Online Forex Brokers - A fantastic Idea for Novice Traders
by kelly Price
Will you make money at currency trading? This is a question most traders try and answer by trading a demo account - but the problem with demo accounts is there is no pressure, i.e no money on the line and it proves nothing.
Most traders who make money with demo account lose when they open an account with a forex broker. Now there is a fantastic way for traders to see if they have what it takes. There is a new account called a protected account and it acts as a bridge between a demo and a full trading account. The concept is:
The Protected Account works as a funded demo account in which the client pre-determines their risk level. Among its features are:
-Trade up to 100 times your initial deposit, even with a negative balance.
- Make as many trades as desired, 24 hours a day, using any currency pair.
- At the end of the a set period, (normally two weeks) any positive balance is the clients to keep the broker covers the losses. This has significant advantages over a demo account, as it simulates the feeling of trading real money on the Foreign Exchange and let's face it when money is on the line we feel and act differently.
Trading is probably 20&% method and 89% mindset and it's a fact that most traders fail because they don't trade with discipline.
To make money you not only need a method but you need the discipline to follow your method when the going gets tough. Its easy to score a penalty goal in your back garden but not so easy when its a huge game and you have to score to win and have 100,000 people watching you!
The Protected Account acts as a bridge between a demo account and a real one, providing an authentic trading experience, but of course the risk is managed and a huge advantage is - even if you go debit on the first day you can still keep trading so you get plenty of trades and plenty of practice.
These accounts are being now provided by forex brokers and they are a fantastic way to get your feet wet, before progressing to a full trading account and will help you determine if you have what it takes to become a successful forex trader.
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Showing posts with label Novice Traders. Show all posts
Showing posts with label Novice Traders. Show all posts
Online Forex Brokers - A fantastic Idea for Novice Traders
Saturday, April 4, 2009 Novice Traders, Online Forex Brokers
Forex Trading - 3 Points Key Points for Novice Traders To Understand
Sunday, March 15, 2009 forex trading, Novice Traders
Forex Trading - 3 Points Key Points for Novice Traders To Understand
by Monica Hendrix
If you want to succeed at forex trading then beware the odds are against you 955 of traders fail and lose their money. Before you consider trading consider the 3 points below before you try to trade.
1. Do You like Responsibility?
It's a fact that most traders fail because they don't - they think they can buy an e-book for $100 follow a simulated track record, do no work and get rich well, if you are one of these people you will lose and lose quickly.
Not everyone likes responsibility and there is nothing wrong with that - but if you don't the forex market is not for you.
Forex trading places unique demands upon you not only do you need a sound logical system, you also need to have confidence in it and the discipline to follow it and realize that success rests on you and you alone.
The only person who can make you rich or wealthy is you - no one else is going to make you rich.
The good news is if you like the idea of taking charge of your own destiny and having the opportunity to make a life changing income, then forex can give you that - if you do your homework.
2. Are You a Risk Taker?
You hear a lot about forex trading does not need to be risky - but it is by definition!
If you don't like the idea of taking calculated risks, then you will not make a good forex trader. Successful forex traders know that risk goes with reward and the bigger the risk you take the more you make. This doesn't mean you act in a rash manner - but you know that the bigger the risk the bigger the potential gain.
3. Do you have a cool head?
Trading forex markets is 20% method and 80% attitude - you need discipline and this is hard to achieve for most people. If you don't like acting on your own and against the crowd and your emotional - again don't trade forex it requires tremendous discipline to succeed.
THE REAL KEY TO FOREX SUCCESS
If you have all of the above then you could become a good forex trader and enjoy forex trading success - but now you have to understand the key point you need to make it into the elite 5% of winners
You need to know your trading edge and why it will help you win.
Most traders if you ask them don't know what their trading edge is and the bad news is if you don't know what it is - You don't have one and you are going to lose.
A trading edge is something in your forex trading strategy has that enables you to win, while 95% of traders lose.
It's specific to you; you have confidence in it and can trade your edge with discipline.
How do you get a trading edge?
You work it out for yourself by working smart - you can take it from others but you must understand it and have confidence in it - that then is your edge.
Going back to point 1 you have to take responsibility for developing it yourself.
As you need to follow it you need to have confidence in it - this comes from understanding and gives you the discipline to apply it.
With me so far?
Good - then you have the opportunity (if you work smart) to get a trading edge and apply it on one of the world's most exciting businesses for profits and end up in the minority of winners and have the opportunity to earn a life changing income.
by Monica Hendrix
If you want to succeed at forex trading then beware the odds are against you 955 of traders fail and lose their money. Before you consider trading consider the 3 points below before you try to trade.
1. Do You like Responsibility?
It's a fact that most traders fail because they don't - they think they can buy an e-book for $100 follow a simulated track record, do no work and get rich well, if you are one of these people you will lose and lose quickly.
Not everyone likes responsibility and there is nothing wrong with that - but if you don't the forex market is not for you.
Forex trading places unique demands upon you not only do you need a sound logical system, you also need to have confidence in it and the discipline to follow it and realize that success rests on you and you alone.
The only person who can make you rich or wealthy is you - no one else is going to make you rich.
The good news is if you like the idea of taking charge of your own destiny and having the opportunity to make a life changing income, then forex can give you that - if you do your homework.
2. Are You a Risk Taker?
You hear a lot about forex trading does not need to be risky - but it is by definition!
