Mission Impossible by Tom Cruise lay out very difficult taskbut things
always goes wrong and he will always recalculate his risk andproceed on
till the end to achieve mission success. This is similar to
ForexTrading.Forex Trading involve a lot of risk and its not for anyone.Below is some risk discussed to make you ready for Forex Trading should youchoose to accept. The first is that you will lose everything you put in.
Money!
If trader are telling you this that you don’t need any moneyto trade Forex then they are not telling the truth! You need money to tradeForex but you can start off with small amount of capital. Some broker allowsyou to open mini account with as little as $500 or $250 to start with. Rememberthat you are buying at mini trade or micro trade which will give you $1 or $0.1per pips. This is a good way to start live trading but will take a longer timefor you to gain an adequate amount to sustain your expenses.
For starter, $1k on 0.1 lot trading is a
good start whereyou earn about $1 per pip. Likewise your losses is also
-$1 per pip. Trade,learn and increment your trade to 0.2 lots once your
hit $2k or $3k and repeatthis to grow your trade to 1 lot and more. For
advance trader, good to startoff with $10k on 1lot trading. If you are
into automated Forex trading, youshould start off with $10k and set a
target of 1000 pips every month trading at0.1 lot. If you calculated the
margin, you may be able to load 3 EA that givesyou 300 to 400 pips
every month which will work out 1000pips or $1k everymonth.Time!
In Forex trading, you need time to look at the chart andcheck your trading rules before you can execute a trade. There is buy stop andsell limit which lock I your trade and it will execute when the buy or sellprice
reached. But you still need plenty of time to go thru your chart and yourtrading rules. In some cases, the rules is forming but not yet ready and youneed to wait for another bar or few more bars in order to start your trade.This will take you another hour or so depending on the charting time frame youare using. There time is required for trading if you are technical or fundamental.
There is another way which is automated Forex Trading. Youdon’t spend time executing the trade or looking at chart with indicators. Thestrategy is all coded and run automatically on your MT4 trading platform. (MT4is one of the popular forex trading platform). Instead you spend time lookingat executed trades, trades summary and close trade profit/loss. The time spendis on analysis these close trades, re-enforcing winning strategy andre-organizing losing strategy. You see the time spend is now on closed tradesrather then spending time to look for trades matching your rules. You will havemore time to focus on strategy that works and refine these strategy that don’twork.
Fear!
There is risk and so there is fear of losing. No Forextrader will win every time. There bound to be wining and losing trades. Thepoint is to overcome the fear of losing that is causing you to make repeatedsimilar trades. Always look at statistic and trend. Forex trading is aboutrepeating trades that make money, re-configure some of the trading rule alongthe way and consistent with money management. Fear has to be remove from everytrade, instead forecast or estimated results should be anticipating in yourfeelings. Cast fear aside and trade without emotion.
Source http://articles.pubarticles.com/how-to-choose-automated-currency-trading-1337845646,1029843.html
This currency trading book provides readers with real, practical information on how to trade the foreign exchange market effectively. It begins by covering introductory information on the forex market, including basic trading mechanics and the benefits of forex trading, and then goes on to describe specific currency trading methods and skills in step-by-step detail. This includes highly practical information on technical and fundamental analysis, risk and money management, and powerful forex trading strategies. These strategies have proven extremely effective in helping traders play the forex game to win.
JAMES CHEN, CTA, CMT (Montville, NJ) is Chief Technical Strategist at FX Solutions, a leading foreign exchange broker. An expert on forex trading and technical analysis, he is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). Mr. Chen writes daily currency analysis, leads forex trading seminars, and has authored numerous articles on currency trading strategy and technical analysis for major financial publications. These include Forbes.com, Futures Magazine, Technical Analysis of Stocks and Commodities Magazine, and Stocks, Futures and Options (SFO) Magazine.
Editorial Reviews
Review
"Many customers say Essentials is an "excellent" forex trading resource." (TradersPressWeekly.com, 8/18/10)"…is a concise, easily digested snapshot of the currency market. It is a solid introduction to a trading specialty and probably a better fit for investors already well versed in stocks or futures and looking for a new market opportunity. Chen's edition is a Forex 101, a helpful base that is likely to encourage investors to pursue further study." (SFO Magazine, June 2009)
"…has written this guide to trading in the foreign exchange (forex) market for both novices and experienced professionals. The author explains the fundamental mechanics of the forex markets before launching into the various strategies and insights that have been proven successful in the field." (Book News, May 2009)
"The book is very well suited to the novice trader. The primer on technical analysis offers a great review for CMT candidates. More experienced traders in stocks, bonds, or commodities will benefit from the book's comprehensive explanation of the mechanics in the market. (mta.org (market technician's association), April 28th, 2009)
"Chen's book is the perfect source of knowledge for those who haven't ever traded currencies. Clearly explained, Chen's easy to read style show that he knows what professional currency trading is, focusing on the important aspects that every trader should know. The book covers all important Forex trading related topics." (fxstreet.com, March 11, 2009)
Essentials of Foreign Exchange Trading (Essentials Series) Click here to read amazon customer reviews and rating
The guide for reading long-term trends in the foreign currency market
To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.
