If you are considering forex day trading then you need to read this article first. Why?
Because, day traders have been making the simple critical error for a number of years its obvious yet traders still make it and its this.

Day trading does not work anymore.

We all have the same information at the same time and all moves in short term time frames are random. We will look at this more in a moment but let’s first give you the reality check on all those trading systems that claim big gains.

They all make big claims but there not real gains there in hindsight on paper and you will always see a disclaimer. Tell me would you trust any system with this on it:

“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.

I wouldn’t but thousands do – this disclaimer allows you to make up anything you want and say hey it’s just a simulation!

What good is that? – We need to make money going forward and don’t have the luxury of knowing the closing prices.

Also why on earth would you trust someone saying how great their system is when they haven’t had the courage to trade it for themselves. Of course if it worked then you wouldn’t, even need to sell it judging by the track records the vendor would be rich beyond their wildest dreams – yet they offer you these riches for $100 or so bucks UMM.

You cannot tell where short term prices are going and that’s a fact and that’s why you never see a day trader make real gains – Your going to lose so don’t try. If you want to trade short term use a forex swing trading system.

Moves are short term a few days to around a week, you get plenty of action and it can be very profitable. You will find lots of swing traders who make money and no day traders.

To win you need to get the odds on your side and that means trading a longer term time frame. If you have not discovered swing trading check it out.

Day traders tend to be lazy or arrogant or think currency trading is easy – well its not that’s why 95% of traders lose all their money ( 100% in the case of day traders!) and of course you wouldn’t expect it to be with the rewards on offer

Fact is you need to get the right forex education and get the odds on your side and you can’t do that in a random trading environment.

Forex day trading will see you lose because you can’t get the odds on your side, so try swing trading and you can get the odds on your side and enjoy forex trading success.

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Well, the odds certainly with you. The fact 95% of forex traders fail to make any money. But if you think outside the box a little bit you can certainly be successful trading forex. The key is not to make the same mistakes that are so common with forex traders.

For starters, don’t over leverage your account. I’d recommend not using a margin that is higher than 200:1. Try to keep your usable margin above 95%. So many losses are cause by simply not taking into account the money management aspect of trading. Either they overleverage their accounts so badly that they get margin calls or they just get so nervous and anxious that they cut their trades for major losses just do to fear.

Pick a forex broker with a good history. It’s tough finding one that has 100% positive feedback when doing your research online, so just pick the best out of the bunch. The worst brokers are the ones that chase down your stop losses. You can never account how many losses are taken because the broker pushes the price of the currency to your stop loss, only to revert back to the opposite direction.

But the biggest tip I can give you is get rid of all of your indicators. Think about this statistic again: 95% of forex traders fail to make money. The moment most traders start trading, they instantly find some kind of system that relies on lagging indicators. Lagging indicators: They lag. Even though most people know this, they flood their charts with these indicators, instead of trying to understand the power of price action. Price action is the oldest form of technical analysis. It will never go out of style. It’s just a shame that most traders don’t start of trading this way.

Trading price action is much easier than many people think. Once you understand it you’ll never go back to using indicators.

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There are four very crucial steps for determining a trade and making the right decision. Profitable traders are able to spot opportunity, but not act until it knocks. Waiting for opportunity to knock is the sole difference between the average Joe and professional traders. True insider methods aren’t methods at all – just a strict adherence to the day trading rules.

Determine direction

The first step is to determine the direction of the chart: uptrend, downtrend, or sideways trend. This should lay the groundwork for the kind of trade you want to take. Surely you would not want to bet against a raging bull, and you’re unlikely to correctly call bottom in a bear market; thus, following the trend is the best way to get an instantly higher success rate. This is why day trading strategies, such as following the NYSE tick, do so well; you move in tandem with the trend, not against the market.

Know what you’re doing

The second step is truly understanding why you’re entering the trade. Trading discipline is just as important a factor as the alignment of your technical indicators. Knowing what you plan to trade and why you will trade it is one of the single most important things to know.

Many traders place trades just “because they feel like it” and get dangerously caught up in a game of cat and mouse. Proven strategies do not need your twists and turns; they just need to be executed faithfully.

