Heard of someone earning thousand of dollars from stock and share trading? What about Forex? You can also earn thousand of dollars from trading currency. Let me explain it for you in simple English.For an average person, you may need $10k monthly income every month. This will equal to $500 daily. And for forex trades, one full contract 100k gives you $10 dollar a pip. So you have to target 50 pips win a day to give you five hundred dollars. The foreign exchange have more then 10 currency trading actively with high low range of more then 100 pips. You can easily achieve 50 pips win everyday.
Looking at this situation, to achieve $500 profit daily is not impossible if you have a winning strategy and consistent trading few hours daily. Once you hit your profit target you may stop for that day. So in real life you may only spend 10 minutes or half and hour to look at the market charting and execute your trade.
Sound wonderful? This is achievable if you have a good winning strategy and able to access the market from anywhere. With internet access getting popular, trading platform now able to access from mobile phone, tablet and laptop, forex trading can be perform anywhere as long as you can log into your forex trading account.Trade anywhere, trade anytime and win 50 pips a day! On an average trading day, hundred of pips and dozen of currency moves and market is volatile enough even on average trading days for you to pick up a trade, setup and execute the buy or sell. But in life, you wont win all the time. You may loss 50 pips today but gain 100 pips tomorrow. You may loss 250 pips this month but win 800 pips next month. But overall with consistency, if you manage to have an overall win of 50x 20 = 1000 pips every month, getting a $10k income from forex is possible.
How to be consistent and make 1000 pips every month? You can choose to trade many small profits daily or large profit over weeks. In over a month, you may just have to achieve 1000 pips profit. In my case, I uses automated trading which help me gain 1000 pips by computer running program which automated the strategy to execute buy and sell trades for you in your trading account.
Using MT4 expert advisor, running these programs will automated and gives you 1000 pips in order to achieve your monthly income of $10k. If you found an average expert advisor which gives you 100 pips win every month, you can multiply the trading lot by 10 to give you 1000 pips or setup 10 trading account to total give you 1000 pips (assume 100pips from every trading account). You may even choose many different expert advisor to run and collective give you a total average of 1000 pips. (EA abc give 500 pips + EA def give 200 pips + EA xyz give 300 pips = total 1000 pips monthly).
On top of using automation of MT4 expert advisor, the good things is that you can keep adding good profitable program as you found them on the internet or blogs or forum. You can also create your own strategy into programming codes and run your own expert advisor. You can increase this leverage by creating more trading accounts from different brokers. To further increase your 1000 pips win every month, you can trade manually on top of automated trading, especially fundamental trading using market news.
News that affected country GDP, sale index, consumer purchase, export and import can move the currency in a very fast trend direction. Many traders uses such news to gain hundred and thousand of pips within days. As you can see, there are many news release every month and in dozen of countries with dozen of economic calendar release dates.
To sum up all, earning $10k a month from forex trading is possible and if you trade will money management, you may be able to double your profit to $20k a month within months and months of earning (monthly using accumulated profit). To find out more, visit my website for more information.
source http://www.evancarmichael.com/Business-Financing/7136/How-to-trade-FX-for-a-living.html
Trading for a Living Successful trading is based on three M's: Mind,
Method, and Money. Trading for a Living helps you master all of those
three areas:* How to become a cool, calm, and collected trader
* How to profit from reading the behavior of the market crowd
* How to use a computer to find good trades
* How to develop a powerful trading system
* How to find the trades with the best odds of success
* How to find entry and exit points, set stops, and take profits
Trading for a Living helps you discipline your Mind, shows you the Methods for trading the markets, and shows you how to manage Money in your trading accounts so that no string of losses can kick you out of the game. To help you profit even more from the ideas in Trading for a Living, look for the companion volume--Study Guide for Trading for a Living. It asks over 200 multiple-choice questions, with answers and 11 rating scales for sharpening your trading skills. For example: Question Markets rise when
* there are more buyers than sellers
* buyers are more aggressive than sellers
* sellers are afraid and demand a premium
* more shares or contracts are bought than sold
* I and II
* II and III
* II and IV
* III and IV
Answer B. II and III. Every change in price reflects what happens in the battle between bulls and bears. Markets rise when bulls feel more strongly than bears. They rally when buyers are confident and sellers demand a premium for participating in the game that is going against them. There is a buyer and a seller behind every transaction. The number of stocks or futures bought and sold is equal by definition.
