Is your email inbox flooded daily with recommendations to trade this pair or that pair of currency? Are you constantly being bombarded with one offer or the other from software peddlers who promise Forex trading on autopilot? Are these endless telephone calls, unsolicited robot calls from perfect strangers driving you crazy? Do you find yourself being tossed around like salad in a China fish bowl? What of ebooks sellers with promises of heaven on earth? Are you a victim of these outright manipulations especially in Forex trading?
Maybe your strength is Stocks or Commodities, it does not necessarily change what you are about to learn. The three deadly mistakes you’ll ever make as a rookie trader. Mistakes that has ruined many and rewarded a few others. [click to continue…]
{ 0 comments }
The Chinese have a saying or proverb, he who chases after two rabbits ends up losing both. How does this relate to you as a trader? You are about to discover the key ingredient that has made successful traders extremely wealthy. But what does it have to do with placing orders? After all, you want to make money and placing your trading orders is all that counts, you think. But wait, a study was conducted not too long ago to find out the main reason why most inexperienced traders fail to place successful trades, revealed a shocking statistic. It was revealed that young traders like you are often distracted by multiple trading positions and that lack of a single minded focus was the greatest culprit. 
Judging by the email and comments I’ve received both in public and in private, it looks like most of you are more interested in Forex trading. So, the next five posts will be on Forex trading, a basic guide for beginners. This is going to be an introduction to currency trading, written in simple language to help you get a grip of the elementary aspects of this business.
Trading Forex or any of the financial instruments can be nerve wrecking, especially for a newbie unless you take time to study the traps that lies ahead and prepare to avoid them. This is very important because a lack of this basic step will end up costing you a fortune or may derail entirely any hope of financial reward that a good trade can bestow on you. One the things that confronts a newbie, by newbie I mean a novice trader, is the lure to make money from nothing. A good guess are the Forex Ads that promises a huge leverage on a tiny investment of less than a thousand dollars. They are simply designed to make you open an account but not necessarily meant to make you wealthy. They are legitimate enticements for you to open up a trading account with that particular broker but by no means should you be deceived into thinking that you’ve landed a jackpot at the casino. Do you know that statistics have shown that 99% of people who start Forex trading end up loosing money and quit trading in despair? I hate to spoil your interest in Forex trading with this unsavory news, but it’s better for you to start this exciting money making venture with your eyes wide open and feet firmly planted on a very lucrative business. In response to your emails here are what to avoid as a newbie. 
Forex trading also known as currency trading or foreign exchange trading is the active buying and selling of any government issued currency. For instance in the United States of America has the US dollar. In Canada, they have the Canadian dollar. Continental Europe has the Euro. Great Britain has the British Pounds and so on and so forth. You get the point? Countries trade their currency for another in the same fashion as buying consumer goods from one another. In essence, currencies can be classified as commodities. It was once a closed game between bankers and financial institutions until recently while making money like bandits. Sometimes they lost too, but nothing compares to tons of money they made at the expense of ignorant masses.
