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.

For more information on the Forex Killer software, check out Forex Charting Software.

Reuters - More than 1,000 U.S. banks, or one in eight lenders, may fail in the next three to five years as commercial loan losses rise, compounding problems from record mortgage delinquencies and soaring home equity loan defaults, RBC Capital Markets said on Monday.

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Forex Day Trading and Scalping Systems - A Great Way to Wipe Your Trading Account Quickly

I see day traders and forex scalpers selling trading systems online claiming profits but look at the track record closely and you will see, there not real at all - In fact they have never been traded and the profits are paper ones - they all have this disclaimer on them....

"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".

Umm, so they all have the above on which means, they have never been traded in the brutal hard world of forex trading and of course, trading without knowing the prices ( rather than simulating backwards knowing them) is the real world of trading and much harder.

Day trading doesn't work however marketing organizations create great copy to sell the concept and the nave or lazy trader, thinks he is going to make a regular income, with 90% accuracy etc.

He sits back with a cold beer and thinks he will never have to work hard again, of course he gets rewarded but - with an equity wipe out.

When I was a broker, we loved day traders - why?

As you probably know most brokers take the other side of the trade, so they win when the client losses.

No day trader EVER won when I was there and I saw maybe 20,000 client accounts. Also, the other myth is forex brokers hunt day traders stop - nope. They don't need to bother, the day trader always has his stop within normal random volatility so the market takes him out, the broker doesn't need to help.

So why doesn't day trading work?

Think about the huge mass of people who trade each day and they all have different skills, trading systems, and aims and to think, you can work out what this diverse group, of emotional beings is going to do, in a few hours is futile and dommed to failure.

All volatility is random in daily time frames so how on earth can you get the odds on your side?

You cant - so don't attempt it.

If you want to win at forex trading, learn how to trade longer term and you will find the data helps you calculate the odds and gives you a chance to win and win big gains.

If you want to win at forex trading, you need to trade the odds - so forget day trading and scalping, trade longer term and enjoy currency trading success.

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AFP - Asian and European stock markets rose Friday as investors shrugged off gloomy company results to concentrate on overnight Wall Street gains and a huge US economic stimulus plan, traders said.

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