that it will get chopped about and incur loses, when the markets consolidate. Here you can add a filter:
To enter positions on the 4 week rule and exit the position on a shorter time frame.
Periods that are frequently used are 1 or 2 weeks and then re enter on the 4 week rule.
Not only is this system simple, its totally mechanical and you have no subjective judgment to make, you only need to execute the trading signal based upon a clear rule and the filter and that’s clear cut. Now it’s simple to learn, easy to use and it makes money – but most traders won’t even consider using it!

Why?

1. Because it’s too simple for most traders

They feel more comfortable using trendy indicators or systems and this one is not trendy but on the other hand, it will beat 99% of the forex trading systems sold by vendors.

2. It needs discipline to follow it.

It needs more discipline than many systems, because it is not fussy about pinpoint market timing and this is hard for traders to accept – even though it makes money.

3. It doesn’t trade often

Most traders don’t trade to make money, they trade for the thrill of trading and this system definitely won’t suit this group!

Simple currency trading systems work best and always have, as their more robust in the face of brutal ever changing market conditions.

This trading system beats numerous complicated ones, as they have too many elements which break.

The above system works longer term and always has – its based on simple methodology but that doesn’t mean it’s not profitable, it is.

If you take the time to look at it you will see the merits of incorporating it in your forex trading strategy and you’re in good company, with the number of top traders who use it or have used it over the years.

This currency trading system should be part of any trader’s essential forex education so look at the profit potential of the 4 Rule.

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If you read the adverts for most forex robots, you simply plug them, in don’t need to really know much about trading and they will give you massive profits – but the reality is almost all will wipe you out quickly – here’s why…

Common sense should ring a bell and say can I really pay a few hundred dollars and make thousands a month back with no effort?

Of course, I haven’t seen banks use them r sack their dealers yet in favour of them and the reason is they don’t work and the track records are not real.

Read the disclaimer below and you will understand what I mean:

“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.

Now you know why they show great track records – but there not real, there simulated and made up in hindsight and normally fail in real time trading.

A forex robot with a track record with the above on it is not really any indication of real profits that it will achieve.

We all can trade and make profits in hindsight, by 10 year old nephew can do that but I wouldn’t trust him to do it in real time!

If you want forex trading success surprise, surprise – you need to make a bit of effort, get the right forex education and do it on your own.

It’s not hard to learn and anyone has the potential to be a successful forex trader but there is a learning curve.

Forex trading can offer you huge rewards – but buying an automated forex trading system, with a simulated back tested record is not the way to do it.

Sure the copy is convincing and we all want money for doing nothing – but that’s not real life and certainly not the world of forex trading.

If you want to be a forex trader be prepared to learn the basics and get a forex trading strategy you can be confident in, learn to apply it with discipline and you will be well rewarded for your efforts with long term currency trading success.

NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf’s, with 50 of pages of essential info and a course to Learn Currency Trading Online visit our website at: http://www.learncurrencytradingonline.com.

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As a trader, you must develop a Forex trading strategy that will allow you to quickly identify flaws and make adjustments while continuing to trade. A classic approach used to evaluate risks in the currency trading system is the inverted pyramid approach. All macroeconomic factors that affect a chosen currency pair are a function of the top of the inverted pyramid. All technical factors are considered as you move down to the bottom of the pyramid. Traders assign weight to different parts of the pyramid. Purely technical traders may apply more weight to the bottom of the inverted pyramid (upside down triangle) while fundamental traders may apply more weight at the top.

In order to make use of the inverted pyramid you will need to understand the macroeconomic factors that are a function of the top of the inverted pyramid. These include international issues that influence the global trading community. These types of issues may be gauged from news reports and news feeds with global coverage. News networks, such as CNN, provide up to date coverage of terrorism, oil prices and other such issues.

In order to account for the technical factors that apply to the pyramid, you will need to determine specifics and sediment in the particular market within which you are trading and also for any market that impacts the market within which you are trading. You must decide the typeof technical indicators that will be used in your Forex trading strategy. Some traders rely upon randomness and chance while others engage more complicated mathematical computations to calculate weighted moving averages. You must be able to develop and visualize a picture of the market, which identifies events that are of importance to affect the market. You also need to develop a general feel about the market. News reports and specific market reports will assist you in developing a picture of the market and also indicate of the direction in which the market is headed.

You will need to determine which currency pairs are volatile in relation to the macroeconomic environment and market conditions that have been identified. You will need to have knowledge of the market in order to identify and differentiate market indicators from events that bear no real significance. Your analysis of acquired data should indicate whether price movements represent a trend or volatility in the currency trading system. You will then be able to use this analysis to narrow your options to trades that offer the most potential.

You must be able to set floors and ceilings in your technical analysis to establish trading levels and then use those levels in your Forex trading strategy. Technical patterns that indicate the direction of trades in specific currency pairs should be developed. Once you have narrowed down to a specific currency pair for trade, you will then need to reexamine its market sediment as it applies to the technical analysis. You will have to identify entry and exit points for your chosen trades.