In
this much-needed guide top forex, expert Greg Michalowski clearly
explains the attributes of successful traders, and shows how traders can
set themselves up for success by drafting an explicit mission statement
and game plan. The book also contains the tools and techniques traders
need to read the markets and identify when a market is in a trend.
Michalowski shows traders how to enter an emerging trend, how to manage
the position, and how to exit the position most effectively.
- Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levels
- Shows how to identify a trend and stick with the trend through its duration
- Written by Greg Michalowski who was cited by SmartMoney magazine as a "go to" source for making money moves
With this book,
Michalowski offers an important resource for identifying and riding out
long-term trends in the volatile foreign currency.
Editorial Reviews
From the Inside Flap
Making money while limiting risk is something every good trader
strives to do. But in order to achieve this goal you need a firm
understanding of financial markets, as well as the tools that will allow
you to effectively apply sound trading strategies in them.
Nobody understands this better than author Greg Michalowski—a market veteran who has spent the last ten years with retail forex brokerage company FXDD—and now, with Attacking Currency Trends, he shares his experience in this field with you. Following a step-by-step approach and progressing in a logical manner, this practical guide will help swing trading results in your favor by showing you how to better anticipate and attack the trend in currencies.
Divided into two comprehensive parts, this reliable resource opens with a detailed discussion of how to build a solid foundation for your currency trading. Here, you'll become familiar with the attributes of all successful traders and discover the essential characteristics of retail currency traders. Along the way, you'll also be introduced to specific elements that will allow you to excel in attacking forex trends—namely a mission statement, a game plan, and rules.
After explaining how to develop a solid foundation, the book transitions into the technical tools and strategies used to anticipate and manage forex trends, define risk, and control fear. You'll gain valuable insights into three main charting tools—moving averages, trend lines and remembered lines, and Fibonacci retracements—and learn why successful currency traders look at short-, intermediate-, and long-term time periods equally and trade using all three. Relevant examples are also included, highlighting how trading does not always have to be complicated.
Success in currency trading, as in any business, is based on building the right foundation and using the proper tools. Combining his years of trading experience with his knowledge of retail traders and the nuances of the currency market, Greg Michalowski has created an accessible trading guide that will help you minimize risk, keep fear in check, and capture consistent profits in today's dynamic currency market.
Nobody understands this better than author Greg Michalowski—a market veteran who has spent the last ten years with retail forex brokerage company FXDD—and now, with Attacking Currency Trends, he shares his experience in this field with you. Following a step-by-step approach and progressing in a logical manner, this practical guide will help swing trading results in your favor by showing you how to better anticipate and attack the trend in currencies.
Divided into two comprehensive parts, this reliable resource opens with a detailed discussion of how to build a solid foundation for your currency trading. Here, you'll become familiar with the attributes of all successful traders and discover the essential characteristics of retail currency traders. Along the way, you'll also be introduced to specific elements that will allow you to excel in attacking forex trends—namely a mission statement, a game plan, and rules.
After explaining how to develop a solid foundation, the book transitions into the technical tools and strategies used to anticipate and manage forex trends, define risk, and control fear. You'll gain valuable insights into three main charting tools—moving averages, trend lines and remembered lines, and Fibonacci retracements—and learn why successful currency traders look at short-, intermediate-, and long-term time periods equally and trade using all three. Relevant examples are also included, highlighting how trading does not always have to be complicated.
Success in currency trading, as in any business, is based on building the right foundation and using the proper tools. Combining his years of trading experience with his knowledge of retail traders and the nuances of the currency market, Greg Michalowski has created an accessible trading guide that will help you minimize risk, keep fear in check, and capture consistent profits in today's dynamic currency market.
