Welcome to my Trading Blog

Disclaimer: This is my personal Blog, reflecting my very own views on Forex , shares and commodity tradings. As such, all informations provided here are barely for information purposes only,. The author should not be held liable for any errors, incomplete information, delayed messages, or for any actions taken in reliance on information contained herein.This blog is new, being established on 06,May.2010. While I am executing trades, posting will be sent simultaneously. The date/Time indicated here is of US Pacific zone(++15 Hours for Singapore/KL/Beijing, Or ++7 hours GMT)

Sunday, June 13, 2010

How to Make Your First Million from Forex Trading.....Part 1 of 10 is here...

I am NOW giving you some simple tips on ways to be a millionaire FROM Forex Trading.  This is the part 1 in  serial  of  10  as listed below :--


One of the most common mistakes new Forex traders do, is that they have no trading strategy. Because of the many appealing characteristics (24 hours, trade both short and long, leverage etc) most of the new traders entering the market are eager to prove themselves in an often egoistic approach. Egoistic in that they believe that they can become very profitable and make a fortune in the short term, but soon enough they end up with a bad psychology which at the end accelerates their loosing pattern. In fact, the most successful Forex traders are  people recognized for their humility and discipline , humbleness and trading within their means, patience and calmness.... These qualities are acquired through experience and accepting some simple realities of the Forex market.
The first step towards becoming profitable in the Forex market is to devise a trading strategy/plan. Creating a trading strategy is of paramount importance and is actually very easy.

To create a successful trading strategy, traders should address the following considerations:

1. Reasoning of the trade: Why buy or sell? Which pair?
2. Timing of the trade: Why now? Before economic news releases or after? Day or night?
3. Trading objective: What is the take profit target? What is the stop loss?How do you determine ?
4. Money management.
5. Documentation and analysis of the results.



Please  go to this link to get more explanation and elaborations on the above Five (5)sub-headings :-


http://docs.google.com/fileview?id=0B74IMi--bRpKOTZmNDEyNjMtNjdmYi00NGFhLTk2NzEtMjg
3Y2JkOWQ3NDZk&hl=en


And go to this link to view an example of TRADER Trading Log...


http://docs.google.com/fileview?id=0B74IMi--bRpKY2QxOTE4YzctZjgxOS00OTRhLTkwYjAtNzcwNDFmNmFiMWUx&hl=en


Please follow up on my Part 2 in this series............




HAPPY TRADING...



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