Turn down the radio

The third step should, of course, be to avoid distractions. The period when a trade is open can be hectic; the ups and downs of the market shown on your computer screen make it that much worse. Couple those emotions with loud music or a TV chatting to itself in the background and you have a recipe for disaster. Your first task should always be to preserve trading capital, even if this means limiting the odds that you’ll lose even by modifying small pieces, such as distractions.

Bring the game plan with you

Don’t forget the strategy. This is the fourth and final step, though not much a step at all. Your day trading framework can go down to dust if you forget the most important asset you have as a trader: your trading plan. Without a plan, you’re speculating, not investing. There is plenty of money to be made in the markets for responsible and careful investors. It is a fact that proven strategies prove profitable over the long run. Why alter perfection?

Learn how to master day trading by downloading two of Trading EveryDay’s FREE products: Tools of the Trade eBook and a Trading Plan Planner. Dedicated to helping people become profitable traders, Leroy Rushing, a professional day trader, trading coach, and author, is the CEO of Trading EveryDay, a distinguished provider of educational trading products and services.

If you look at any forex chart you will see big trends which last for many weeks, months or years and it is these trends that yield the big profits. Forex trend following looks easy but it’s not as easy as it looks unless you understand these key points. Understand them and you can enjoy currency trading success…

Why Big Trends Will Always Occur

They will always occur, because currencies reflect the underlying health of the economy of the country they represent and boom and bust cycles are long term and reflected in currency strength and weakness.

Currencies will always exhibit long term trends.

If you can lock into and follow these forex trends, you can of course make a lot of money but most trader’s don’t have the discipline to do it – if you do with your forex trading strategy, then you can make huge profits. Making big profits is never easy and you wouldn’t expect it to be with the rewards you can make but if you follow the right methods you can make triple digit annual gains.

Let’s look at how to forex trend follow and catch these major trends.

Hit the Breakouts

If you understand how to buy and sell breakouts you can catch the big trends that yield the big moves and it’s a fact that ALL major trends come from breakouts of important market lows and highs and you should look to buy them.

Generally, an important breakout will be at least 3 tests of a level, in two times frames and the wider they are spaced apart the better. The more tests the more time frames and the wider they are apart the more important the level is and you will find a few of them per year in each currency.

They don’t come around often but the odds favor a major trend when they do and you should have patience to wait for them.

Keep in mind you don’t get rewarded for trading often – you get rewarded for being right with your trading signal and market timing – that’s all, not how often you trade.

Following the Trend

This is the hard part and the one that most traders cannot do, because they cannot take open equity dips against them – you need courage to follow these forex trends and hold them and here we will show you how.

Most traders get excited when they get a profit and the bigger it becomes the more excited they get. As normal volatility dips back and starts to eat into open equity, they get frightened and want to take the profit before it gets away, the more this happens, the more nervous they get. In the end, they simply cant take it anymore and snatch a marginal profit or move stop to close and get bumped out. What happens next?

The trade continues the way they thought and piles up $10, 20,000 or more and there not in!

If you are in a big trend, accept short term open equity drawdown as part of catching the bigger longer term profit and don’t move your stop to soon! Simply wait till the trade is underway and leave your stop outside of short term volatility, say at the 40 day moving average when the trend turns, you will lose a bit but this method can make you tens of thousands on the big trends.

Always remember – if you caught just 50% of every major trend, you would be very rich!

Forex trend following suits the trader who wants to make big money and spend less than 30 minutes a day on their trading – if you like the buzz or action do something else.

If you have courage, conviction and patience, you can make triple digit gains using this method and it’s one where if you hit the right trends they can provide stunning long term profits.

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If there’s an available market as big as the whole world that would be forex. Forex is a large market where big corporation and financial institutions trade. It’s a sure market with the odds standing at 1:1. It’s either you loose it or win it. Well, that’s how it’s supposed to be, at least. But trading schemes make this market a little complicated. The chances of winning becomes smaller because a lot of people who are trading in it have developed strategies that makes the chances favorable for them. You need to work hard in order to be competitive. This business is not for the faint-hearted or lazy people. Forex is a lot of work. Some people may make you believe that forex is as easy as counting from one to ten and backwards but that is not the truth. Forex is as complicated as how other people is making it to be.

