2Bull Forex Blog

Minor profits are common for most forex traders but there are still a number of them that manage to stand out and make their profits on triple digits annually.

Here are 4 specific tips that will help you speed up your money and pile up your wealth.

1. Be the manager of your destiny

Success can’t be bought. It’s you who can make yourself successful. In trading you can’t rely with others opinion to be successful so forget those people that sell techniques for a hundred bucks.

So again; don’t rely with others instead rely on yourself.

2. Have your personalized method

You need to make your own personal method that you have confidence in using.
Here’s how to build a successful trading methodology.

A. Use the Breakout Method to spot trends. This system is not new and is widely used methodology.
B. Smart traders look for previous trends with significant break resistant.
C. Use confirmation indicators to confirm trends that are already detected. We recommend bands, stochastic and RSI.

Making your personalized methodology will help you gain confidence in using it for trading.

3. Money Management

To speed up your money you need to know the right time to calculate the risk. One of the fatal errors that a trader commits in forex trading is to not known the right time to stop the placement. Some big trends last for a long time so you need to stick with them. Don’t be scared! let the trend and don’t try to be protective because go if you and hit stop at the wrong time this will just give you a marginal amount of profit and you’ll be surprise that the trend goes on and makes more and more profits.

4. Patience and courage.

Having patience and courage is very important in forex trading, you need to be patient in waiting for big trends since it doesn’t come in every day – as a matter of fact big trends comes in just a few times each year so need to be patient. And when it comes you need to have courage to enter the trade and stick with it even if it sometimes back off on you and shows small outcome. If you have the courage to take risk on bog trends you might then be rewarded with huge profits.

So to be successful in forex trading make your personalized method and be confident to use it. Be smart in using in your money and be patient in waiting for big trends and take courage to enter on it.

I often read self-professed traders talking about accepted wisdom, and I wonder if these people have already engaged into trading industry.

Here are six of the all time favorite advice that if you follow it… you will lose.

1. Day Trading: A Low Risk but High Reward way of trading

Lots of writers say that day trading and that they are successful at it, but truth is none of them can show their real track record of their profits from the long term trading. All short term trading is unpredictably random. One can never say that chances are in their favor instead one might even lose and lose quickly.

2. Knowledge is Power

Well this should be: Right Knowledge is Power
In the forex market most traders tend to follow others with their way of trading, some even make it complicated by using others system. Truth is, it is very simple all you need is a system that works for you, confidence to use it and the discipline to stick with it.

3. Buy Low and Sell High = Money

Of course this is what every trader wants- to pick the market and sell the market.
Situation is: Prices swings back and forth to support. If a buyer buys expecting a bottom market to support holds then that is trading against price momentum and you’ll just end up losing your money the easy way.

What you need is wait for the turn and see when the price swings back up. This may not get you in the bottom market but chances might be on your side.

But then again a trader won’t buy and will wait for a pullback when a breakout occurs on an important market high, of course it will never come and he’ll be left waiting for a big trend soar up away from him. He should have done his move – he should have bought the first break!

Truth is most big trends come from a market of a great magnitude either high or low all you need to do is to follow them.

So..

Buy Low and Sell High = Losing
Buy High and Sell Higher = Money

4. Listening to the News

Experts are sure to be convincing when they say where the prices should go and it is very believable.

But bear in mind that experts are not traders, they are just entertainers that offers good story and more often that not they’re wrong – so don’t listen to experts, listen to yourself do your decision.

5. Useful paper trade

Use a demo account so you will learn the ropes of forex market without risking money. It can be helpful up to a certain extent -yes, but there’s a limit on what you will learn to be a good trader.

You don’t use actual money on demo account so there is no risk and no pressure, and that is very different on the brutal world if real trading.

6. Trail stops quickly

This is the idea of locking in the profit. Most traders become defensive and get obsessed in locking in profits; they simply stepped out of trade and never get the chance to follow a big trend.

