Professional Forex Trading - 4 Steps to Trading Like a Pro and Winning

Anyone can learn currency trading, yet most traders lose this isn't because they can't win they just don't work at the right areas and here we will show you what to do in simple steps to enjoy currency trading success...

If you want proof of the fact anyone can learn to trade then you should read the story of "the turtles"

This group taught by trading legend Richard Dennis, had no experience yet within 14 days were on their way to making hundreds of millions.

Ok you may not get as rich as them - but it shows the potential. You can turn yourself into a forex pro in 14 days and then be piling up profits, in just 30 minutes a day or less.

Step 1 Take Charge

As on all areas of life you need to take charge of your financial destiny and don't fall for a mentor, guru or robot will make you rich they won't. You're on your own.

Now you need to learn the right information and get your forex strategy formulated.

If you have a burning desire to succeed and are prepared to work hard, you're on your way.

Step 2 Your Forex Trading System

The best systems are simple and yours should be to.

If it's simple it will be more robust with fewer elements to break than a complicated one. If you can base on long term trend following and breakout methodology, this is a timeless way to make profits and can be executed in under 30 minutes a day. Look up our other articles to learn more.

Step 3 Money Management

Forget about clever methods or market timing being the key to success it's not its money management.

To win you have to play great defence first. As one famous trader said "if you take of the losses the profits will look after themselves" and remember to win, you need to bet and you can't bet if you have no chips! Ok ,it's a poker saying but applies to forex trading.

Step 4 Patience and Discipline

This is the key to success.

You can have the most successful method but unless you can apply it with patience and discipline, through losing periods and until you hit a home run, you will never win.

This sounds easy - but most traders cant keep going through a losing period, its hard when the market is taking your money and making you look a fool - but to win in forex trading you have to lose, its part of winning.

If you have a robust method and a disciplined mindset and stay on course you can make big profits.

Professional forex trading is all about working smart, getting the right knowledge, building a simple strategy and then applying it for success. Anyone can do it and if you want to you can and take charge of your financial destiny and get on the road to success.

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Forex Trading While You Snooze

When a currency is being traded for another currency, a foreign exchange trading is taking place. It is commonly known as forex trading or simply FX. Forex trading is by far the largest financial market in the world with an average daily trading of a whooping $4 trillion. Banks, multinational companies, governments, financial institutions, and currency speculators trade 24 hours a day, 5 days a week. With all the currencies in the world being traded, you can see the extreme liquidity of the market. So, it really is not surprising that people are attracted to forex trading like a moth to a flame. The problem is that not everyone has the patience to learn how the market works. Before delving into the rough waters of forex trading, it is important to at least have a working knowledge on how the market works and how transactions take place.

In a typical forex trading scenario, you buy a currency that you think will either weaken or strengthen against another currency. Say, you want to sell your Euro at a specific bid price because you speculate that it will weaken against the US dollar. When the market moves in your favor, you can then buy back your Euro at a lower price. The difference in your Bid and Ask price will be your profit. It does look pretty easy and you can actually get the hang of it in just a few transactions.

Forex trading can be an attractive investment opportunity if you know how to play the game. The downside is that you need to monitor the movements of several currencies that you want to trade. Since the trading is active 24 hours a day, certain factors can easily affect the rise and fall of certain currencies. If you are not quick enough to catch these developments, you will not be able to cash in on forex trading. The best solution will have to be a Forex autotrader.

A Forex autotrader is a forex trading software that will help you handle all your online trading. It's just not possible to monitor the market every waking hour, so the software can do all your forex trading work for you, even when you are snoozing or relaxing. Of course, you have to check once in a while how your trading is coming along. The great thing about this software is that it is easy to use. You just need to install it in your computer and you can instantly get started. If you are not too comfortable with setting up the system, there are ways to get it done with technical support. The graphs and the numbers you see on your screen are various monitoring system that will allow you to see the performance of currencies against each other. You can also see how much money you are earning and if you decide you want to invest more, you can let the Forex autotrader do its job. It's great when someone does something for you, but it's even better when you earn something in the process.