If you are new to this business, you need people to work with you to guide you and teach you. You may also need people to help you watch for trends and signals. Now that would be difficult if you do it on your own but you can with the use of forex software such as the Metatrader 4. This software is developed for people who want s to extend their working hours while they themselves are taking a rest. It’s an automation program that helps people acquire data and do necessary analysis. This will become basis for a well defined execution of trades in the proper time.

Metatrader 4 is sometimes used with other softwares that allows trading automation. The system provides charts that one can use in analysis and decision making. It will give you indications when to make a buy or a sell based on the current situation and expected changes. You are given the option to make your own strategy or follow direction for the system. You an absolute control over the software. If you want to make the system extra user friendly, you need to incorporate other programs that will translate all the signals generated by the Metatrader 4 to a workable solution and trading automation.

Many people have tried and proven Metatrader 4 to be very effective. It requires some expertise, though, which means it is not intended for those who knows nothing a bout the forex system. The program is already used by many individuals and companies so you will be assured that your trading is safe if you just do it by the rules.

There is an opportunity waiting for you in the world of forex. The odds are playable and the earning limit is immense. If you have the right tool that can guide you and work with you, then you can start making profit where the world is the limit. You have use a system that is already proven and tested that generated a high probability result. Nothing in this world is certain. Forex is no exemption. The probability could be high or low depending on the system that you use. So it sis really necessary that the right tool is chosen and used properly. For reliability and trustworthiness, Metatrader 4 is guaranteed.

Steve Comet is a pseudonym for a group of experienced forex traders. Our team has reviewed all the different forex auto programs that exist, and found out the ones with make money. Check out our forex automated trading reviews

It doesn’t matter what system you use there are plenty of ways to make money but you need one thing to help you avoid becoming one of the 95% of traders who lose. So, if you want to know if you can win answer this question below:

I will win at forex trading because: I have a trading edge which is (Defined)

Now a trading edge is something that separates you from the majority of losers and a trading edge is NOT any of these!

- I am following a guru blindly

- I have bought a system that can predict tops and bottoms in advance

- I have a successful day trading system (a contradiction in terms!)

- I am trading news stories

- I trade by my gut instinct

The above are common answers and there all guaranteed to lose you money.

Most people approach forex trading like it’s a walk in the park and its not – that’s why the rewards are so high and so many people lose.

Listen to what I say, because I am not a self proclaimed expert telling you its easy and if your serious about forex trading your wouldn’t expect it to be, there is big money at stake!

The good news is…

Everything about currency trading can be learned by those willing to get the right forex education and who have a desire to succeed.

In fact, if you can get the right forex education and forex trading system the money that can be made is life changing.

It doesn’t matter what your edge is, so long as you know it, it’s based on sound logic, you are confident in it and have tested it.

Mine for example is:

Hitting contrary trades hard by using 3 indicators to spot the set up and two to time entry and hitting them hard even though I am going against the herd.

Yours maybe something else – it doesn’t matter, so long as you know that it will help you beat the losing majority.

A trading edge is a combination of learning, understanding and confidence that leads to discipline to execute your system.

Unless you have confidence and discipline in your forex trading system, you won’t be able to execute it and you may as well not have a system at all.

A trading edge is an acceptance of responsibility for your own destiny and working smart to get a system you know will win.

If you like to follow and blame others do something else.

If you don’t like taking calculated risks or being wrong then again go and do something else.

Forex trading is not for cry babies, it’s a big boys (or girls!) game, where you need to accept the responsibility for your destiny and the challenge.

A trading edge can as we have said earlier be acquired by anyone – if you have the desire to succeed and a willingness to learn, you can be a winner to.

The markets are unforgiving and brutal – they can only be right and you can only ever be wrong – but that doesn’t mean you can’t get an edge and win.

You can …

When you trade the markets you must understand how to play the odds just like the successful card player.

You fold when the odds are against you and bet big when there in your favour.

