Forex Trading Tips - How You Can Profit at Least 200 Pips Each Week Trading Forex

Profiting 200 pips from the forex market might seem rather out-of-reach for most ( including yourself perhaps ) if you have not been there done that. This logic is very simple to understand here - Considering a trader who can consistently nail an average of 200 pips from the forex market each week, this kind of profit target would not be overwhelming to him/her anymore. On the other hand, if you are the kind of trader who struggle to make 50 - 80 pips each week, this target of 200 pips might seem like an impossible target for you (at least for now). However, nothing is hard or impossible as long as you break down everything and try to understand the process in a simple manner - Likewise for this strategy on profiting 200 pips each week.

Let me share the details below:

In forex trading, being "consistent " is really the key to succeed continuously month after month and for a long time to come. Nothing beats this fact I am sure. So instead of thinking how to make 200 pips each week, you just have to break it down into 40 pips a day instead. Not only is 40 pips a very achievable target, but it is also a " realistic " target as well. Why do I say so?

Because for almost all the currency pairs available for trading, their average daily pips range would be between 100 - 150 pips at least. Hence, when you are aiming for just 40 pips out of this range, it is definitely very do-able once you understand some proven facts I am sharing here. For this example, let me use the EUR/USD for my explanation of this strategy. This is one of the most commonly traded pair and the liquidity is definitely good.

Here are some tips for you to secure the 40 pips target with confidence:

1) Always Trade On The Bigger Time-frames Such As 1 hourly or 4 hourly

By looking at the bigger time-frames, you are actually looking at the " bigger " price projection in the market. Therefore, not only are you looking at more reliable signals & patterns formation from the chart, but also not that tiring after all as compared to staring at the 1 minute or 5 minutes charts instead.

2) You Should Trade With A Good " Risk/Reward " Ratio Of At Least 1.5x

Forex trading is merely a game of probability after all. As long as you lose less than what you win each time and simply rinse and repeat over many trades, you are going to be in the "positive" profits zone every month. So by applying a risk/reward ratio of 1.5x, you would plan your take profit at 45 pips (applicable for a pair such as EUR/USD) each time and stop loss at 30 pips. When you stick strictly to this ratio, each time you would win 45 pips but when you lose, it is only 30 pips.

Lose less and win more - That's what I called it!

3) Learn Forex Trading Strategies For Both Sideway & Trending Market

In the forex market, it is either the market is going sideway (ranging) OR trending. And the beauty is that you can definitely nail those pips (profits) you need from both market condition once you have some strategies for each different market.

To truly put all odds on your side, it is no good to apply just one strategy to all market conditions as in this way, you would not be getting good results in the long run or maybe only "breakeven " perhaps. So what you should do is to include good strategies meant for both the sideway & trending market in your trading basket. And the best strategies you should use would be based on Price Action itself.

Why so?

This is because Price Action is not lagging and the " hints " you derive from the actual market Price Action is more reliable most of the time. On the other hand, when you rely too heavily on the so called " textbook technical indicators", you would suffer more confusions and uncertainty as they are generally plain lagging and not as reliable as compared to Price Action.

Having stick to these 3 proven tips, your effort to make 200 pips each week would not be such a challenge anymore. You would suffer some losses definitely, but if you trade just 2 times a day ( using TP 45 pips & SL 30 pips ) and your strategies are just 50% accurate - 200 Pips by the end of the week is very do-able indeed! So if you are keen on tuning both your mindset and trading skills to make 200 pips each week, do try out and get familiar with these 3 rules using a DEMO account first.

Once you can " consistently " get many repeated 200 pips each week, you can then proceed onto a Live trading account if you want. 200 pips each week would roughly equate to about 800 pips every month. Now do you know how much these kind of pips would help to grow your account size by only risking 2 -3 % each time? I would say, it is enough to make most traders around the world "filled with envy " once they know about your success with forex!

Currency Forex Trading System-A Proven Strategy To Learn How To Trade Forex Profitably On Your Own

If you have selected a suitable forex trading platform based on the 6 point Criteria and have proceeded to fund your account with the broker, what's next?

