Make a Living Trading Only the Forex Markets

An Examination of Whether Or Not it is Feasible to Make a Living Trading Only the Forex Markets

The Forex markets now have a daily market size of over 3.5 trillion dollars. Banks and individuals make millions of dollars every day buying and selling currencies all over the world. You can absolutely join in this profit taking, and make a decent yearly salary if you manage to dedicate yourself to the study of a few major currency pairs, and develop a risk management plan to minimize your losses and protect your wealth.

Making a living in the Forex market of $50,000-$100,000 a year is not impossible, but it is not easy. Trading to earn a living is hard work, but if you start to get good at it, and have low living expenses, the sky is truly the limit. Monthly profits in excess of $100,000 are not unheard of when tales of disciplined traders are shared. The key to making a living with the Forex markets is placing trades within your budget and being disciplined enough to keep profits and use them to absorb negative swings so you stay profitable for the entire year.

How much you need to start trading to make a living, obviously depends on how much you need to cover debt obligations and living expenses. For the average person, looking to make $40,000-$50,000 each year, you can start with anywhere from $10,000 to $100,000. If you start with more money, you can make safe trades and profit from the volume you trade. However, if you start with a smaller amount of money, you are going to have to place many more trades to make up for what you lack in volume.

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12 - Steps to Good Trading Using Your Imagination

12 - Steps to Good Trading Using Your Imagination

Not long ago I was reading the book Imagine That by Dewey Friedel. It was a timely read as it coincided with my plan to lay out these 12-steps to good trading and especially the second step, which is Using Your Imagination. In the book he describes an event in the French Revolution where an experiment in a prison showed the power of imagination and suggestion. A prisoner sentenced to death was told that he would not be guillotined as was the custom then Instead he was told that one night the guards would come in and put a sack over his head and he they would slit his wrists and he would just fall asleep and die. I guess they left this thought for him to stew on a while and finally the night came where they came to him and stuck a bag over his head then proceeded to run ice over his wrists. He felt the cold wetness and laid down and went to sleep and within 20-minutes he was dead.

Now I don't know if this is a true story or not. I am guessing if it is true that it was winter or something because I just cant picture how else they come up with ice back then. Regardless of whether the story is true or not it illustrates a truth about the power of our imagination over our lives and also in our trading. A lot of people die a death like this with every trade by focusing on the bad that can happen. It is my belief that we get what we focus on....good and bad. This is a Biblical law written plain as day in the Bible so as a Christian it is easy to believe but even before becoming a Christian this truth was playing out in my life. Modern marketing is catching up with some of those laws in the form of books like The Secret and techniques like NLP and we cant ignore them as a factor in our trading.

I am including this topic early in the 12-steps because it is a foundational one that will be used in every aspect of our learning period. It is vital that we learn to use our active imagination to reflect on the things we want to accomplish and to master our methods and understanding of the market. I say active imagination because this is a step in which you have to redirect your thoughts to those things you need to focus on and meditate and imagine those things playing out. If you don't your own emotions and outside forces will drive your thoughts and that will not end up well for you or your trading. We are always in thought and imagining on some level. Lets choose our own topics.

At this point we don't have a trading method to talk about with examples, nor should we because we are building from the ground up and the entry method is the last part you need to worry about, but I am going to make some suggestions now to start building this mental muscle of imagination and when we do get a method to work with we will just apply that muscle to learning and becoming one with the method.

Lets start with something really easy and useful. Each day during the next two weeks before the next step is released I want you to start each day by doing your breathing exercise as you learned in step number one. Do this on your knees or sitting down so you don't fall right back asleep. After you have reached your calm place your mind should be clear. What you want to do is to actively imagine your day. See it played out the way you want it to go. If you are already actively trading with some method you can include some of that but see the whole day through and don't get bogged down on individual trades or anything too specific. See the outcomes not all the details at this point. When I say "see" I mean see it in your mind and feel those feelings. If it makes you smile while doing it then smile. The whole thing should only take a minute or so. You are not running through the day in detailed real-time speed but just breezing through it like a to-do list almost with pictures and feeling. Feel, see and hear as much as you can without stopping in on any one thing too much. Focus on the results or outcomes.