Sure, you will have losers but if you trade with the odds and an edge, you can enjoy currency trading success and win at forex trading and in many instances, make gains that can be life changing.

The question is are you up for the challenge?

If so, welcome to the worlds most exciting and lucrative business!

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One of the biggest myths of forex trading is you need to predict where prices are going to go to win – You don’t and there is a better way to win. Many Traders believe predicting as sound forex trading advice but its not – here’s why…

The reason you cannot predict is because you are simply hoping and guessing and that won’t get you far in life and certainly not in forex trading.

Humans are unpredictable and emotional and trying to work out what millions of them might do is impossible. To win you simply need to react to price change i.e trade the reality – before we focus on this, let’s get rid of all the so called scientific theories that are sold online.

The Fatal Flaws with Scientific Theories

You have seen them and most are based around the theories of Gann, Elliot and Fibonacci. So they work? Of course not.

If forex markets did move to a scientific theory, we would all know the price in advance and there would be no market. Prices move because of uncertainty not certainty!

Also if a system is scientific, by definition it should work all the time and the above systems don’t. By definition a theory is not scientific if it’s not objective as well and the above ones are not.

So how do you win without predicting?

Trading the Truth

Quite simple really – You act on price change and wait for it to occur and one of the best ways to do this is to trade breakouts.

All major moves start from breakouts to new highs or lows and the odds favor a continuation, if the break is valid.

If you trade high odds breakouts, you can make a lot of money and you’re not predicting. You are simply waiting for the move to occur and then trading.

Most traders hate doing this, they think they have missed part of the move and want to get in at a better price and wait for the pullback.

Of course, the pullback doesn’t come and they sit and watch a huge trend develop and there not in.

Most traders simply hate missing a bit of the move and that’s why breakouts are such a great way to trade.

Don’t Look For Perfection Look to Make Money

In forex trading your not after perfection with your trading signal you will never achieve it – your out to make money and keep in mind, if you caught just 50% of every major trend you would be very wealthy!

So forget out predicting and laser accuracy with your market timing and focus on getting the high odds trades from breakouts.

Sure, you won’t buy exact bottoms, or sell exact tops – but that won’t stop you making a lot of money and enjoying currency trading success.

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Forex money management is simply seen as a way of restricting loses but its lot more than placing a stop, if you follow the tips in this article, you could increase your gains dramatically…

The aim of forex traders is to take risks at the right time and get the odds on their side and then get as much as the trend as they can – sure you knew that already!

However most traders think high odds trades come around all the time – they don’t.

The really great trends maybe come around a few times a month no more but how many traders try forex scalping and day trading? Lots. How many lose? All of them.

The first real rule is to get the odds on your side as much as possible and that means

Cutting your trading down – most traders simply trade too much.
Keep in mind though you don’t get paid for how often you trade you only get paid for being right with your trading signal and that’s it.

Once you cut you’re trading down, you can concentrate on hitting the opportunities you are going to trade harder.

A huge mistake is to diversify why?

It simply dilutes gains. Most traders, also have small accounts and if they take the common wisdom of risking 2%, they have to have their stop so close, their guaranteed to get stopped out.

They have a small loss – but on the other hand, they have no chance of winning.

Sure it’s the majority view to risk 2% – but the majority doesn’t win!

Risk 10 – 20% and you will stay in the trade and get some meaningful profits.

Next the most common error of all of novice forex traders is to trail their stop to close and get bumped out the trade, by normal market volatility.

If you don’t know what standard deviation of price is, make it part of your essential forex education!
Knowing how to trail a stop, outside of normal volatility is the key to huge gains.

If you trade don’t trail too quickly and if your long term forex trend following, keep your stop well back.
A good way to do this is to use key trend line support, around the 40 day Moving Average.

Sure you give a bit back at the end of the trend but you don’t know when the trend was going to end anyway so don’t try and predict – you can’t

If you look at a forex chart, the big trends last for weeks, months or years and there worth a lot of dollars in the pocket.

If you trade forex you need to take risk pure and simple. You are not trading in a manner but take calculated risks when the odds are on your side.