Should you spend time paper trading or do you start to trade immediately?

At this moment of time, it would be necessary for you to have a clear-cut strategy or a development plan on your new found "career" in forex trading. Make no mistake, forex trading can be your permanent long term source of income. Treating it as a kid's game where there is no necessity to preserve capital or to create gains is going to bring you to ruins in a short time. On the contrary, if you approach forex trading with some commonsense and with the idea of personal wealth creation, and for some, an online career or your permanent work from home occupation, then you have made a good start.

Now, trading is very much a mind's game.There must be a conditioning of the mind to recognise the real power of forex trading to give gigantic gains and to cause massive losses.There is this need to master the emotions to pull the trigger to trade when you have a nice trade setup going for you with potential good gains. There is also this real need to know how important it is to really pull the trigger to terminate a trade when it is going against the direction of your projection, to cut your losses short and be out of a losing trade.

To this end, I always recommend to novice traders to spend time to study powerful trading setups developed by professional forex traders and to run them through the "simulation lab"...to "paper trade" these setups, until they get into winning positions consistently. This period of paper trading will allow them to get really familar with the various trading positions of prospective profit potential and losses, conditioning them to an almost real life trading environment. Even if you are a veteran trader, you can get back to simulated trades to re-condition your mind when you hit a bad patch in your trades. It will do wonders to frayed nerves for a stressed-out trader who needs some re-conditioning to get back to top flight as a trader.

Where do you get these winning trading systems to paper trade? There is no short cut here. Either you develop them or you learn them from more experienced traders who are willing to share their winning trading setups with you, or buy them off some trading vendors. As a beginner, developing them yourself is out of the question and if you go that way, be prepared for a long learning period and also to pay for your losses learning along the way.

An easier solution is to find a mentor, and learn from him. This can be a paid solution where you engage the services of a professional trader who will look over your shoulders and see you through the trades as you "clone" his techniques. Or it can be learning from a course of trading, or even from a friend who is a successful trader. Always learn from the best.

When will you stop paper trading and start real trading?

Continue to paper trade till you achieve a consistent winning position where you get a good winning to losing trade ratio. Once you reach that stage, you are ready to take the plunge and to start to trade for real with your own money.

What have we gained by walking this route?

Firstly, you have spent time to master the trading setups.

Secondly, you have spent time to master your mindset, and to master your self to pull the trigger.

You have now become a potential "dangerous" trader who can trade on your own for gigantic profits. You have now become a real forex trading machine!

Forex Education - 5 Tips To Avoid The Online Currency Trading Trap

Online currency trading in increasing in popularity and with it comes the good, the bad and the "you know what." Like any business venture there are people out there waiting to take advantage of you and people who genuinely want to help.

Some people hocking learn to trade packages are internet marketers riding the wave of a hot market in search of profits, while others are season professionals looking to create a win-win scenario for you.

So what do you do?

Here are 5 simple thoughts to keep in mind as your search for your Forex education online:

1. The Forex Education Program Itself

You want to make an assessment of the Forex education program's approach to learning and ensure it matches your style. Some people can learn by reading a book (very few!), while other require a more structured hand holding approach. Some like a classroom environment, while others want to learn live and online.

Make sure you have access to live instructors, this will be your life-line when things get tough. Bottom line; If it resonates with you, then it most likely will fit and you will learn.

2. Guarantee Needs to be Real

Make sure the Forex education program you consider offers an adequate guarantee. Some programs out there offer only a 2-week trial for big dollar training packages. The refund period should be appropriate for the cost and 30-days at a minimum. The guarantee should provide adequate time to evaluate the product or service and then some.

On the flip side of the coin, if the guarantee is acceptable and you have not acted to properly evaluate the product or service within the time frame you should evaluate your own position to determine if you are ready for the training.

No Forex education product or service will make you money sitting on the self.

3. Coaching Required

We all need a coach. Yes, all the information you need to become a successful trader is online. Great, where do you start and how much money are you willing to lose separating the good information from the bad, let alone implementing this vast resource of information?