This may be very difficult for some of you at the start if you have not done it before. So would bench pressing 300-pounds or running a marathon. We are building a muscle. If what I described seems like too much then just imagine your morning or the next hour or two. It's the concept not the specifics. We want to build this muscle so when we get into charts and visual stuff you can have something to work with. We are also building upon the step we already learned, which was to control our breathing. After you do this morning exercises take 2-minutes to write out what you imagined your day would be like in a journal. It doesn't have to be too detailed at this point. You just want to get it down on paper. As the day moves forward and you feel under pressure from outside forces and you catch yourself imagining or focusing on what the world throws at you then return to your journal so you can see what you wanted for your day and get back on track.

I said not to get bogged down on specific details in this exercise. However, if you have big items in your life that day or in the near future that you need to spend more time on then once you finish your daily outline and journal you can go deeper into those items and see them through the way you want them to go. Just don't do it until you get your broad day down in your journal. Using the power of your imagination to visualize those bigger items through completion will help your prepare and find peace. Just actively take control and not let the dialogue or whatever develops take you out of your controlled breathing and calmness. When it does start to do that just actively clear your head by placing your tongue just below and behind your upper teeth and focus again on your breathing.

If you are really struggling with this idea of using your imagination let me make a suggestion that might help. Imagine something you have already done and will likely do again such as going to the grocery store with a list. See yourself get to the store...walk in...glance at the list...grab the cart...flash to the isles...cart is filling...next item...next item...look at the check out....number 8 looks clear...put items on the sliding thing....swipe the card...smile...say bye...go home...etc.

It may take using your memory muscle to develop your look-ahead muscle. The only difference is the timeline. You need to be looking forward in time so make that shift. Work on this for the next two weeks and email me when you have trouble or need help. Actively combine steps 1 and 2. We will be using our imagination when we get more into the market. When you are in control of your own imagination and not letting it run free under the influence of every suggestion the world throws at us then you have real power and learning is accelerated. And just as important, we get in our lives what we actively focus on or imagine.

I promise you that we will be getting to trading specifics but if you don't have this stuff in your arsenal you will be just like every other person who fails so stay with me and we will build it from the ground up.

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Forex Trading Tips I Use

Forex Trading Tips I Use

I wanted to take the time to share with you some of the forex trading tips that I use with my personal trades. This is the biggest market in the world with several trillion dollars traded in a period of 24hrs. This means there is huge rooms for profit.

• Cripple Emotional Thinking: This is the last place you want to be emotional. When you do this business with emotion, you're basically at a casino rolling the dice. Basically, all you're doing is gambling. You have to have one consistent rule; when it comes to my money, I'm going to put logical thought into where I move it. It's as simple as that. You want to make trades based on logical and factual signs. You don't want to make the move because you have a "gut feeling". If you feel yourself having "gut" feelings, a "need" to make a trade, a euphoric feeling, you need to take a break. Walk away because you're leaving yourself open to losing your money.
• A Simple Routine: When you first start out at this, everything will be chaotic. Eventually, you'll make it to a point where you "get it". This is when the routines develop. Anyone that is trying to make an income, is doing a routine. You're going to need to do the same similar tasks you did every other day to make profits. The problem is that people make it complicated. Complication makes it hard to follow and you're more likely to make mistakes. If you keep it simple, it is much easier to get working.

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Selecting the Best Day Trading Broker

Selecting the Best Day Trading Broker

Day trading brokers are essential to new traders. They do the transactions for you and even give suggestions as to which transactions to make, whether you should sell now or later. Your choice of broker is therefore crucial to your success. But other than this criterion, what other qualities must your broker have and how do you choose the best one in your trading company?