If you want to make 10 – 20% you can do it with less risk elsewhere.

If you want 50 – 100% you need to take risks, it’s as simple as that.

Most traders try to restrict risk so much they create it. Sure they keep their losses small but they have a lot of them and never make any decent gains.

So in forex money management terms, you need to take risks at the right time hit the high odds trades with your forex trading strategy and milk them for all there worth.

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This is a simple online business which can be learned by anyone, only requires small capital and is all about working smart and learning the right education rather than working hard. After a learning period of about two weeks, you can run it in about 30 minutes per day and no selling is required!

This business involves you taking responsibility for your destiny and allows you to build a great second or even life changing income. If you have the right mindset, a willingness to work hard and a few hundred dollars, you’re all set to get started.

The business is becoming a forex trader from home. Hang on! You may say, I couldn’t do that!

Well the answer is you can, as everything about this simple online business can be learned.

Let’s check out the advantages which are numerous:

- You don’t need a college education and can learn this business in about 2 weeks

- You can then run the business in about 30 minutes per day

- You only need an internet connection, a computer and a few hundred dollars

- No selling is required and no stock

- There is never a recession as one currency goes up, another must come down and vice versa

- You can take holidays when you wish

- There are opportunities everyday

And now the really big advantage which gives this business such profit potential, you can leverage your investment.

- Put down $500 with a broker and they will allow you leverage of 200: 1. This means you can trade $100,000! This leverage is granted to you as soon as you open an account and you can use it to your advantage.

Of course, leverage increases rewards and also increases the risk – but if you have the right risk control and mindset you can leverage your money and make huge gains.

Currencies trend for weeks, months or years i.e. they move in the same direction and these trends are the ones you need to lock into – cut your losses quickly and run your profits.

The best way to trade is to use forex charts and learn to spot repetitive chart patterns and this is a learned skill.

You then simply buy or sell when the odds are in your favor. These formations can be learned in a few weeks and will put the odds on your side when trading.

The real difference between winning and losing is risk control. You must take your losses quickly and hang on and hold your profits but this again is a learned skill.

This is a business where your income can be a great second income or even a life changing one in time.

Becoming a professional forex trader is easier than most people think and doesn’t require much to start but has huge potential.

If you have never considered being a forex trader before and you are interested in a simple online business, then this one is hard to beat, in terms of what you can get for a modest investment of time and money.

Explore more about being a forex trader from home and you maybe glad you did.

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I’m going to share with you a currency trader’s characteristics. As traders we all have good and bad days and it’s not really that stuff that makes us lose money, it’s how we deal with it. It’s our characteristics as people that help us deal with it.

A good currency trader is always aware of their profit margin. We really aren’t trying to “win” trades. If there are any Texas Hold’em players, you know there are odds on hands, but there is also a thing called implied odds. All that means is that your odds on a hand could be 10%, but implied odds takes into consideration your potential profit. You could lose 10 times in the exact same situation and just win once and end up ahead. Same thing applies here. Never think of trades as “wins” or “losses”. It all comes down to profit. You could profit $1000 in the next 2 trades and than have 5 trades that lose $100 total. You’re still ahead by $900, even though you’re losing on the trade count. Always pay attention, your profit margins are more important than “winning” a trade.

A good currency trader always watches the morning news. They know that this is the single most profitable thing they can do that costs absolutely no money and requires absolutely no intellectual investment. They just sit down in front of television while drinking their morning coffee. The morning news is important because all the scheduled economic news comes out at that time. The economics of a country is the foundation that holds up a currency. You need to pay particular attention to the actions of a countries central bank because their policies inevitably control the supply of money, hence the price.

Lastly, a good currency trader uses automated software like Forex Killer. The reason they use it is because it allows them to free up time to do other things. You can sit on the computer for 15hr days, everyday. You need a break, you need to do other things. You can use this software to automatically sell if your trade is experiencing a loss or it can automatically sell when you reach a certain profit margin. It’s your choice because you get to control it. The software will also look through currency data and find profitable trends that you can make trades with.

For more information on the Forex Killer software, check out Forex Charting Software.