I started trading currencies since three years. The initial three months of trading were totally a failure. I still remember I lost money and I decided to quit but could not. I felt that if I had quit I might miss a chance of start my own business. Therefore, I decided to stop trading and started observing, analyzing, practicing and studying.
Observing: I started observing the Forex market that will cause reaction, movement, trading and ranging
Analyzing: I started working with the technical and vital analysis; how every analysis can guess and redirect the trading market and how could I utilize them for my advantages. I will discuss about the analyses in these paragraphs.
Reading: I purchased books of Forex trading and go through it, books discussing various tactics and strategies utilized by experienced dealers.
Practicing: I developed free accounts and started trading virtually and every technique I discovered I exasperated it and also monitored the validity and performance.
After studying for one year, practicing and analysis of trading methods and after several trading methods and after several frustration and failure I reached own scheme and this is working in a proper manner and every month my gain is optimistic.
I reached the targets and had built a successful scheme, but this is not sufficient. I realized that for making huge profits I should make sure that I do not miss a single opportunity. The Forex trading market is filled with opportunities as it is regarded as the most active trading market in the entire world. For this reason, I should sit and detect the opportunities throughout the day leaving the weekends.
How can one resolve the issue? It is not possible for me to sit and notice the market trading hours as I have my own family as well as career, therefore I thought I should program the scheme, allow the technology of information do the difficult thing on my behalf and no one is as discipline as the software, therefore I developed an intelligent software that collects the data from the trading market and then follow my scheme on the data and find opportunities.
This particular program analyses the technical and fundamental data and also generate the forex trading signals which are automatically forwarded to the dealer platform where signals are executed in an automatic manner and also forwarded to the members of my website. These things are done without any interference. The only thing that I do is just start the program. It starts analyzing and then takes a final decision.
How to attain success in Trading in Forex Market
Five over million dealers attain success in the business, things that differentiate five successful from ninety five others is a thing, it is known as real hard work. Never consider trading as a simple task and who tells that he can help you in becoming rich in a single night. Don’t depend on other Forex traders or consultants to assist you.
Do not start trading in a quick manner as the Forex trading market will remain in the same place forever. You should spend nearly six to twelve months of analysis, studies, practice and readings prior to actual trading. This will take lots of dedication and time but you will definitely attain your target at the end.
Here, I am not going to disclose my whole strategy but will reveal certain techniques that I used for helping the traders do trading.
The strategy follows following techniques and tips:
Discipline: Put the criteria for your deals, notice the trading market and start the trading when all the criteria are encountered. If you find that they do not meet, there is no need to do trading. My program is considered as a disciplined dealer. It observes the trading market and only does the trading if the criteria are encountered and another benefit is elimination of fear factor, it makes an entry to the trade when this notices it is proper for making an entry and fear about nothing.
Management of money: It is an important key for proper trading. I withdraw all the deals and stop dealing for a certain day if I misplaced nearly 60 pips. On the contrary, I put a loss for deals if am able to reach about positive 25 pips gain. In such a case, the gain will not go below positive twenty five pips and has an open target and the only thing I need to do is to just go out and enjoy.
No deals for now: A significant thing involved in trading is at certain times not to do trading. I took this decision after going through the charts and found insufficient volatility or insufficient reports releasing today and is good to wait till the trading market is volatile. I suggest the traders not to start trading during the initial days of month.
Analysis: I, personally utilize technical and essential analysis while doing the trade. Fundamental explains a market trend and technical analysis is utilized after the trend’s definition. I trade news by analyzing the data for a certain report and then generate indications which are immediately executed on the platform of trading and forwarded in a simultaneous manner to my co-members. Practical and fundamental analysis should be used in a collected manner. If it is utilized with another, it can result in failure.
Technical pointers: In trading market, there are lots of indicators that are utilized by several dealers. I utilize Bollinger Bands, ADX for identifying volatility and trends. RSI for identifying an over purchased or sold for identifying an indication. The most significant technique is known as FIBONACCI, I suggest the traders to use the technique and utilize it for confirming the trades.
Ultimately, I should say that trading in Forex market is not simple and there are times when you might feel that a person is doing some type of conspiracy to take money, but the reality says nothing is unbearable and other successful dealers are not intelligent compared to us and are also not genius from another planet. The actual fact is more you work, more closer you get to a good dealer. You should not quit in a quick manner as this type of business demands dedication and hard work.