Sunday, July 6, 2014

How to Start Making Profits in Forex Trading

Are you a greenhorn in the forex business and need some smart yet simple way to start earning decent profit? Or are you a pro who finds yourself suddenly having difficulty turning out some gains in the business? Well, worry no more. Here are a few good steps you can take your dilemma:

1) Use a system that has a proven track record. Otherwise, you're bound to fail. Now, how does one get to have such a proven system?

Locate them in many forums where they are offered for sale. Stay away from good-looking, highly-commercial websites where systems are sold by people who don't even have a hint about currency trading. Remember: use a proven system. Make sure the systems show solid proof and real profits. Some good proven systems are: Forex Tracer and Forex Funnel.

2) Don't use systems that promote trading within "fast" timeframes. These are known to give you problems because the market usually becomes random in timeframes less than 1 hour bars/candles. The daily bars represent the most stable timeframes where trends and trend reversals are much clearer.

Thinking about making it easy on yourself? Well, stop right there. Enless you land a good forex robot, the forex game can be hard work, but it can be very profitable. Its smart to do all your research before buying a robot.

3) Engage in small trading. Look for micro lots usually sized at $1000. Brokers don't advertise these micro lots. So, find them, write to them and ask them. I would strongly suggest you look into the forex robots.