From Library Journal
Soviet-born author and practicing psychiatrist Elder (director,
Financial Trading Seminars, Inc.) shares his learning over the years as a
professional trader and expert in technical analysis and his principle
of understanding the three Ms (Mind, Method, Money), which will
strengthen the discipline required to be successful in trading. He
explores crucial factors in the markets that most experts overlook,
including time, volume, and open interest, and describes little-known
indicators to track them profitably. In addition, he covers many of the
more technical approaches to investing in futures, such as factoring in
the meaning from the Elliott Wave, oscillators, moving averages, Market
Logic, and point-and-figure charting. His unique viewpoints in this
overly saturated genre explain his particular view that most traders
sabotage themselves, while offering tips for others to avoid doing the
same. The narration by Richard Davidson soundly guides the listener
through this highly specialized work that, although first published
seven years ago, remains recommended for university libraries supporting
a finance and business curriculum.DDale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc. --This text refers to the Audio CD edition.
Copyright 2001 Reed Business Information, Inc. --This text refers to the Audio CD edition.
From the Publisher
An eminent futures trader explores crucial factors in the markets that
most experts overlook--time, volume and open interest--and describes
little-known indicators to profitably track them. Covers all the popular
technical approaches to futures, options and stock markets including
Elliott Wave, oscillators, moving averages, Market Logic,
point-and-figure charting. Explains why most traders sabotage themselves
and how to avoid doing the same.
From the Inside Flap
You have just taken a big step away from the crowd of amateurs. By
opening Trading for a Living, you’ve resolved to become a successful
trader. Dr. Alexander Elder is a professional trader, a world-class
expert in technical analysis, and a practicing psychiatrist. He believes
that successful trading is based on three M’s: Mind, Method, and Money.
First, you will see that the key to winning is inside your Mind. You
will find out how to develop discipline and how to avoid the traps of
emotional trading. Second, you will learn how to find good trades by
using charts, computerized indicators, and other tools. You will
discover how to combine several analytic Methods into a powerful trading
system. Finally, you will learn how to manage Money in your trading
account. The rules for limiting risks are as vital to a trader as a
safety net is to a high-wire walker. With this book, you are on your way
to mastering a new way of trading stocks, futures, currencies, and
options. Dr. Alexander Elder helps you embark on an intense
pursuit—trading for a living.
From the Back Cover
Trading for a Living Successful trading is based on three M’s: Mind,
Method, and Money. Trading for a Living helps you master all of those
three areas:
- How to become a cool, calm, and collected trader
- How to profit from reading the behavior of the market crowd
- How to use a computer to find good trades
- How to develop a powerful trading system
- How to find the trades with the best odds of success
- How to find entry and exit points, set stops, and take profits
- there are more buyers than sellers
- buyers are more aggressive than sellers
- sellers are afraid and demand a premium
- more shares or contracts are bought than sold
- I and II
- II and III
- II and IV
- III and IV
About the Author
ALEXANDER ELDER, MD, was born in Leningrad and grew up in Estonia
where he entered medical school at the age of 16. At 23, while working
as a ship's doctor, he escaped from a Soviet ship in Africa and received
political asylum in the U.S.A. He continued to work as a psychiatrist
in New York City, served as book editor of The Psychiatric Times, and
taught at Columbia University. After becoming involved in financial
trading, Dr. Elder published over 50 articles, software, and book
reviews, and spoke at many conferences. In 1988 he founded Financial
Trading Seminars, Inc., an educational firm for traders.
From AudioFile
The author, a psychiatrist, talks about how human nature intersects
with the investment world. Narrated with over-the-top gravitas start to
finish, the program warns the listener to keep a close eye on emotion
and to do the homework required to understand the many variables in the
market. The author's knowledge of technical trading methods is also
outstanding, and he is most effective when blending this expertise with
his insights about human nature. Presenting the big picture without
over-simplifying, he helps serious students stand back from the fray
when making investment decisions. This title is an outstanding
integration of the technical language of economics and the language of
emotion familiar to a broader range of listeners. T.W. © AudioFile
2003, Portland, Maine-- Copyright © AudioFile, Portland, Maine
--This text refers to an out of print or unavailable edition of this title.
A common denominator among most new traders is that, within six
months of launching their new pursuit, they are out of money and out of
trading. High-Probability Trading softens the impact of this
"trader's tuition," detailing a comprehensive program for weathering
those perilous first months and becoming a profitable trader.This no-nonsense book takes a uniquely blunt look at the realities of trading. Filled with real-life examples and intended for use by both short- and long-term traders, it explores each aspect of successful trading.
High Probability trading
From the Back Cover
"The Goal Is to Teach All Traders to Think with the Mindset of a Successful Trader..."