From the Back Cover
Praise for ATTACKING CURRENCY TRENDS
"Greg has put together a comprehensive road map for traders, constructing a sound,logical trading methodology from start to finish. This book succeeds in getting the reader to think and act like a professional currency trader. Trading is a serious business and requires serious planning—and that's exactly what you'll get with Attacking Currency Trends."—Ed Ponsi, Author of Forex Patterns and Probabilities
"Although Greg admits having a true risk phobia, it's evident he possesses the skills not only to capitalize in the currency market, but to transmit his original and yet simple trading approach. A myriad of illustrated examples and clues throughout the text support his educational forte. A market profile explanation right at the start of a forex book is indeed an excellent conceptual backbone readers will appreciate."—Francesc Riverola, CEO and Founder, FXstreet.com
"Attacking Currency Trends provides a simple and logical approach to trading forex that will help any trader make better decisions about when and how to trade. Greg's rules for trading forex trends will be especially helpful to traders looking for a disciplined approachto this massive market. Armed with this information, rookie and veteran traders alike will have the confidence needed to profit from opportunities found on —and off—their charts."—Tim Bourquin, TraderInterviews.com
"Greg Michalowski's Attacking Currency Trends not only provides in-depth coverage of how to anticipate and attack trends in the battle to successfully trade currencies, Greg also empowers traders to be proactive and protect themselves by having a trading game plan with guidelines. This is a must-read for retail traders new to FX and those looking to develop further as successful market players."—Julie Sinha, broadcaster, ForexTV
"I love the down-to-earth simplicity of this book. Attacking Currency Trends puts the truth of effective trading into a format that is executable and understandable. This book will instantly become a must-have reference work for the retail trader."—Scott Cisco, co-founder and President, EuodooTrading.com
"Greg has pulled from his vast experience in currency markets and crafted a book that will lead the retail trader from understanding to successful action. He provides a rich set of tools here and clearly organizes and communicates them. Very nicely done."—Dr. Phil Pearlman, Executive Editor, StockTwits
"Greg has put together a comprehensive road map for traders, constructing a sound,logical trading methodology from start to finish. This book succeeds in getting the reader to think and act like a professional currency trader. Trading is a serious business and requires serious planning—and that's exactly what you'll get with Attacking Currency Trends."—Ed Ponsi, Author of Forex Patterns and Probabilities
"Although Greg admits having a true risk phobia, it's evident he possesses the skills not only to capitalize in the currency market, but to transmit his original and yet simple trading approach. A myriad of illustrated examples and clues throughout the text support his educational forte. A market profile explanation right at the start of a forex book is indeed an excellent conceptual backbone readers will appreciate."—Francesc Riverola, CEO and Founder, FXstreet.com
"Attacking Currency Trends provides a simple and logical approach to trading forex that will help any trader make better decisions about when and how to trade. Greg's rules for trading forex trends will be especially helpful to traders looking for a disciplined approachto this massive market. Armed with this information, rookie and veteran traders alike will have the confidence needed to profit from opportunities found on —and off—their charts."—Tim Bourquin, TraderInterviews.com
"Greg Michalowski's Attacking Currency Trends not only provides in-depth coverage of how to anticipate and attack trends in the battle to successfully trade currencies, Greg also empowers traders to be proactive and protect themselves by having a trading game plan with guidelines. This is a must-read for retail traders new to FX and those looking to develop further as successful market players."—Julie Sinha, broadcaster, ForexTV
"I love the down-to-earth simplicity of this book. Attacking Currency Trends puts the truth of effective trading into a format that is executable and understandable. This book will instantly become a must-have reference work for the retail trader."—Scott Cisco, co-founder and President, EuodooTrading.com
"Greg has pulled from his vast experience in currency markets and crafted a book that will lead the retail trader from understanding to successful action. He provides a rich set of tools here and clearly organizes and communicates them. Very nicely done."—Dr. Phil Pearlman, Executive Editor, StockTwits
About the Author
Greg Michalowski is the chief currency and trading analyst for
FXDD. Prior to joining FXDD, he was an assistant vice president and
trader in the treasury / funding area with Citibank in New York, a vice
president and interest rate derivatives trader at Citibank in London,
and a vice president and trader in the banks funding department at
Credit Suisse First Boston. Michalowski maintains a daily market
commentary and currency analysis website at fxdd.com.His market comments
are quoted in the financial pressby Bloomberg.com, Reuters, and the
Wall Street Journal,and he has written for various print and online
trading publications, including eForex, Equities
magazine,forexstreet.com, stocktwits.com, and forexfactory.com.His
twitter site, twitter.com/gregmikefx, was one of thirteen cited by
SmartMoney magazine as a "go to" source for making money moves.
Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market (Wiley Trading) Click here to read amazon customer reviews and rating
Profiting with Forex introduces investors to all the advantages of the global foreign exchange market and shows them how to capitalize on it. Readers will learn why forex is the perfect supplement to stock and bond investing; why it is unrivaled in terms of protection, profit potential, and ease of use; and how it can generate profits, whether the other markets are up of down.
Written by two leading forex experts, this complete investing resource uses basic economic principles, solid technical analysis, and lots of common sense to develop an arsenal of tools and techniques that will lead to winning results in the lucrative foreign exchange marketplace. Profiting with Forex includes everything that investors need to know about:
- The many advantages of the forex market: huge market size, ease of entry, profit potential, tax incentives, 24-hour trading, no commissions, increased leverage, and guaranteed stops
- The basic terms of forex trading: definitions of important concepts, including "pip," "currency pair," "contract" or "lot," and more
- Genesis and growth of the forex market: how the forex market emerged out of a changing global financial landscape and continues to changes and adapt with that same volatile landscape
- Fundamental factors that shape the Forex market: the U.S. government, inflation, the U.S. stock market, China and other emerging markets, oil, and breaking news
- Fundamental tools for tracking Forex market changes: interest rates, Treasury International Capital Data, Consumer Price Index, S&P 500, U.S. dollar vs. Chinese yuan, balance of trade, crude oil futures, and news media
- Technical analysis tools and indicators for gauging market sentiment: moving averages, oscillating indicators such as, stochastics, Commodity Channel Index, Relative Strength Index, Fibonacci analysis, and others
Profiting With Forex: The Most Effective Tools and Techniques for Trading Currencies Click here to read amazon customer reviews and rating
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