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

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Volume Rate of Change

Volume Rate of Change Definition

The volume rate of change (ROC) is a technical indicator used to gauge the volatility in a security's volume. The volume rate of change is a powerful indicator when estimating a security's ability to push through key resistance. The volume ROC is calculated the exact same way as the rate of change indicator except instead of tracking the closing price it tracks volume.

Volume Rate of Change Formula

The volume ROC is calculated by dividing the volume over the last "x" periods by the volume over the last "x" periods ago. If the volume from today is lower than "x" periods ago, then the volume ROC is trending lower. Below is the formula for the volume ROC:

Volume ROC = ((Volume - Volume n-periods ago )/ Volume n-periods ago) *100

Interpreting the Volume ROC

The volume rate of change indicator is subjective like many other technical indicators. The first question you have to ask yourself is how many periods should feed the input for the indicator. The shorter the periods, the greater price fluctuations will occur for the volume ROC indicator. Assuming you have selected the correct input value for the timeframe you are trading on, you want to see the volume ROC pick up significantly as it breaks through resistance. This is a sign that you are correct in your long position and the trend should remain intact for the near term. Traders can also use the Volume ROC to identify when there is a false breakout and use this as an opportunity to take a counter position.

Al Hill is the co-founder of mysmp.com (My Stock Market Power) which provides education on all topics finance; including stocks, bonds, options, futures, forex, technical analysis, and more! Please visit http://www.mysmp.com for more free financial educational content.

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5 Tips on How to Become Wealthy Trading Forex

Let 's look at 5 things to avoid if you want to make consistent money with Forex.

Let's start with 5 common errors you should avoid.

1. Stay away from day trading the market. With all the volatility and numerous outside influences, it is a losing proposition to get involved in day trading.

2. Avoid guess work. Trying to predict what is going to happen on the Forex market is difficult at best. The trader that falls into this trap will eventually come back to bite you because trading currency simply cannot be guessed.

3. Don't trade with money you cannot afford to lose. Trading with money that should be allocated on your personal budget elsewhere is plain unsmart. Traders do dumb things when they panic and trading with money you really don't have causes panic.

4. Do not try to buy a currency low and sell it high. This may work in the equity market but with currency trading it is not the way to go. It translates into having to predict again where highs or lows will form.

The truth is many major market moves begin from new market highs not lows. The best way to do it is buying the breaks as the chances are more in your corner and you often see large trends come up if, the breakout is from a genuine resistance level.

5. Do not trade without help. You should start off trading Forex with a practice account.

Most importantly, get a really good, reliable software program that is tested and has proven results.

Get an Objective Review of the Most Popular Forex Trading Software Programs. Forex Trading System Review is the place to visit.

See What Forex Trading Software REALLY Works! forex-trading-system-review.com is the place to visit.

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Automated Currency Trading Ideas

I wanted to share with you some automated currency trading ideas. This is a great market to get into, with a lot of money to be made. There is over three trillion dollars a day moving around, making this the largest market in the world. A lot of people come to make a quick buck, but end up losing all their money. Knowing how to properly trade in this market is important. It is also important to know how to treat this like a business, that can be automated and that you can get away from.

Robert Kiyosaki really introduced me to the idea of "the exit". We don't start in this adventure into the forex market to add another 20hrs a week to our already busy schedule. The idea of making big money than cashing out is a fallacy. First, it might never come. The second reason, you'll probably tell yourself that it isn't enough and if you just stick around a little longer it will be the "perfect time". This isn't a solution because it's just not practical. What you need is to develop an automated currency trading system that allows you earn "cash flow". Think about it. You don't need a million dollars. You can automate an income of $5000/mth, that means you can comfortably travel the world for the rest of your life. You can start retirement right away.

The perfect automation tool is software. In this market, we trade an detailed analysis, which is just a fancy word for math. Computers exist to do tedious math work, so obviously having software to look at currency data is in our best interest.

I use the 10 Minute Forex Wealth Builder. I like it because it is automated and only takes around 10 minutes to actually setup. This tool works for both beginners and experts.

Learn more at the 10 Minute Forex Wealth Builder Review.

Reuters - New York state's top legal officer issued subpoenas on Wednesday to seven executives who received tens of millions of dollars in 2008 pay from Merrill Lynch & Co before it was taken over by Bank of America , a person familiar with the investigation said.

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