While successful trading requires tremendous skill and knowledge, it begins and ends with mindset. What do exceptional traders think when they purchase a quality stock and the price immediately plummets? How do they keep one bad trade from destroying their confidence--and bankroll? What do they know that the rest of us don't?
"Some trades are not worth the risk and should never be done."
High Probability Trading shows you how to trade only when the odds are in your favor. From descriptions of the software and equipment an exceptional trader needs to high probability signals that either a top or bottom has been reached, it is today's most complete guidebook to thinking like an exceptional trader--every day, on every trade.
"It's not how good you are at one individual thing, but it's the culmination of every aspect of trading that makes one successful."
Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader--by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade.
"Why do a select few traders repeatedly make money while the masses lose? What do bad traders do that good traders avoid, and what do winning traders do that is different? Throughout this book I will detail how successful traders behave differently and consistently make money by making high probability trades and avoiding common pitfalls..."--From the preface
Within 6 months of beginning their careers full of promise and hope, most traders are literally out of money and out of trading. High Probability Trading reduces the likelihood that you will have to pay this "traders' tuition," by detailing a market-proven program for weathering those first few months and becoming a profitable trader from the beginning.
Combining a uniquely blunt look at the realities of trading with examples, charts, and case studies detailing actual hits and misses of both short- and long-term traders, this straightforward guidebook discusses:
While it is a cliché, it is also true that there are no bad traders, only bad trades. Let High Probability Trading show you how to weed the bad trades from your trading day by helping you see them before they occur. Packed with charts, trading tips, and questions traders should be asking themselves, plus real examples of traders in every market situation, this powerful book will first give you the knowledge and tools you need to tame the markets and then show you how to meld them seamlessly into a customized trading program--one that will help you join the ranks of elite traders and increase your probability of success on every trade.
While successful trading requires tremendous skill and knowledge, it begins and ends with mindset. What do exceptional traders think when they purchase a quality stock and the price immediately plummets? How do they keep one bad trade from destroying their confidence--and bankroll? What do they know that the rest of us don't?
"Some trades are not worth the risk and should never be done."
High Probability Trading shows you how to trade only when the odds are in your favor. From descriptions of the software and equipment an exceptional trader needs to high probability signals that either a top or bottom has been reached, it is today's most complete guidebook to thinking like an exceptional trader--every day, on every trade.
"It's not how good you are at one individual thing, but it's the culmination of every aspect of trading that makes one successful."
Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader--by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade.
"Why do a select few traders repeatedly make money while the masses lose? What do bad traders do that good traders avoid, and what do winning traders do that is different? Throughout this book I will detail how successful traders behave differently and consistently make money by making high probability trades and avoiding common pitfalls..."--From the preface
Within 6 months of beginning their careers full of promise and hope, most traders are literally out of money and out of trading. High Probability Trading reduces the likelihood that you will have to pay this "traders' tuition," by detailing a market-proven program for weathering those first few months and becoming a profitable trader from the beginning.
Combining a uniquely blunt look at the realities of trading with examples, charts, and case studies detailing actual hits and misses of both short- and long-term traders, this straightforward guidebook discusses:
- The 10 consistent attributes of a successful trader, and how to make them work for you
- Strategies for controlling emotions in the heat of trading battle
- Technical analysis methods for identifying trends, breakouts, reversals, and more
- Market-tested signals for consistently improving the timing of entry and exit points
- How to "trade the news"--and understand when the market has already discounted it
- Learning how to get out of a bad trade before it can hurt you
While it is a cliché, it is also true that there are no bad traders, only bad trades. Let High Probability Trading show you how to weed the bad trades from your trading day by helping you see them before they occur. Packed with charts, trading tips, and questions traders should be asking themselves, plus real examples of traders in every market situation, this powerful book will first give you the knowledge and tools you need to tame the markets and then show you how to meld them seamlessly into a customized trading program--one that will help you join the ranks of elite traders and increase your probability of success on every trade.
About the Author
Marcel Link has been trading professionally since 1991. He is the founder of linkfutures.com and is a TradeStation consultant. Linkfutures.com serves the trading community with daily commentary on the markets, along with insights into technical analysis, training, marketing, and other information that can be vital to traders. Link can be reached for questions or comments at marcel@linkfutures.com.High Probability trading
Take an in-depth, how-to look at Forex trading using the methods, analysis, and insights of a renowned trader, Raghee Horner.
As
the fate of the dollar against foreign currency generates both anxiety
and opportunities, currency trading has been drawing much interest and a
growing following among traders in the United States. The Forex market
is particularly attractive because it trades with no gaps and has
unlimited guaranteed stop-losses. The liquidity of the Forex market and
worldwide participation makes for more reliable and longer lasting
trends as well.
