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If you pose this question you may get the answer like huge amount of profits and if you try to look at the forex exchange rates, they always move from 0.5% to 1.5% at the maximum, the movement is very small practically unnoticeable, then where from the huge amount of profit is coming, if you look at the investment required to trade in the forex market then you may find that it ranges from $50 to $300 with most of the online brokers and the forex dealers. The catch lies with the leverage allowed on your trading account. The leverage allowed on your account makes it possible to actually trade for $100,000 forex lot for every $1000 invested by you. If you are able to earn say about 0.75% return on the whole lot of forex then the return on your own investment comes out to be 75% flat. That is the actual catch and makes the forex trade attractive for the masses.
No expert in the forex trade can assure you about any specific rate of return on your investment but as portrayed earlier it is quite high and the earning of profits solely depend on the moves made by you. It is not always possible to register the profits only you can lose your investment sometimes, but the best part of the current forex trade is that in case of any loss you stand to lose the initial investment made by you only. This makes the proposition further attractive for the masses. The online forex broker/dealer sites made it quite easy for the people to get into the forex trade and reap the profits. These sites provide you with initial training on the forex trading by providing you the host of articles on the forex trading that enables you to get the initial knowledge required to get into the trade. Beside that it also provides you the demo trading account where you can trade in a virtual forex market that behaves like the real one without investing anything from your pocket. The demo accounts are quite capable of training you for the real forex trading. The demo accounts also provide you the facility to test and sharpen your skills in the forex trading arena.
The present forex trading format offers you the high amount of profit with the initial investment of $50 to $300 only and the risk of losing the initial amount in the case of a loss. This proposition I far better proposition as compared to the investment in the stock exchanges and hence the forex trade is getting popularity at a brisk pace.
In a famous experiment a group of traders had 14 days forex training and made $100 million in four years and went on to become some of the most famous traders of all time. If you want to trade forex then their story should be an essential part of your forex education. The group were nicknamed "the turtles" and they were trained by legendary trader Richard Dennis. He set out to prove that anyone could learn currency trading, if they had the right education and mindset. The group were of all ages, men and women, of various educational backgrounds and the only thing they had in common was - none of them had any trading experience. The method they were taught was a long term trend following system which was based on breakout methodology and it was extremely simple; so simple in fact that anyone could learn it. Now you may ask, if it's that simple to trade and learn a system, why do 95% of traders lose money? Dennis knew the answer to this. Rather than just teach them blindly to follow a system, he taught them how and why it worked, so they could have the confidence and discipline to follow it, through a string of losing trades. The method had more losers than winners - but Dennis taught them to stay with the system, take the losses with strict money management and hold the big profitable trades. So could you become as rich as "the turtles"? Maybe not, life isn't like that but the opportunity is there for all. There is nothing to stop you or anyone else, learning a similar method and enjoying currency trading success over the longer term. All you need to do is get a simple system, understand it, have confidence in it and the vital element of discipline to apply it. Discipline is the key, because if you don't have the discipline to follow your trading system, you don't have one! Discipline is not easy to acquire but it's a learned skill. If you want to be disciplined trader you can be - it's as simple as that. The turtles should be an inspiration to any trader and it shows what can be achieved and by anyone. I read about the story in 1983 and it inspired me to trade and I hope that it does the same for you. Forex trading can offer a life changing income - sure it's a challenge but if you like a challenge, then you could be on the road to a life changing income.
Forex scalping systems are over the net and it's one of the most popular ways for novice traders to get into Forex trading - but how do you find a system that can make you big regular profits? Let's find out.
Forex scalping systems don't work and never will. Before we go into the reasons why you will always see the disclaimer below on any system sold that claims to have made money.
"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 - anyone can make money in hindsight but forex trading is a bit more difficult you have to trade not knowing the closing price!
Most vendors who sell forex scalping systems simply make track records up that appeal to the greed of the buyer. The buyer takes the loss in the market and the vendor as a guaranteed profit in his pocket.
Day trading doesn't work and it never will because all short term volatility within a day or a few hours is random and any day traders should look at standard deviation of price in daily time frames.
You have countless millions of people all trading with different motivations and personalities and this huge diverse mass can do anything (and they do) in a short time frame.
As volatility is random this means you cannot use support or resistance levels because they mean nothing in short time frames and if you can't use them, you cant get the odds in your favor and will lose - it's as simple as that.
If You Want to Win at Forex Trading:
You need to get the odds on your side and that means using valid data and getting the odds on your side. You can swing trade or you can forex trend follow the choice is yours but please forget day trading or forex scalping systems - they don't work.
Let me know if you find a forex scalping system that has a real track record, I have been looking for over 20 years and have yet to find one.
Day trading is popular with huge numbers of novice traders yet you are guaranteed to lose in the longer term, as the logic it is based upon is simply not true and can never work. ..
Lets look at the two reasons why if you day trade you will lose.
Before we get started on the reasons why day trading is a guaranteed route to losses lets look at why you see track records with huge profits on many day forex day trading systems.
Here is the reason they all carry a disclaimer like the one below which means they have NEVER been traded:
"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".
So you can make anything up you like and the track record is not worth the paper it's written on.
What's the point in having a track record if it isn't real and also you would think that the person selling the system would actually show confidence and trade it!
The reason they don't is most are sold by marketing companies looking to dupe naïve and greedy investors. Try and find a forex day trader with a real time track record and let me know if you find one you won't
So why doesn't day trading work?
The reason is obvious all volatility in short time frames is of a random nature and all support and resistance levels are not valid.
You cannot get the odds in your favor when day trading and if you can't get the odds in your favor you will lose - Period.
You simply can't judge in such a short time span what prices will do.
You have millions of people all with different motivations and personalities and to say you can measure what this vast diverse group will do in under a day is simply destined to failure.
So the next time you see that tempting day trading track record check the small profit, as chances are its never been traded. Then think about the above and you will see that day trading is a total mugs game.
There are lots of forex trading signal services to choose from and if you find the right one can be making good forex profits but you need to consider two key points when using a service.
Here are the 2 points that can lead you to success with forex trading signals.
1. Beware Of This!
The fact is most of the forex signal services that claim top have made profits haven't as the forex trading system has never been traded and this applies to well over 90% of services. Always check for the disclaimer below and if you see it don't buy the service - here it is:
"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".
This disclaimer allows anyone to make up any track record they like. Of course we would all be multi millionaires if we knew the closing price in advance - but we don't forex trading is a bit harder than that.
Only choose currency trading systems that have a real time track record (audited) over 2 years or more - if you find one you need to consider the next point
2. Discipline
If you do find a forex signal service that has a good track record, don't make the mistake of following it blindly. All forex systems will lose and have periods of loses and to stay with the system you need discipline.
Discipline only comes from understanding and confidence so make sure you learn the logic and have confidence in it to give you currency trading success.
If you don't have the discipline to follow a trading system you have no method at all.
Lots of people will tell you discipline is easy but it's not when your losing hard earned cash - make sure you are prepared for drawdown and losses every system has them.
You won't find many good forex trading signal services on the net but if you follow the two points above the first to get rid of the junk and the second to ensure you follow your trading signals correctly, you will have a profitable and quick way to forex profits - just do your homework first