Forex market trading is all about taking risks and if you restrict the risk then you will not get the chance of getting the big profit.

A Forex robots success or failure is dependent on the algorithm or rules, it uses for making trading signals. By looking at the rules, you can see which ones are likely to make money, here are some simple tips to find the best…

Every Forex robot you see promoted claims to make money but the simple fact is most don’t and will wipe your equity out. Why?

Because the rules they use to trade are based on unsound logic.

The first points to keep in mind are these.

Forget sophisticated mathematical formulas, to predict prices – they don’t work and never will. Forex markets don’t move to mathematics they move to the odds so complex theories lead to losses furthermore, there is no system that can predict the future. Ignore any system that claims it is predictive and move onto the next one.

Generally the fewer the rules the trading system contains the better.

To give you a graphic example of this, I know of a system that is one rule based and made the operator a million dollars using it! Another great 1 rule system that works is the 4 Week rule; it’s free online and it has made huge profits for years.

So don’t think simple systems don’t work they do, as they are very robust and a system that’s to complicated will simply break.

Now let’s look at some other ways to spot good Forex robots.

Does the system have an independent track record or is it simply a back test?

If it is a simulated back test, then all this means is that the vendor has bent his rules to fit historical data to make a profit. These fail miserably in real time as you can’t bend going forward.

Is it short term trading system?

If it is avoid it. It won’t work because all short term movements are random and no day trading or scalping system will make money.

Check that all Markets are traded with Same Rules?

If there not and you have unique rules for different markets and conditions, chances are it’s a bent to fit system, that has simulated track record and should be avoided.

In Conclusion

A Simple Forex Robot is best and it should trade ALL markets in the same way and trade them long term.

Most Forex robots you see claim to be mathematical, predictive and complicated which is not a good sign!

Stick to the simple ones and the ones that have a real time track record to back up what they claim and never trust a back tested simulation.

Look around and you will find the right automated Forex robot which can lead you to long term success.

Making a living in the forex trading market can be very profitable but at times stressful. The trick is to keep the perfect balance that will allow you stay sharp, make money and not go insane. There are a lot of pratfalls that you may fall victim to so here are a few forex trading tips to keep you on your game.

1. Check the economic calendar each and every day

One of the most frustrating things that can happen to you as a trader is to spend half your day spotting a trend only to see it go south all of a sudden. Maybe Ben Bernake made a negative comment or there were economic data releases that you didn’t see. Simply checking a site like Forex Factory at the beginning of your day will ensure that you don’t miss things like this.

2. Join some forums

Forums are a great way of keeping your sanity. If you are doing full time trading forex or working from home, you’re going to find yourself in a lot of lonely situations and rarely around people that can comprehend what you are talking about. By joining an economic forum, you can make use of your slow periods and bouncing forex trading tips off of other traders. You can also exchange views on different forex strategies and checking out some new forex reviews.

3. Get outside and enjoy life

When you are talking to a lot of traders, a common theme is that they spend every waking hour researching their market. You’re going to want to try and get away from this and enjoy some of the money you are making. This is not to say you’re not going to have to do your homework, but surround yourself with real people and get out of the house to have some normal interactions on a daily basis.

4. Make exercise a part of your daily routine

Exercise has an amazing effect on everyone. You find yourself sharper mentally, obviously in better physical shape and with a lot more energy. When you’re sitting in front of a computer staring at a monitor all day, you have to make sure that you are doing something to keep your body in shape and your mind sharp. Here is a good forex tip – get up early and go for a jog or take a nice bike ride after the market closes everyday and you will find yourself better equipped for battle.

5. Don’t be afraid to treat yourself

While the forex market runs a fast and furious pace, is never going to hurt you to make it a point to get up and get away from it for a few minutes every hour or so. Maybe making your goal that every time you have a successful trade you treat yourself to a 15 minute break. Even if you are doing forex scalping, you’re going to have to step away for a few minutes just to recharge your batteries and regain your focus.