Forex Trading Guidance - Learn, Trade and Win in the Foreign Exchange Market

Over $3 trillion changes hands each day in the global Foreign Exchange Market - more than all the Stocks, Options and Futures markets combined - and all at your fingertips online.

Unlike stock exchanges, the Forex market is open 24 hours a day from Sunday night to Friday 4pm (US Eastern time). So if you have a day job you can trade live after hours. You can start as small as you want but still have virtually limitless growth opportunities.

Trading Foreign Exchange is highly leveraged - a small shift in the exchange rate generates a large change in your active trade. This leverage is typically set to generate a $100 gain on one "lot", for each cent change in your favor, in the exchange rate. Of course you lose at the same rate which is why you need to understand how to stack the odds in your favor. Trading is not gambling, it is a game of probability. If you know how to weigh up the trends you can stack trades in your favor.

There are a myriad of sources of classes from basic to advanced and many of them are free. However you go about learning, make sure you go through relatively formal exercise - it will save a lot of wasted time, effort and money if you aren't structured in your approach. Ninety percent of those who dabble will lose enough to give up relatively soon. But for those of you who make the effort, a decent percentage can be successful traders.

While Forex traders usually rely heavily on reading charts, it is important to understand the key fundamentals affecting the value of currencies. News, business climate and interest rates are some of the main influences of exchange rates. Learn the interaction of these factors - don't just rely on charts - and you will become a much better trader.

Our web site at http://www.bluenilefx.com provides information on what to learn and where to get top quality training for beginners through professional traders, mentoring and live trade alerts.

Learn Forex The Easy Way and Profit From the Currency Exchange

I hope everyone has enjoyed my writing so far regarding the various aspects of trading currency. I have decided to write an article centered on the psychology one must embrace as a trader to be successful. Let me be absolutely clear, trading (currency or stocks) is risky business and there are no guarantees. Wading through the systems that work and those that are faulty, coping with financial losses, and ultimately developing your own "hybrid" of trading which works for you is a difficult and demanding process. There will be times you doubt yourself and ultimately whether or not you continue on in the Forex currency exchange is your decision. Bearing these caveats in mind I will continue to delve into the psychology of what defines the basic differences between a good (profitable) and a bad (more loss than profit) trader.

Patience, you are going to hear this over and over again not only from myself but anyone else you ask about trading. Patience is the first thing we learn to hold dear as we trade but it is also the first thing we forget and usually at times that cost us the most. It is a lesson you may have to learn more than once but if you find yourself absolutely unable to practice patience while trading you should definitely consider re-examining everything you are doing because if you do not you may find yourself with nothing left to trade.

Practice, this is a tricky thing to address because we are all so different in how we learn but make no mistake, if you practice with a "live" account before making an effort to learn not only the market but charts, software, and trends you will find yourself in a world of hurt. I know, you made the decision to make money from home and now you feel the pressure but please heed my advice here...do whatever you can to relieve that pressure because this is not a get rich quick scheme nor is it a roulette wheel. Your ability to focus and begin to spot trends in real time via software suites such as MT4 should be approached from a "crawl to walk" mentality, be grateful you can even vaguely comprehend the chart because that in and of itself is an accomplishment. Never be too hard on yourself and never rush, you are at any given moment on the verge of a breakthrough which will change your life, but you need to have the discipline to know when you are ready.

I have written this article for those in doubt and those who need to know that they are not alone and that most of us who come into Forex do so because we are not like everyone else and want to pave our own way. Everyone learns differently, everyone succeeds differently, and ultimately our rewards are our own. Happy Trading!