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Online FOREX Trading – The Secret of Building Huge Profits
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Trading For A Living - Part 2
In part 1 of this article I started to look at the financial implications of giving up the day job to instead start trading full time for a living. There are more than just monetary considerations as we will see later, but for now, there are some more costs to ponder. More Costs! Let’s move on to equipment. Presumably you already have a PC and internet connection by virtue of the fact...
Online FOREX Trading – The Secret of Building
Huge Profits Quickly
The secret of how to make big profits with online FOREX
trading is staring traders in the face - but most traders don’t
see it. The secret is ...
Ignore the usual advice you are given, on how to make money
in online FOREX trading - and do the opposite!
Read each myth outlined below - which are touted as the
great ways to make money on the FOREX – then, when you know
what’s false, read the truth in the “Reality” that follows each
myth.
Myth 1: Day Trading Makes you Money
No, it doesn’t - and it’s obvious why.
Daily movements are totally random - and by the time you
throw in commission, and slippage, you’re guaranteed to lose
money.
This myth is perpetrated by brokers, and vendors on commission
kickbacks - that’s why it’s such a common myth. Remember you
lose they win – period.
Reality - the way to make money in online FOREX trading
is to follow the longer-term trend.
The big currency trends last for months, or years – so lock
into them, and pile up huge profits.
Myth 2: You can Buy Success - by Following a Guru or
Tip Sheet.
For just a few hundred dollars, you can learn systems that
trade with 90% accuracy or more. – Yeah, right. If that’s the
case, why don’t the vendors and gurus simply keep quite, and
make money for themselves? Answer - because they can’t - it’s
all sales hype.
Reality - if you want to make huge profits by FOREX trading,
the reality is - no one can give you success - you need to take
responsibility, and do it for yourself. All the great traders
do this - and you must too.
Myth 3: There is a Safe Way to Trade Currencies
Most traders don’t like risk - they believe people that
say that you can trade “safely”.
Traders try and follow scientific theories - and believe
it when told, that they only need to risk a few hundred dollars,
to make thousands.
Reality - online FOREX Trading involves risk - pure and
simple. If you don’t want to take risks, put your money in the
bank, and earn interest.
If you want to make money, be selective on the trades you
make - and have confidence in your own judgement.
If you take calculated risks on trades with good odds, you
will pile up huge profits.
Myth 4: Buy Out of the Money Options for Leverage
In FOREX trading, options give you unlimited profit potential
with limited risk - so brokers tell you to buy out of the money,
cheap options with little time value. These options give you
greater leverage - and you can then make huge profits, when
your option trades “in the money”
Reality - out of the money options, with large time decay,
are cheap - because the odds of them trading in the money are
small.
In FOREX trading, this is the same as backing the outsider
in a horse race - of course, you can be lucky, but over time,
you lose.
Buy in the money options, with lots of time value. You won’t
make as much per trade, but you will make huge profits over
time - and your odds of success are far better.
Myth 5: Timing the Entry to a Trade is Crucial
Many brokers and gurus say you need to be in, ahead of the
move - and predict the market tops and bottoms. You will then
get all the profit from the move.
Reality - trying to pick tops and bottoms is a mugs game
- wait for confirmation, and then catch the trend as it gets
underway. Sure, you’ll miss the absolute top and bottom, but
no one can pick those anyway - so don’t even try. If you get
even 70% of the big moves in FOREX trading you’ll make huge
profits. Read articles on breakout systems, for more information
on how to do this.
Step Away from the Crowd
As you can see, the way to make money in online FOREX trading
is to step away from the 90% of traders who lose money - and
join the elite 10%, who make the big profits from the big moves.
Ignore the conventional wisdom, and understand the reality
- and get rich!
Feature
Article
Do Women Make Better Investors Than Men?
Being involved with a company that trains people how to actively trade in the stock market. I have seen thousands of both men and women start off down the road to prosperity through various types of investing. Approximately eighty percent of our clients are male. But I’d wager that eighty percent of the most successful investors, are women. Based on this experience, I began to wonder why is...
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