Making money with automated currency trading systems? Currency Trading, the basics
Mar 09

Currency Trading, your way out of the Credit Crunch

Become a currency trader from home and generate a second income after a couple of weeks of training.  After that you put in some 30 minutes a day. This is how it is done:

Forex Trading Ideas Inspiration

This article was inspired by the “Turtle Traders“, a group of novice traders that where trained by Richard Dennis in a couple weeks only. The group went on to earn many many millions of dollars, proving that anyone can learn to trade if so inclined. The next four points are some that Dennis stressed, you are well advised to absorb them if you want to be among the 5% of traders that manage to stay in the currency trading markets.

  • Accept responsibility: YOU are the ‘investor in charge’.  Very often traders feel that currency trading is easy and they can indeed follow a guru, a mentor or even an automatic Forex trading system - but more often than not these traders lose.
  • Gain knowledge: Gaining knowledge from others is great as long as you really understand what you are being taught.  Your Forex trading success is built on YOUR understanding and YOUR confidence, not on something automatic that performs admirably when backtested but never has proven itself in forward testing.
  • Setting up a Forex Trading strategy: To paraphrase Albert Einstein:  a Forex trading strategy should be as simple as possible, but not any simpler.  Simple systems work best, they are more robust than more elaborate ones. The easiest way for novice traders is to use a breakout system that follows a long term trend trading strategy. Use support and resistance lines, add momentum and you’re good to go. Breakout trading as always worked and was pivotal in the “Turtle Trading” system.
  • Stick to your plan. Plan the trade, trade the plan - it’s as easy as that.  Make no mistake, this is the difficult part of currency trading. There’s a lot of discipline involved to achieve it, something you get from confidence in what you are doing.  Remember: YOU are the ‘trader in charge’, no one else…  A trading system you cannot trade with discipline is none! It’s hard to stick to it when incurring losses - but doable with the right attitude.

Currency Trading success is within reach!

Most traders simply want to follow a lead and not accept responsibility for their own actions. Accept that your financial destiny is yours only, accept that you may need to lose short term to win long term and currency trading success is within your reach!

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