Scientific research has proved that abundance of natural talent has hardly ever spelt great success. But painful and demanding practice and hard work has produced many successful traders who have and continue to make money in the forex market. Read the rest of this entry »

Estimates and reports claim that only 5% of traders end up with consistent profits. Why is that? Why do 95% people end up losing money? There is some objective reason why some traders make money and others lose it. Some people say luck plays a role, but I feel these are really gamblers, not traders, and so they talk about luck. Sooner or later, this luck runs out, leaving them with big holes in their pockets. Read the rest of this entry »

Irrespective of what you may have been made to believe about day trading – that it can be a pretty easy and lucrative way to make a living or build wealth from the convenience of your home, with just a personal computer with web access etc – its more than that. People have begun to realize that though whatever is said may be true to a great extent nothing is ever so simple. Day trading may be lucrative but not easy. Read the rest of this entry »

Every trader needs a mentor. A sober third party with some wisdom who is qualified and experience to provide input, advice, direction or just a different point of view to an individual learning the ropes of trading. A mentor could help a trader through various phases - whether it is a return to basics or just a different way of thinking about a particular idea. Read the rest of this entry »

Emotions are the most important problems that all traders, especially new traders have. Controlling of the emotions is the biggest stage in becoming a profitable and successfully forex trader and it is almost the main stage that most traders stop working and give up. Read the rest of this entry »

This is the question that I am always asked and it is an important question for novice traders. Read the rest of this entry »

If you are a novice trader, this should be one of your important questions that if you should be a day trader or a swing Read the rest of this entry »

Trading without stop loss is the biggest mistake a trader can make. This is what you read on any website, weblog, article, e-book and… . Although they do know that this is a big mistake, almost all novice traders make this mistake at least once. Read the rest of this entry »

It is very easy to find hundreds of articles about risk/reward ratio in forex trading, but the problem is that most of those articles are not written by real traders who trade for a living or have been working as professional traders for a while. Most of them are written by freelance writers who are paid to write articles or bloggers and webmasters who want to drive some traffic to their weblogs and websites. Read the rest of this entry »

As a forex trader, if you check several different currency pairs to find the trade setups, you should be aware of the currency pairs correlation, because of two main reasons: Read the rest of this entry »