Raghee Horner, legendary not only as a top Forex
trader but as a master teacher of trading systems and techniques, draws
on her winning tools and methods, including classic charting techniques,
in this book. She'll enable you, regardless of your skill level as a
trader or investor, to understand how the Forex operates and lays out a
blueprint for getting starting in this little-understood but
high-potential trading vehicle.
From the Inside Flap
Making A Fortune in the World's Most Dramatic MarketWith no
commissions, 24 hour accessibility, and gap-less chart patterns, it is
no wonder that the foreign exchange (FX) market continues to draw more
and more interest from traders around the world. If you're ready to
venture into this fast-paced world and stake your claim, you must first
acquire the skills that will help you make the most in the FX
market—because if you're uniformed, you will underperform.
Written by Raghee Horner—one of the top FX traders in the country and a master teacher of trading systems and techniques— Forex Trading for Maximum Profit offers a comprehensive road map to getting started in this little-understood, but highly-profitable arena. By sharing her winning tools and methods, including classic charting techniques, price action, and market psychology, Horner enables traders and investors of any skill level to capitalize on and make money from the FX market. Throughout the text, she lays out a blueprint for trading success. And through this book's companion CD-ROM, you'll be virtually transported to Rahgee's trading desk where she'll show you—by illustrating actual, real-time trades and techniques—how to put what you've learned to work.
Filled with in-depth trading insights and practical advice, Forex Trading for Maximum Profit contains everything you need to succeed in the FX market. By becoming more familiar with this dynamic market and understanding Raghee's thought process as she trades in it—a process that has helped her achieve a typical per-trade return of 34%—you'll be prepared to take your first step into FX with confidence.
ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
Written by Raghee Horner—one of the top FX traders in the country and a master teacher of trading systems and techniques— Forex Trading for Maximum Profit offers a comprehensive road map to getting started in this little-understood, but highly-profitable arena. By sharing her winning tools and methods, including classic charting techniques, price action, and market psychology, Horner enables traders and investors of any skill level to capitalize on and make money from the FX market. Throughout the text, she lays out a blueprint for trading success. And through this book's companion CD-ROM, you'll be virtually transported to Rahgee's trading desk where she'll show you—by illustrating actual, real-time trades and techniques—how to put what you've learned to work.
Filled with in-depth trading insights and practical advice, Forex Trading for Maximum Profit contains everything you need to succeed in the FX market. By becoming more familiar with this dynamic market and understanding Raghee's thought process as she trades in it—a process that has helped her achieve a typical per-trade return of 34%—you'll be prepared to take your first step into FX with confidence.
ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
From the Back Cover
"Raghee does a great job of presenting an overview of the FX market
and the strategies she uses in her own trading. If you are tired of
reading academic books on the Forex market and are looking for a
trader's perspective, this is the book for you."
—David Waring, Forex Capital Markets, LLC"Raghee Horner's successful approach to trading is exactly what traders have been searching for. Her Forex strategy can be applied to all vehicles for trading too! A must-read for anyone trading and investing in the Forex currency markets or using technical analysis in general."
—Jerry Furst, Investors Education Network
"Raghee is an experienced trader with a fresh perspective in her teaching style. She has taught her brand of technical analysis and charting strategies to students all over the world. Raghee's philosophy is to teach the tools and strategies that encourage self-directed traders to pursue the study of technical analysis and market psychology."
—Ralph Finelli, eSignal
Skills You'll Learn
After you finish this instructional and informative book, you'll know:
—David Waring, Forex Capital Markets, LLC"Raghee Horner's successful approach to trading is exactly what traders have been searching for. Her Forex strategy can be applied to all vehicles for trading too! A must-read for anyone trading and investing in the Forex currency markets or using technical analysis in general."
—Jerry Furst, Investors Education Network
"Raghee is an experienced trader with a fresh perspective in her teaching style. She has taught her brand of technical analysis and charting strategies to students all over the world. Raghee's philosophy is to teach the tools and strategies that encourage self-directed traders to pursue the study of technical analysis and market psychology."
—Ralph Finelli, eSignal
Skills You'll Learn
After you finish this instructional and informative book, you'll know:
- How the Forex market works
- How and why to set stops according to price levels and trends
- How to trade a 24-hour market and still sleep soundly
- How to enter your orders properly and avoid common execution errors
- How to make the proper trade for your account and trading style
- How to trade the Forex market regardless of your account and trading style
- How to eliminate fear and amplify confidence
- How to turn setbacks into comebacks
- How to eliminate self-defeating emotions
- Which pairs to trade
- Which time frames to trade
- And much, much more!
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