The first thing to consider is the cost. Some really good brokers can charge high rates for every transaction that he does. While this may give you more profit, still you may not earn much because a big chunk of the money goes to the broker. You should therefore be able to weigh the transaction costs and commissions that you will give your broker against the profit that you are supposed to have.

It is also important that you require financial stability from your broker. He must have enough capital or assets. This will lessen the probability of him running away with your money. More importantly, transfer of funds between the two of you must also be relatively quick and easy. See also if he accepts online payments.

He must likewise be reliable and with a proven track record in this field. To know this, you must do your own research. Ask the company for details on the broker's record, such as the number of clients that he had, how many of them lost their money and how many of them actually made profit. Or you can ask fellow traders as to which ones are good and which ones are not. You can also search his name in the net. It is possible that his name may have been mentioned in forums or message boards, so you will have more information on how he works or operates.

Of course, there are other services that he can provide, such as technical support and chart analysis. See also if he uses a trading platform that you are comfortable with.

With the many day trading brokers available, choose one who can provide you with the best service at the least cost. Remember your goal as you ventured into this kind of business, and that is to gain profit. If a big part of your gain goes to commissions, then it is time to look for other brokers who can provide you with the same service at a lower price.

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Everything You Need To Know About Online Stock Trading

Everything You Need To Know About Online Stock Trading

Do you know that there are 800,000 millionaires in North America and 98%of them increase or create their wealth by investing in the Stock Market? And the most intriguing part of the information is that 80% of these millionaires started investing with almost nothing.

Whatever profession you are in, whether you are in service, are a housewife bringing up kids, doing any business, you must know that billions of dollars are being made daily through online stock trading in the markets of the USA and the world. This gives you a chance to put some of this money in your pocket.

You too can join this exclusive league of millionaires only if you have (some) money to invest, earning mindset and the ability to learn and adopt the money making methods of online stock trading and investment decisions to increase your personal wealth.

Choosing the right options in online trading can find you the treasures beyond your wildest dreams and help you live the freest life ever.

The first and the most important step in making money through online stock trading is to educate yourself and acquire an in-depth knowledge of the subject that will not take you weeks to get through. Self education means investing in your personal resources. You are creating an independent and life-long resource for successful online stock trading.

Education will familiarize you with the basics of stock trading and empower you with some smart trading tricks and tips which will enable you to outsmart your competitors.

Education in stock trading enables you to understand the rules and laws of investing, the psychological dilemmas that often afflict the traders. You get a general knowledge of economics and how it influences the stock market. Education in stock trading will help you to remain out of the 80% of investors who lose their investment right from the beginning of the stock trading. If you want to be one of the chosen few comprising of 20% successful stock traders, you must educate yourself so that you understand the value of discipline, judgment and the art of online trading.

Learn the Basics of Stock Trading

You may have come across two terms, investing in stocks and trading in stocks. The two terms may appear same, but are not. You put your money both in stock investing and stock trading. Both ways are investments. You must, however, understand that investing money in stocks denotes long term investment, but investing your money in trading denotes short term investment. You invest the money in buying stock when the market opens and get it back with profit or loss by selling off your shares before the market closes. This is called stock trading.

A trader will make fast movements in and out of stocks during the course of a day, whereas an investor is in for a long haul. He is more interested in consistent growth and will wait patiently over a long term. As an intelligent investor in stocks, you must distinguish between the two goals. You should keep separate the stocks that you trade and those you invest in. While you are trading, you are interested only in making fast bucks. You are not interested in the stock itself. That means when the value of the stock is rising or falling, you sell it off, of course, at the right moment and reinvest your profits in next trade. In case of long term investment, you almost love your stock and understand its long term potential. You understand that the value of the stock may rise and fall several times over the term you hold it in your portfolio and you remain patient.

Internet has revolutionized every aspect of our life and business. It has facilitated trading in stocks online. A click of the mouse can fill up your coffers and even empty them. So you must learn the tools for online trading provided by your brokerage firm on its website. If you learn to use the online trading tools intelligently, making money online becomes a child's play.