Andrew Daigle is the owner, creator and author of many successful websites including ForexBoost and Free Forex Educational Resource for the Novice and Advanced Forex trader.

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Aside from forex trading, the word mini means something small and limited compared to others of the same type. This made me ask, is mini forex designed only for those who cannot afford to trade large? Is mini forex less dangerous when it comes to risking?

Most forex brokers provide several options when it comes to forex accounts. One of which is called mini forex account and it is usually requires a small deposit compared to standard forex account. Mini forex account is usually considered a connecting bridge for new forex traders that had enough practicing their trading skills with demo accounts, but not yet really to open a standard account.

Mini forex deposit requirement might be small but it still allows you to trade large amounts of currency. This is done via margin and the usual margin requirement for mini forex is about 1%. It sounds too good to be true but it might turn into one of the forex trading hell unless you understand the risks. You might think that depositing small will not get you in trouble and that is the kind of thinking that you should avoid. You should fully understand the margin terms and requirements of your forex broker. If the requirements are not listed on the site make sure to discuss it with your forex broker and get the straight answers.

Margin allows you to trade larger amount of currency then you actually have in your deposited funds. As mentioned previously margin requirement is usually 1% but it is possible to get lower requirements such as 0.5% or higher, such as 2% or 5%.

The problem with margin is that your trading positions might get partially or completely disabled in case your available margin gets below the required amount. This is called guaranteed limited risk – safety feature that prevents forex brokers from losing more money than they have in the account. If your margin requirement is up to 200:1 leverage, it means that you, forex trader, needs to have about half percent of the position value you hold in your trading account for each currency lot traded.  This is a good enough reason for you to always check your margin balance and set stop-loss orders on every trading position. This will minimize the risk.

Mini forex is indeed an ultimate alternative to futures or stock trading, but it doesn’t eliminate the risk involved. However with a good forex trading strategy you can easily turn your $50 deposit into thousands.

If you think that mini forex is for poor you are seriously mistaken. Mini forex trading is a convenient option for forex traders. Despite small deposit you can win big, but at the same time you can lose a lot too.

When you consider trading with mini forex account make sure to understand all the sacrifices that will be required from your side! Forex brokers give traders an option of margin trading, but it definitely doesn’t come as a free gift! Investigate all the terms and rules and decide if trading small is not turning into unnecessary expenses.

Check out more forex articles, tutorials and forex brokers reviews at http://www.forexexplore.com

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Here we will look at some currency trading basics and 10 tips to set you on the road to currency trading success which will steer you away from errors made by the 95% of losers and help you enter the elite 5% of winners who make big consistent gains…

The tips are all important and in no particular order of importance there all important…

1. Do NOT Buy a Forex Robot

There more popular than ever and a huge number of traders buy them – but they don’t work.

They all come with simulated track records made up in hindsight that fail in real time trading and destroy equity.

You don’t get rich with no effort so forget them and get the right forex education.

2. Do Not Try Scalping or Day Trading

Another guaranteed way to lose money. Forget all the vendors claiming they make money long term – they don’t.

Any track record you see is normally a simulation and made up in hindsight.

Day trading doesn’t work, as the time period is to short and you can’t tell what millions of people are going to do in a few hours – so don’t try.

3. Use a Simple Forex Trading System

Simple systems work best and always have you don’t get paid for being clever you get paid for being right in forex trading and simple systems make more profits as they are more robust and have fewer elements to break.

4. Don’t Work Hard

You don’t need to work hard, you need to work smart.

Forget all the people who tell you that you need to continually learn, you don’t.

Once you have a system you are confident in, that’s it.

All you need to do, is apply it – you can learn a system in a couple of weeks and execute in less than 30 minutes a day. People like to work hard, because it makes them feel better and there used to it.

In most jobs the more hours you do the more you get – not so in forex trading.

Your trading signal can take you 30 minutes or 30 hours but it’s not judged on effort, just if it makes money.

5. Discipline is the Key

If you have a simple forex trading strategy you have confidence in you need to execute it with discipline and this can be hard for most traders – they hate taking losses – but you have to take losses to make profits in forex trading and it’s as simple as that.

Sure we want to win all the time but that’s not life!

Discipline is what separates winners from losers. If you don’t have the discipline to stick to your system, you don’t have one.

6. Know Your Edge

I teach forex trading and always ask new traders:

What’s your trading edge? What will make you win when 95% lose

Most just stare blankly but the fact is if you don’t what your edge is you don’t have one and its back to learning currency trading until you do.

Being a Winner

Anyone can learn to trade currencies but most fail do they fail because they cant learn – no, they fail because they learn the wrong education and fail to see forex for what it is:

A game where your system is important but your mindset is even more important, you need a combination of the two to succeed. Unless you have discipline and understand what you are doing your trading method will fail because you won’t stick with it. On the other hand, if you get this combination right you can enjoy forex trading success.

NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf’s, with 50 of pages of essential info and a course to Learn Currency Trading Online visit our website at: http://www.learncurrencytradingonline.com.

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