MY FINAL THOUGHT
As a summary, I believe two important things that can help you win in forex. First, you need to focus & specialize in couple major pairs & to know them well. Second, you need to trade in daily chart, and to hold your positions for days up to 8 weeks.The combination of those factors will give you 70-80% chances of winning.
I strongly feel, you need to master two things. First, to recognize & to identify key support & resistance levels. Second, to understand & to interpret correctly candle formation patterns or price action. Why? key support & resistance level will tell you, how price reacting to it, and how would you proceed in your next trading activities. Where as, candle formation patterns will tell you how, where, when to enter or exit.
As always, price action in daily chart is your main guide on how to proceed in the next coming day. Taking profit regularly at key support or resistance level is an important factor that contributed to your winning trade. To become a skillful trader, you need to trade consistently with live micro account, and continuously analyzing & correcting your mistakes. I will say this, the market is your best teacher, and no one can deny that, and you will gain more experience and maturity by trading consistently.
Trading forex is an easy task, and it is suppose to be relaxing and stress free. I feel, it is relatively easy to win in trending market, if you are trading in daily chart, and holding your position, from several days up to several weeks. But, you need to have a reasonable stop loss to enable your trade to grow, and you need sufficient margin to absorb price swing. Just focus, ONLY on trade that your have a clear EDGE of winning, and, "be patience", follow the trend direction, as you move along with the price's natural behavior, zigzag, up & down. Never force yourself into trade when there is no trade, and never ask for more than the market had offered you.
I love trading forex, it is a good profession to get into, it offers more freedom and a good living. If you have deep interest, patience, discipline, and persistent, you will become a successful forex trader, I really have no doubt about that. It may take 1-2 years to develop a skillful trader, just like playing soccer, the coach can only do so much, and the rest of it is your own effort, to get down to the field, kicking ball, without anyone telling you to do so. And, "if you feel, you are enjoying doing it, you are in fact very close to your success".
As you are aware, trading forex is a risky venture, meaning that, you could lose your profit & capital. Therefore, we always share similar rules in boxing, "protect yourself at all times" and "obey your commands", touch your gloves, let's go!...good luck to you!
InshaAllah, you will become a successful trader.
"Success is the reward of a hard work, and it doesn't come by a chance, BUT it may start with day dreaming"
sincerely,
moore arshad,
hali, lily, hakim, tania
REFERENCES: BOOKS
(http://www.amazon.com/); (http://www.barnesandnoble.com/)
1. Currency Trading For Dummies; Mark Galant and Brian Dolan; Wiley Publishing Inc.
2. The Candlestick Course; Steve Nison; John Wiley & Sons, Inc.
3. Day Trading & Swing Trading The Currency Market; Kathy Lien; John Wiley & Sons, Inc.
4. The Little Book Of Currency Trading; Kathy Lien; John Wiley & Sons, Inc.
5. Elliot Wave Principle; Frost and Prechter, John Wiley & Sons, Inc.
6. Millionaire Traders; Kathy Lien & Boris Schlossberg; John Wiley & Sons, Inc.
7. Currency Trading And Intermarket Analysis; Ashraf Laidi; Wiley Trading
8. The Complete Idiot's Guide To Foreign Currency Trading; Gary Tilkin & Lita Epstein; ALPHA
9. Thirty Days Of Forex Trading; Raghee Horner; John Wiley & Sons, Inc.
REFERENCES: WEBSITES
1. http://www.forexfactory.com/
2. http://www.investing.com/
3. http://finance.yahoo.com/
4. http://www.bloomberg.com/
5. http://online.wsj.com/
6. http://www.babypips.com/
7. http://www.learntotradethemarket.com/
8. http://www.onlinetradingconcepts.com/
9. http://www.fxcm.com/
As a summary, I believe two important things that can help you win in forex. First, you need to focus & specialize in couple major pairs & to know them well. Second, you need to trade in daily chart, and to hold your positions for days up to 8 weeks.The combination of those factors will give you 70-80% chances of winning.
I strongly feel, you need to master two things. First, to recognize & to identify key support & resistance levels. Second, to understand & to interpret correctly candle formation patterns or price action. Why? key support & resistance level will tell you, how price reacting to it, and how would you proceed in your next trading activities. Where as, candle formation patterns will tell you how, where, when to enter or exit.
As always, price action in daily chart is your main guide on how to proceed in the next coming day. Taking profit regularly at key support or resistance level is an important factor that contributed to your winning trade. To become a skillful trader, you need to trade consistently with live micro account, and continuously analyzing & correcting your mistakes. I will say this, the market is your best teacher, and no one can deny that, and you will gain more experience and maturity by trading consistently.
Trading forex is an easy task, and it is suppose to be relaxing and stress free. I feel, it is relatively easy to win in trending market, if you are trading in daily chart, and holding your position, from several days up to several weeks. But, you need to have a reasonable stop loss to enable your trade to grow, and you need sufficient margin to absorb price swing. Just focus, ONLY on trade that your have a clear EDGE of winning, and, "be patience", follow the trend direction, as you move along with the price's natural behavior, zigzag, up & down. Never force yourself into trade when there is no trade, and never ask for more than the market had offered you.
I love trading forex, it is a good profession to get into, it offers more freedom and a good living. If you have deep interest, patience, discipline, and persistent, you will become a successful forex trader, I really have no doubt about that. It may take 1-2 years to develop a skillful trader, just like playing soccer, the coach can only do so much, and the rest of it is your own effort, to get down to the field, kicking ball, without anyone telling you to do so. And, "if you feel, you are enjoying doing it, you are in fact very close to your success".
As you are aware, trading forex is a risky venture, meaning that, you could lose your profit & capital. Therefore, we always share similar rules in boxing, "protect yourself at all times" and "obey your commands", touch your gloves, let's go!...good luck to you!
InshaAllah, you will become a successful trader.
"Success is the reward of a hard work, and it doesn't come by a chance, BUT it may start with day dreaming"
sincerely,
moore arshad,
hali, lily, hakim, tania
REFERENCES: BOOKS
(http://www.amazon.com/); (http://www.barnesandnoble.com/)
1. Currency Trading For Dummies; Mark Galant and Brian Dolan; Wiley Publishing Inc.
2. The Candlestick Course; Steve Nison; John Wiley & Sons, Inc.
3. Day Trading & Swing Trading The Currency Market; Kathy Lien; John Wiley & Sons, Inc.
4. The Little Book Of Currency Trading; Kathy Lien; John Wiley & Sons, Inc.
5. Elliot Wave Principle; Frost and Prechter, John Wiley & Sons, Inc.
6. Millionaire Traders; Kathy Lien & Boris Schlossberg; John Wiley & Sons, Inc.
7. Currency Trading And Intermarket Analysis; Ashraf Laidi; Wiley Trading
8. The Complete Idiot's Guide To Foreign Currency Trading; Gary Tilkin & Lita Epstein; ALPHA
9. Thirty Days Of Forex Trading; Raghee Horner; John Wiley & Sons, Inc.
REFERENCES: WEBSITES
1. http://www.forexfactory.com/
2. http://www.investing.com/
3. http://finance.yahoo.com/
4. http://www.bloomberg.com/
5. http://online.wsj.com/
6. http://www.babypips.com/
7. http://www.learntotradethemarket.com/
8. http://www.onlinetradingconcepts.com/
9. http://www.fxcm.com/
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