If you don't like the idea of taking calculated risks, then you will not make a good forex trader. Successful forex traders know that risk goes with reward and the bigger the risk you take the more you make. This doesn't mean you act in a rash manner - but you know that the bigger the risk the bigger the potential gain.
3. Do you have a cool head?
Trading forex markets is 20% method and 80% attitude - you need discipline and this is hard to achieve for most people. If you don't like acting on your own and against the crowd and your emotional - again don't trade forex it requires tremendous discipline to succeed.
THE REAL KEY TO FOREX SUCCESS
If you have all of the above then you could become a good forex trader and enjoy forex trading success - but now you have to understand the key point you need to make it into the elite 5% of winners
You need to know your trading edge and why it will help you win.
Most traders if you ask them don't know what their trading edge is and the bad news is if you don't know what it is - You don't have one and you are going to lose.
A trading edge is something in your forex trading strategy has that enables you to win, while 95% of traders lose.
It's specific to you; you have confidence in it and can trade your edge with discipline.
How do you get a trading edge?
You work it out for yourself by working smart - you can take it from others but you must understand it and have confidence in it - that then is your edge.
Going back to point 1 you have to take responsibility for developing it yourself.
As you need to follow it you need to have confidence in it - this comes from understanding and gives you the discipline to apply it.
With me so far?
Good - then you have the opportunity (if you work smart) to get a trading edge and apply it on one of the world's most exciting businesses for profits and end up in the minority of winners and have the opportunity to earn a life changing income.
Best Forex Brokers - A Perfect Way For Novice Traders to Learn
Saturday, February 28, 2009 Best Forex Brokers, Learn, Novice Traders, Perfect Way
Best Forex Brokers - A Perfect Way For Novice Traders to Learn
by kelly price
If you are looking at the best forex brokers the best way to learn is NOT a demo account. Sure a demo account shows you the mechanics of how to trade - but it doesn't give you the real feeling of dealing with money. I came across this service that solves the problem.
It's called a protected account and is designed for those traders who want to trade with a small amount and get the feel of trading. These accounts offer unlimited trading in a set period and the difference with these accounts is:
It doesn't matter if you go debit you still trade.
It is only at the end of the set period (normally a few weeks) that the profit or loss is calculated so the client gets any profits and the broker takes any losses.
This is different to a guaranteed stop - because once that's hit and your trading capital is gone, you're out - with this account and you continue trading even if you're in debit.
So for a small risk you get a real trading experience, get to do a lot of trades to test your skills and you know your risk in advance.
You know it's only at the end of the period you stop trading.
I like this idea and think it's a good one for novice's forex traders.
I see countless traders who think that because they have won with a demo account and made money with their trading signals that they will win in the real world, with money on the line.
Nothing could be further from the truth.
When money is on the line emotions kick into play and it's a whole new ballgame.
It's a bit like taking penalty kicks in your garden.
They are all completed successfully with no problem but try and do it with 100,000 people watching you and the game depends on the kick being successful and it's a different matter!
Some traders can handle the emotional side of trading and others cant - its as simple as that.
You won't know if you can Handle your emotions until you try!
These forex accounts look set to soar in popularity as they act as a bridge between a demo trading account and a full trading account and allow you to test your forex trading system in real conditions, risking real money albeit a small test amount.
It's a fact that anyone can learn to trade forex and enjoy currency trading success but it's also a fact that 95% of traders lose.
Most traders lose, not because they don't have good methods but because they cannot execute their methods with discipline, when money is on the line and this is the advantage of these accounts.
There are a whole host of inputs that make a best forex broker but this service certainly gets my vote as one of the services that can really help novice traders and you should consider them as part of your overall forex education.
by kelly price
If you are looking at the best forex brokers the best way to learn is NOT a demo account. Sure a demo account shows you the mechanics of how to trade - but it doesn't give you the real feeling of dealing with money. I came across this service that solves the problem.
It's called a protected account and is designed for those traders who want to trade with a small amount and get the feel of trading. These accounts offer unlimited trading in a set period and the difference with these accounts is:
It doesn't matter if you go debit you still trade.
It is only at the end of the set period (normally a few weeks) that the profit or loss is calculated so the client gets any profits and the broker takes any losses.
This is different to a guaranteed stop - because once that's hit and your trading capital is gone, you're out - with this account and you continue trading even if you're in debit.
So for a small risk you get a real trading experience, get to do a lot of trades to test your skills and you know your risk in advance.
You know it's only at the end of the period you stop trading.
I like this idea and think it's a good one for novice's forex traders.
I see countless traders who think that because they have won with a demo account and made money with their trading signals that they will win in the real world, with money on the line.
Nothing could be further from the truth.
When money is on the line emotions kick into play and it's a whole new ballgame.
It's a bit like taking penalty kicks in your garden.
They are all completed successfully with no problem but try and do it with 100,000 people watching you and the game depends on the kick being successful and it's a different matter!
Some traders can handle the emotional side of trading and others cant - its as simple as that.
You won't know if you can Handle your emotions until you try!
These forex accounts look set to soar in popularity as they act as a bridge between a demo trading account and a full trading account and allow you to test your forex trading system in real conditions, risking real money albeit a small test amount.
It's a fact that anyone can learn to trade forex and enjoy currency trading success but it's also a fact that 95% of traders lose.
Most traders lose, not because they don't have good methods but because they cannot execute their methods with discipline, when money is on the line and this is the advantage of these accounts.
There are a whole host of inputs that make a best forex broker but this service certainly gets my vote as one of the services that can really help novice traders and you should consider them as part of your overall forex education.
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