Any person who participates in activities that require peak performance in order to achieve success (Forex trading qualifies!) needs a coach. Make sure your Forex education includes programs that have individual or group coaching as part of the package. Nothing will accelerate learning like live interaction and mentorship. Don't fall for the go it alone approach.

4. Establish Your Goals Prior to Learning

Ensure your personal goals are congruent with your Forex education goals. Be clear on why you want to learn Forex trading and what you want to get out of your training. Clarity will ensure the investment in your Forex education will be profitable.

Trading is all about personal responsibility. There is an old Buddhist saying that when you are ready to lean the teacher will appear. Remember, you are 80% of the success equation.

5. Fast Profits Beware!

If any Forex education product or service promises fast money, don't think; just run away as fast as possible. Forex trading is a process that has to be learned like any other profession. Profitable Forex education will never focus on the money, the curriculum will be established entirely around learning the Process of Forex Trading.

The only Holy Grail in Forex trading lies in the six inch space between your ears. Learn the process and the money will take care of itself!

When done right, Forex trading should be an almost boring repeatable process. In fact the most valuable investment you will ever make is the one in yourself. Your Forex education will determine whether you eventually achieve your financial goals or not.

Remember, there is no such thing as failure there is only feedback. Keeping these tips in mind when searching for your Forex education product or service will allow you find a partner in your success.

Are You Interested in Learning to Trade Forex? - What You Need to Know Before You Begin

Are you interested in learning to trade Forex? If so, you could soon be on your way to riches. There are a lot of people who are making a ton of money in foreign currency trading, but there are also a lot of people who have lost just as much money. So when learning to trade Forex, it is very important that you have the right tools.

When you are first learning to trade Forex, you need to get some type of training guide. You want to find a guide that offers you live assistance, in case you have any questions. It is also very important that you find a system that will allow you to conduct a long series of fake trades before trading your genuine, hard earned cash. These fake trades are made in real- time conditions, you just don't spend real money. But they are an essential tool for learning to trade Forex.

What else do you need to learn? Well, you need to know about the history of foreign currency trading, as well as the factors that cause the exchange rate to change.

It is not difficult at all to take part in foreign currency exchange trading. The biggest thing you need in learning to trade Forex is the ability to find the resources that are necessary for the investments you are going to make. But when you arm yourself with as much good information as possible, you stand a good chance of making money. Your best bet is to get a strategy that works, and just copy it.

Forex Live Rates - Monitoring the Market

There are many ways that one can read the Forex market and one of the ways and information that you can use is Forex live rates - a great way to monitor the market and make some investment decisions. Falling under the technical analysis umbrella, Forex live rates gives you real time readings and information based upon market movements and this is called one of the by products of the Forex influence. If we look more deeply in the area of Forex live rates and the influence factor of the market, we can actually track most of these sort of movements down to the existence of Central Banks in and around the market.

They are at the center of the financial system of any nation state and they are the ones who are in the demand and supply of the country's very own currency. Where they came from was actually in the 17th century, where the first central bank was based in Sweden and slowly but surely, the U.S Federal Reserve reared its head about two hundred years later, starting the growing trend of central banks and currency control in countries. The roles of the central bank is actually to monitor the market and the one in Europe does this quite well, ensuring price stability of the Euro and keeping a check on inflation rates in the continent. The Federal reserve of the U.S.A has four main responsibilities, which stretch from anywhere to influencing the monetary and credit conditions in the local economy, supervising bank activity, maintaining the stability of the financial system that providing a whole host of financial services to many of the business and institutions that form the coalition of American private and public business.

The Forex live rates come from most of their intervention. Interest rates are the most important lever that these banks can have control over and they are viewed as the very value of the currency. Because they have so much capital in reserve, they can often plunge enough commodities into the market to control the price and fluctuations of the rates; sometimes even going against the market to ensure that a movement does not gain so much momentum. This is often decided in boardroom meetings by carious chief financial officers who then pour over market data and decide there and then how best to regulate the live rates that will be of course reflected in the FX market.