The next logical step is to choose your stock broker. Low brokerage commission is an important factor while settling for your broker especially when you are a day trader, a heavy trader or even a casual investor. But low commissions should not be the only guiding principle in selecting your broker. There may be several other issues like the speed of order execution, ability to contact the real broker when the need arises or customer service that play an important role in selecting a stock broker.

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How to Get Started in Online Forex Trading

How to Get Started in Online Forex Trading

Online Forex trading is a highly profitable activity that professional and beginning traders can take part in. Trading foreign currency is easier than ever. The ability to trade online offers 24 hour trading, low trading costs, high liquidity and more available leverage. There is even software available to help traders of all skill levels, whether you are starting out or at the point where you want to put your trading on auto-pilot.

Online Forex trading is not limited to individuals. Commercial organizations, particularly those involved in import and export, need currency exposure. The largest traders are of course the financial institutions, banks and brokers.

What is so appealing about forex trading online is that any investor can take part 24 hours a day!

How Does Forex Trading Work?

You trade foreign exchange on a margin. Simply put, it is required that you only place a small deposit and in turn you will be able to control a larger position in the Forex market.

For example, if you want to trade one million dollars, you will only be required a security deposit of ten thousand dollar. The ten thousand will need to be geared up 100 times to result in the million dollars trade. It is possible to start trading Forex Online with as little as one hundred dollars.

You will need to be ready for a roller coaster ride though! There will be one of two results there is a two percent change in the underlying value of your trade. You will be in for a 200% profit, or you will lose 200% of your trade! Yes, there is risk in foreign exchange, but there is great reward available as well.

Why Should You Get Involved In Online Forex Trading?

Despite the risk, thousands involve themselves in Forex trading daily. This is, in great part, due to the favorable conditions to trade in.

Leveraging - You can hold a position up to one hundred times that of your margin deposit. This gives you maximum power to profit from a small investment.

Availability - online Forex trading is available 24 hours a day, 5 days a week. You can engage in the buying and selling of foreign currency anytime, anywhere. This gives you more opportunity to make more from your investment. There are trading companies available to help you in your forex adventure. There is software available to take you from the first stages of a new trader all the way through advanced. You can even get to the point where your trading is on auto-pilot.

Superior Liquidity - Finding buyers and sellers to trade with will never be a problem as there are many individuals, companies, and institutions that engage in Forex. The liquidity of Forex acts as a stabilizer in prices and helps to narrow down spreads.

No Commissions - Online Forex trading requires no commissions. The profits are yours and yours alone.

Trading Advice For Motivated Forex Traders

I'm here to give advice to help all the motivated forex traders out there that are probably not doing as good as they deserve to be. I hope this advice should help you out and it should be applied as daily tasks.

What is the most important thing I should do?

Besides constantly learning, you need to develop a routine. A routine is the most profitable thing you can do because it becomes tasks you do that require no thought on your part. You just "do it". Like brushing your teeth for example. That is a routine. You don't think about it. You just go and do it. It doesn't matter if you had a rough day at work or you're tired, you do it. Same thing applies here.

Routines don't consume your mental energy. Your mental energy needs to be conserved as much as possible because this is energy that ends up tiring you out and making you lazy. Each day should be mainly routine. You shouldn't have to wake up and figure out what you need to do. That expends energy. When you finally get that routine going, you'll start making money. The great thing about it is that you still have that mental energy and you can use it to tweak your routine to be more profitable.

What is the best tool I should have?

You definitely need to get your hands on an automated software like Forex Killer. The reason is simple, you're just one person. The days are long in forex and like most people, you probably won't feel comfortable leaving thousands of dollars in the market while you're not watching. With Forex Killer you can set in variables that force it to sell if you experience so much of a loss. You can also set it to sell once you meet a specific profit. It's a great tool, especially when you still have your day job.

The best reason to get your hands on an automated Forex trading software is that it can make much more money for you because it works on sound mathematical

models and doesn't make stupid mistakes which every person does.
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