Forex trading can be lucrative. It can generate a nice source of additional monthly income. It is quite accessible and fairly easy to start.
Almost everyone must be retired by now then! If everything above is true, why do so many people "struggle" with forex trading? Why do you spend so much time on forex trading without any success? Why do only "other" people make money and your own foreign currency trading systems only produce a diminishing account balance with every trade?
Let's take a step back quickly to get some perspective. Many people fail at currency trading because of the following very simple reasons:
There are many other reasons, but these are some of the more common mistakes people make when starting out with foreign currency trading. The very fact that it is so easy to open a trading account and get started is sometimes the very obstacle why people are not successful.
People tend to work the "process to start trading" much more than the "how to trade properly" aspect of forex trading. They start off with a bang and want to see profits streaming in quickly, but the concept of "sustainable profitable trading" does not even feature in their strategy. Education is crucially important when considering forex trading AS A BUSINESS (full- or part-time). So is choosing the best strategy or product amongst the many foreign currency trading systems.
There are manual and automated systems for currency trading and each has its pros and cons. The fact remains that one should use proper foreign currency trading systems to have any chance at being successful. Choose a system that fits your trading style and circumstances and which also matches your trading goals and aspirations. You can only do this once you have set your trading goal and understand what you want to achieve.
My advice is to get started with a proper forex trading plan setting out your strategy and what you want to achieve - this might take a few weeks of your time as you want to do proper research. You then want to do as much research as possible as to which systems fit in with your plan. Then test those systems thoroughly before committing any capital to live trading.
View foreign currency trading a proper business for your best chance to succeed! You wouldn't just open a shop in the nearest shopping mall without doing proper research, would you? So why treat forex trading any differently. Foreign currency trading systems are a crucial element of an overall forex trading plan and strategy.
We test many foreign currency trading systems at FXTradingReviews.com. Download our free e-book and also look out for our active mailing list with tips on Forex trading.
Rules For Forex Trading – Live By These Rules For Forex Trading For Success
There are so many aspects to forex trading that it is really not difficult to get confused. Where do you begin? What do you need to look for? What products should be used? And most importantly, what are the Rules for Forex Trading to consistently make profits?
Best Time To Trade Forex – There Are Optimal Times And Then 5 Times To Avoid!
In terms of day trading, it is a well-published preference amongst many traders that the overlapping hours of the UK and US markets (London/New York) provide the best time to trade forex as a result of the higher liquidity and trading activity during this time. Many experienced traders believe that the market is more efficient during times of high activity, thus providing a better opportunity for scalping and turning a trading profit.
Best Times to Trade Forex - Are You Profiting From The Best Times To Trade Forex When Day Trading?
Many people doing forex trading wonder what the best times to trade forex are. This stems from the fact that the forex market is virtually open 24 hours a day (except for weekends).