One way to monitor the market is to get a good idea on the activities of the central banks that have a direct influence on the currency pairs that you are dealing with and this will give you some good technical analysis information to make some good decisions on the market. Forex live rates are a great way for anyone to monitor the market, combined with sound fundamental analysis and hard work on observing market psychology - to make some decent money. But of course this is just a small part of Forex you need to know about to effectively master it.

Forex Currency

Forex currency trading is one of the best ways to get involved in the world of financial investment. The currency trading market has the deepest liquidity, widest accessibility, and lowest startup fees of any financial market in the world. The 24 hour 6 day a week forex market hours provide numerous opportunities to trade the market. Unlike other financial markets where you can only trade during certain market hours, in the currency trading market you can enter or exit a trade any time of the day, 6 days a week. This means if you have a full time job you can do your trading at night or in the morning before work, this is not really possible with stock or commodity trading because the market hours for these instruments are during times when most people are working.

In order to consistently profit at forex trading you will need to receive proper instruction in how to go about trading the market. Many beginning traders make the mistake of thinking forex trading is easy or that they are better off learning on their own. The paradox of trading is that it seems easy on the surface, but if you do not have a reputable trading mentor to guide you, you will likely fall prey to one of the numerous scammers in the financial world, or you will just get buried under the mountain of information and various trading strategies that are available on the internet and elsewhere.

Currency trading can be a very good way to learn a lot about yourself and how you manage your emotions under the pressure of a live trade. One common trap that some traders fall into well learning about forex currency trading is believing that they can just demo trade for 6 months or a year and then after they have amassed an impressive demo trading record switch over to a real account and everything will be the same. While demo trading is very helpful, and necessary to properly learn the mechanics of trading, it does not teach you much about the emotional and psychological aspect of trading, which is by far the most difficult part to master. In fact, most beginning traders typically experience good results on their demo account and then after they begin trading real money they wonder why it got so much harder and why they stopped making money regularly.

The main reason this happens is because when you are strictly demo forex trading you have no real money on the line so there is nothing for you to become aroused about, this allows you to think clearly and objectively and thus profit consistently. The ironic part is that this is the way you should be thinking when trading real money in order to consistently profit. But the minute you enter that first real trade there is bound to be at least some level of physical arousal on your behalf, this is why it is crucial to manage your risk effectively. The only way you can consistently profit in a real trading account is to manage your risk to the point where you do not become aroused by having a real trade on, in this way you will be able to maintain that objective and calm mindset you have while demo trading the forex currency market.

Top 10 Things to Do to Have Forex Trading Success

Here are the top 10 things to do to have forex trading success:

1) Get rid of your indicators - They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.

2) Understand money management - you could have the greatest trading system in the world, but it wouldn't mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You won't be a millionaire overnight, so there is no reason to risk that much.

3) Don't stay on demos too long - It's normal to trade on demos when you are first starting out. But you've got to cut the chord quickly. Trading with fake money cannot prepare you what its like when you're trading for real. There are emotions involved when real money at stake.

4) Control your emotions - Nothing can destroy an account faster than emotions. If every single trade causes anxiety. You have to learn to relax and take a deep breath. You won't make it far in trading, if you're constantly having panic attacks.

5) Start off small. Do some mini trading - Once you got the demo trading out of your system, start off trading on a mini account. Chances are you aren't quite ready to play full lots (both financially and emotionally).

6) Don't trade with more than 200:1 margin - Margin is the livelihood of any forex account. Anything over 200:1 can destroy an account quickly.

7) Stay away from forex EAs and trading robots - Until we live in a day where trading robots can comprehend economic news like interest rate decisions and trade accordingly, you're better off learning to trade for yourself.

8) Prepare for news - There is always news happening every single day in the world. You have to be prepared. Know what analysts are expecting and what happens if actual results don't match expectations.

9) Be prepared to trade a 24 hour market - For former stock traders, it takes some getting used to. With stocks, your day is over at 4 pm EST. With forex, you may have to babysit trades from dusk to dawn.

10) Enjoy what you are doing - There's is no point in trading forex, if you're going to be miserable. If you feel like you're just going through the motions, then forex trading may not be for you.